GUANGZHOU, China, Nov. 4, 2024 /PRNewswire/ -- This is a news report from GDToday: An event aimed at bridging two regions across the Pacific Ocean — Colombia and China'sGuangdong-Hong Kong-Macao Greater Bay Area (GBA) — was held in Bogotá, Colombia on October 30, focusing on strengthening economic and trade ties.

The event, titled China (Guangdong)-Colombia Economic and Trade Exchange and Guangdong-Hong Kong-Macao Greater Bay Area Promotion Conference, brought together business leaders and government officials from GBA and Colombia to explore new trade opportunities and discuss the vast potential within China's Greater Bay Area, a dynamic region known for its innovation, growth, and openness.

Wu Daowen, deputy director general of Guangdong Provincial Development and Reform Commission and director general of Guangdong Energy Bureau, elaborated that the GBA covers 56,000 square kilometers and is home to over 86 million people, presenting vast opportunities for development and market growth.

"In 2023, its economic output surpassed 14 trillion yuan (nearly 2 trillion US dollars), accounting for one-ninth of China's total economy, although the area only represents less than 1 percent of the country's land area and 6 percent of its population. This region is quickly emerging as one of the world's most promising growth hubs," Wu added.

The event also showcased the opportunities ahead in Belt and Road cooperation as Colombia and China discuss Colombia's formal participation in the initiative.

In 2023, the total import and export volume between Guangdong and BRI partner countries reached 3.04 trillion RMB, making up about 37 percent of the province's total trade. Additionally, Guangdong enterprises have invested over five billion USD in these partner countries.

Luis Diego Monsalve, former Colombian ambassador to China and representative of Colombia-China Chamber of Commerce, told GDToday that he started conversations about the Belt and Road Initiative (BRI) when he served as Colombian ambassador in China.

"Now, the incumbent government decided to follow up those conversations. I hope in the following months or year, we can formalize the participation of Colombia. And with that, I think there would be much more exchanges, especially in economic areas," Monsalve said.