Pyongyang, December 6 (KCNA) -- Venezuelan President Hugo Chavez on Friday hailed the creation of a new American bloc that groups 33 Latin American and Caribbean states, calling it a major milestone for the region's development and sovereign policy.

Chavez made the remarks as he addressed the opening session of a summit of the Community of Latin American and Caribbean States (CELAC).

He said that Latin America is "a land of giants" with huge untapped potential for business and development.

He also said that the people in Latin America have fought for years for a deeper integration.