President Bharrat Jagdeo among other Caricom heads: Baldwin Spencer, Kamla Persad-Bissessar, Tillman Thomas and Bruce Golding, during the opening of the China-Caribbean Economic and Trade Cooperation Forum. Standing between Persad-Bissessar and Spencer is Vice Premier of the People’s Republic of China, Wang Qishan
The two-day China/Caribbean Economic and Trade Cooperation Forum opened in Port of Spain, Trinidad on Monday, September 12, with China announcing that it would pump millions of U.S. dollars in assistance into the Caribbean Community (Caricom).
The opening ceremony was attended by a number of Caribbean leaders, including Jamaican Prime Minister Bruce Golding; his Antigua and Barbuda counterpart, Baldwin Spencer; and Guyanese President Bharrat Jagdeo. Chinese Vice-Premier Wang Qishan told the opening ceremony that Beijing would provide funds for six initiatives aimed at boosting relations between the two regions.
“China will provide US$1billion in loans of a preferential nature to the Caribbean countries in support of local economic development,” he said. “China encourages exchanges and cooperation between the commercial banks of the two sides.
“The China Development Bank will put aside US$1billion to be used as special commercial loans for infrastructural development.” The visiting Chinese official said Beijing also wants to discuss and sign a protection agreement with the Caribbean to promote two-way investments.
He announced that China would provide US$1million to the Caribbean Development Fund (CDF) in addition “to providing no less than 2500 training opportunities for Caribbean countries and 30 opportunities with master’s degrees for Caribbean professionals to study in China.” He added that China would also help the in- house capabilities of Caribbean countries to fight natural disasters, and Beijing would provide support in the building of seismic and tsunami early warning and monitoring networks.
Ideal location
Trinidad and Tobago’s Prime Minister Kamla Persad- Bissessar told Wang and the visiting Chinese delegation that the Caribbean is an ideal location for investment.
“Ours is a region replete with opportunities and an enabling investment environment.
“Indeed, you will find that not only is our all-year-round weather ideal, but our investment climate is perfect as well.” She said the “synergies that exist between our Caribbean territories offer a collaborative investment potential that is well worth exploring.
“In Trinidad and Tobago, as indeed in many other Caribbean nations, there has been a dramatic shift in the way we conduct business as governments.”
Persad-Bissessar urged the visitors to recognise the potential of the region.
The forum was held under the theme “Development Cooperation: Win for All”, and officials here promised that this forum would build upon the successes of the first two forums, held in Jamaica and China in 2005 and 2007 respectively.
The forum was also attended by government officials from a number of Caribbean countries; and in the case of Antigua and Barbuda, Prime Minister Spencer held bilateral discussions with the Chinese vice premier on further cooperation between the two countries.
Antigua and Barbuda Finance Minister Harold Lovell will sign a 30-million-yuan economic and technical cooperation agreement for the implementation of projects agreed to between the two countries, as well as a 28.5-million-yuan loan for the construction of a sub-station for the Chinese power plant in that country.
The meeting will also include a seminar on China/Caribbean Cooperation in Finance and Infrastructure, which will be addressed by Lovell, who is expected to highlight trade cooperation arrangements between the Caribbean and China.
