Latin American Governments VC Funds

Magma Partners signs MOU with China Youth Center for International Exchange

LatAm List – Delegates from the China Youth Center for International Exchange, a Chinese Government organization that leads and supports young people’s intercultural communications from China to the rest of the world, paid a visit to Chile and Argentina this week to explore opportunities in the region. The Center is part of the All China Youth Federation, the biggest youth organization in China, with more than 300 million members. During their time in Santiago, they visited Magma Partners, a Latin America venture capital fund with offices in Chile, Colombia, Mexico, US and China, to sign a cooperation agreement.

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Francisco Saenz (Magma Parters) and Xingmin Ma (China Youth Center for International Exchange) sign the MOU in the Magma Partners office in Santiago, Chile. December 2018.

This Memorandum of Understanding led both parties to agree to provide support to Chinese and Latin American entrepreneurs looking to reach each other’s markets.  This agreement is another step in the deepening ties between Magma Partners and China after Magma Partners and Kr Space co-launched the Sino-Latin American Accelerator in January 2018 to help increase entrepreneurial cooperation between China and Latin America.

Ma Xingmin, Director of the Youth Center, addressed the growing connections between China and Latin America at the signing ceremony, “I believe it is important to open up communications and cooperation between Chinese and Chilean young entrepreneurs.“

As part of the agreement, The China Youth Center for International Exchange and Magma Partners will continue to support this accelerator and Magma Partners will continue to host events on Latin America in China to help more Chinese investors and entrepreneurs understand the region and help them expand to Latin America.

This was the China Youth Center for International Exchange’s first official visit to Chile, reflecting the growing interest of the Chinese organization in the region.

“We believe that China will play an important part in Latin America, both at the governmental level and in the high tech ecosystem. I’m excited to continue to support the exchange between China and the region,” said Jie Hao, Magma Partners’ partner based in Beijing.

In addition to signing the agreement with Magma Partners, the Chinese delegation met with Chilean government organizations, business and entrepreneurs.

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