BEIJING, Aug. 19 (Xihua) -- The first China-Latin America Business Summit will be held in Santiago, Chile, on Nov. 27 and 28,according to the China Council for the Promotion of International Trade (CCPIT).

    The CCPIT, the Export-Import Bank of China, Chile National Chamber of Commerce and Chile Bank will co-host the meeting, which is aimed at enhancing economic ties between Chinese and Latin American companies.

    So far, 18 chambers of commerce or associations from 14 Latin American countries have confirmed sponsorship of the summit and organized delegations and companies to attend.

    The Chinese delegation will be headed by CCPIT chairman Wan Jifei and president of the Export-Import Bank of China Li Ruogu.

    More than 500 Chinese entrepreneurs from more than 150 companies have applied to attend so far.

    Trade between China and Latin America jumped from 2.29 billion U.S. dollars in 1990 to 70.22 billion dollars in 2006.

    In the first half of 2007, trade rose 45.5 percent from the corresponding period last year to 44.01 billion dollars.

    Most of the products China imported from Latin America were important raw materials, according to the CCPIT. Chinese low-price exports, especially light textile and electronic and mechanical products, were in demand in Latin America.

    Jose Luis Machinea, executive secretary of the UN Economic Commission for Latin America and the Caribbean, has accepted the CCPIT's invitation to attend the opening ceremony.