GUANGZHOU - An industrial park was launched Thursday in southern China's Guangdong province to boost economic ties between China and Latin American countries.

The Hengqin China-Latin America Economic and Trade Cooperation Park was set up in Hengqin New Area in the city of Zhuhai, costing 2.5 billion yuan ($378 million). Its services include legal aid, policy research, trade facilitation and e-commerce.

Businesses in the park signed 15 cooperation agreements Thursday, according to the park managers.

Zhuhai sits in the Guangdong-Hong Kong-Macao Greater Bay Area and works with Macao to boost economic ties with Portuguese-speaking and Spanish-speaking countries.

Guangdong is a top foreign trade province in China. Last year, it accounted for one-sixth of China-Latin America trade. Guangdong businesses invested around $1 billion in Latin America in 2016, while investment the other way -- from Latin America to Guangdong -- reached $1.5 billion.