Cooperation between China and Latin America has significantly accelerated under the Belt and Road Initiative (BRI). This is showcased by a recent pivotal agreement between China and Colombia to enhance collaboration within the BRI framework. The accord, signed during Colombian President Gustavo Petro's visit to China in mid-May, marks Colombia's formal entry into the project and the commitment to jointly develop the Silk Road Economic Belt and the 21st-Century Maritime Silk Road.

The cooperation plan has sparked enthusiasm among Colombian officials and Chinese enterprises, who are eager for deeper collaboration across various sectors. Edwin Palma, Colombia's Minister of Mines and Energy, remarked that the partnership will not only propel Colombia's development but also enable the country to harness mutual opportunities with China in key areas like transportation and connectivity.

One notable participant in this initiative is the Power Construction Corporation of China (PowerChina), which has long been active in Colombia. The company has been focusing on critical projects including water management, renewable energy, housing construction, and mining. By the end of April, PowerChina had 16 projects underway in Colombia, underscoring its significant role in advancing local infrastructure.

Among its notable projects is the Ituango Hydroelectric Project, expected to be the largest hydroelectric facility in Colombia, with a capacity of 2,400 megawatts. This project is anticipated to fulfill approximately 9 percent of Colombia's electricity needs, serving as a pivotal clean energy source while simultaneously fostering economic transformation in the Antioquia region.

PowerChina's presence extends beyond project management, with over 100 Chinese nationals and more than 2,000 local employees contributing to job creation in Colombia. Additionally, the Colombian government's recent infrastructure initiatives in roads, energy systems, and urban transport have opened doors for Chinese companies, whose competitive advantages in technology and cost-effectiveness are seen as valuable assets.

China Three Gorges Corporation has also made strides in Colombia with the Baranoa I PV Plant, marking its inaugural greenfield project in the region. This plant was successfully connected to the power grid, highlighting the ongoing commitment of Chinese firms to bolster Colombia's renewable energy landscape.

Cooperation between the two countries isn't confined to energy alone. There is also a burgeoning interest in emerging sectors like artificial intelligence, as both sides seek to enhance mutual trust and expand collaborations across trade, infrastructure, and new energy solutions.

Bilateral trade figures reflect this growing partnership, with trade between China and Colombia climbing 13.1 percent year-on-year to reach approximately 20.8 billion USD in 2024. This consistent growth underscores China's status as Colombia's second-largest trading partner. In contrast, Colombia ranks fifth for China among Latin American countries.

The implications of Colombia's engagement in the BRI extend to the broader Latin American context, signaling a shift toward collaborative economic growth across the region. Experts suggest this partnership is beneficial beyond bilateral ties, encouraging other Latin American nations to tap into China’s economic dynamism.

The recent ministerial meeting of the China-CELAC Forum has further reinforced this collaborative momentum, adopting a joint action plan outlining cooperation in diverse sectors, including energy, trade, and infrastructure. With over 20 countries already participating in the BRI framework, the stage is set for expanding investment and partnerships throughout Latin America.

Experts note that the synergy of China's investments with Latin America's development needs, particularly in addressing infrastructure deficits, is a key driver for this wave of cooperation. The broad recognition of BRI’s potential benefits indicates a promising future as participating nations aim to achieve mutual economic advantages.