The 16th China-Latin America and the Caribbean (LAC) Business Summit, will be held from November 2 to 3 in Beijing for the first time, aiming to promote Chinese trade and investment in the region.

The summit is held annually in China and LAC countries in rotation. It has successfully held 15 sessions in Chongqing, Hangzhou, Chengdu, and other places in China, as well as Chile, Colombia, Peru, and Mexico, among other countries.

About 400 representatives of international organizations, government officials from LAC countries, representatives of business associations and enterprises have confirmed their participation in the summit, involving 26 LAC countries such as Argentina, Brazil, Chile, and Colombia, according to Sun Xiao, secretary-general of the China Chamber of International Commerce.

Guo Huaigang, director of the China Council for the Promotion of International Trade Beijing Sub-council, said, "Last year, Beijing successfully bid to host the summit, and it opens a new window of opportunity for economic and trade cooperation between Beijing and LAC countries."

This year's summit, with the theme of "Open Innovation, Shared Development," will fully display the characteristics of the capital, showing Beijing's exemplary leadership and radiation-driven role as the capital in the overall situation of China-LAC cooperation, according to Guo.

"LAC countries are rich in energy resources, and Beijing has advanced technologies in green energy and new energy vehicles. The two sides have a good foundation and broad space for cooperation. The two sides are rich in cultural and tourism resources. There is also huge potential for cooperation in cultural industries, cross-border tourism, and people-to-people exchanges," Guo said.