1st strategic partnership

The first strategic partnership China established was with Brazil in 1993, focusing on increasing trade and investments. In addition, the first decade of this century witnessed a sharp intensification of the ties between the two countries, as they have been working together within multilateral institutions and mechanisms, including the BRICS, a pillar of emerging markets comprising Brazil, Russia, India, China and South Africa.

China is now Brazil's main source of foreign investment, while China's cumulative investment in Brazil reached nearly $100 billion as of December 2022, according to the Chinese embassy in Brazil.

Infrastructure is a key area of focus for the Chinese companies.

An example of the close ties is the ongoing construction of the Sao Paulo Metro Line 2. It is a project jointly undertaken by the Power Construction Corp of China and local companies in Brazil and has created more than 1,200 local jobs, according to the Chinese company. After its completion, it is expected to improve regional transportation and boost long-term regional economic growth.

Although Brazil has not yet formally joined the Belt and Road Initiative, nearly half of the Brazilians believe it has brought benefits to countries participating in the initiative and the international community as well.

BRI projects have also played a major role in further fortifying China-Latin America ties, including in countries like Brazil, said Zhou Zhiwei, a senior research fellow at the Institute of Latin American Studies at the Chinese Academy of Social Sciences.

China and Latin America had made great progress in collaboration in infrastructure and agriculture and there is still a huge potential to tap between the two sides in technological cooperation, including new energy, artificial intelligence and electric vehicles, Zhou said.