China increases investment in Venezuela's LTE, mobile

DetailsJuan Fernandez Gonzalez | 07 January 2015

With many Latin American leaders currently in Beijing for an official visit, Venezuela has announced it has reached several agreements to increase China's investment in the country's telecoms sector, especially in 4G networks and mobile manufacturers.

According to a report from the Agencia Venezolana de Noticias, the agreements, sealed with ZTE Corporation, will enable the manufacture of next-generation smartphones in the Caribbean country, contributing to the reduction of Venezuela's dependence on foreign technology and currencies.

The LTE network deployment will be also boosted by Chinese investment, increasing 4G availability in a country which has just welcomed high-speed mobile networks by awarding DirecTV, Telefónica and Cantv with operating licences.

Venezuela's president, Nicolás Maduro, is confident about future relations with China - he has also been working on agreements regarding other areas such as energy and aeronautics.

Political leaders from many Latin American countries including Chile, Peru and Ecuador are attending a cooperation forum with Chinese authorities this week in Beijing. China has already announced it will offer up to $35,000 million in investment to all the region's countries in the coming years in order to finance infrastructure, telecoms and development.