The first China-Latin America and Caribbean International Exposition will be held in Zhuhai city of South China's Guangdong province from Nov 9-11, according to Zhu Qingqiao, deputy mayor of Zhuhai city.

With an exhibition area of 30,000 square meters, the three-day event is expected to attract around 400 to 500 enterprises from both sides and over 40,000 visitors.

An economic and trade cooperation park is also under construction and will go into operation during the exposition.

With an investment of 2.5 billion yuan ($370 million) and construction area of 244,000 square meters, the park will leverage the opportunity offered by the CLAC Expo and provide Latin American enterprises and employee with favorable investment policies, such as up to 15 percent reduction in corporate income tax and 40 percent reduction in personal income tax respectively.

The park will also become a platform for bilateral cultural and tourism exchanges as well as cooperation in technology, cross-border e-commerce, and modern commercial service.

With bilateral trade soaring over 20 times in the past 10 years, China has become the second-largest trading partner and third-biggest source of investment for Latin American countries.

In 2016, the total import and export volume of Guangdong province with Latin America countries reached $33.65 billion, accounting for one-sixth of the national total.