Argentina has joined China’s multi-trillion-dollar Belt and Road Initiative, which includes more than $23 billion in investment and cooperation agreements, the government announced Sunday.

Argentine President Alberto Fernandez met with his Chinese counterpart Xi Jinping in Beijing, according to the statement.

During the meeting, the two leaders agreed to continue their efforts to deepen political, commercial, economic, scientific and cultural cooperation between Argentina and China, said the statement.

Fernandez has accepted his country’s participation in the infrastructure initiative, which encourages trade and investment partnerships with more than 140 countries. It will allow his country to conclude various investment and cooperation agreements.

Concrete opportunities to encourage Chinese foreign direct investment in Argentina will also be discussed to expand Argentina’s export supply.

Fernandez said on Twitter that he had a “cordial, friendly and fruitful meeting” with Xi.

“We agreed to incorporate Argentina into the Belt and the Silk Road (Initiative). It is excellent news. Our country will obtain more than US$23 billion from Chinese investments for works and projects,” he added.

*Writing by Gozde Bayar

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