Colombian Finance Minister Alberto Carrasquilla said on Tuesday that China was vital to Latin American development and he called for closer relations with the Asian country.

"I think we should focus,... on future business not only with China, but also with the rest of Latin America," Carrasquilla told reporters on the sidelines of an annual meeting of the Inter-American Development Bank in the southeastern Brazilian city of Belo Horizonte.

Colombian industries, including textiles and shoes, were facing challenges from China's "super-efficient production", but "we view it as a challenge for progress, " said Carrasquilla.

He praised Chile's decision of signing a free trade deal with China, adding that Colombia also has a lot of opportunities which could interest China.

Chile was the first Latin American nation to clinch a free trade agreement with China last year.

Colombia should try to kick off negotiations with China and other Asian countries on bilateral free trade deals, Carrasquilla said.

"We have huge possibilities in Colombia and we are very excited about the possibility of starting negotiations with China," he said.

The minister noted specifically Colombia's energy resources, saying he would welcome Chinese investment in this area.

Source: Xinhua