China Road and Bridge Corp plans to expand its presence in Latin America, a market expected to transform the project contractor's business model, CRBC's president told China Daily on Monday.

"The Latin America market has both opportunities and challenges. We are determined to enter the market. It's a necessary move for the company to enhance its global competitiveness," said Lu Shan, president of CRBC, a leading project contractor.

CRBC started tapping the Latin American market four or five years ago, and business operations in the region account for about 10 percent of the company's annual total, which is "very small", Lu said.