peter.christopher@guardian.co.tt
Despite the challenges presented by the COVID-19 pandemic, trade between T&T and China continued to flourish in the past two years.
Chinese Ambassador to Trinidad and Tobago Fang Qiu explained that trade between China and T&T exceeded US$1 billion in both 2021 and 2022.
“Despite all the challenges China and T&T’s comprehensive cooperative partnership has been resilient and experienced robust development in recent years. The two sides have overcome the endurance of COVID,” said the Ambassador at the 2nd China-T&T Investment Cooperation Forum which was held at the Chinese Embassy in Long Circular on Monday evening.
He explained that the countries managed to keep in regular contact and as a result trade relations continued to be positive.
“Communication at all levels under the guidance of the leaders of the two countries, their bilateral and practical cooperation teams flourished against the backdrop of the reverse global situation, which has yielded fruitful outcomes in various fields for our two peoples.
“For two years in a row, annual trade between China and T&T exceeded US $1 billion. In the first 11 months of the year 2022 trade increased by 29.6 per cent on a year-on-year basis to US$1.1 billion,” said the Ambassador.
Minister of Trade and Industry Paula Gopee-Scoon said this country’s relationship with China served as a major catalyst for economic growth, as the country was looking forward to the full operationalisation of the Phoenix Park project.
She said, “There is no doubt that foreign direct investment remains a major catalyst for the development and integration of countries in the global economy. China continues to be a significant partner for the region, which has been especially crucial during these past few years of the pandemic and economic and political turbulence across the world.”
She added the forum was also a sign that the partnership between the countries could blossom further.
“Notwithstanding this period of unprecedented global disruption, this particular forum is a declaration of the strong relationship between our two countries and the many possibilities that lie ahead in terms of trade, investment and economic cooperation.
“T&T remains a place of certainty and continues to be an attractive location for foreign investment from China and elsewhere, due to our economic and political stability; educated and skilled population; geographic location and accessibility; trade openness and rich natural resources,” Gopee-Scoon said.
The Chinese ambassador also expressed enthusiasm concerning the Phoenix Park project, which he hailed as a flagship project of the Belt and Road initiative.
“Hopefully, in the coming months, the estate will contribute to the development of trade and investment of T&T, and it will reinforce this strategic position in the region,” said Ambassador Qiu.
The forum was held both in-person and virtually as participants from China viewed and shared presentations via video from a location in the Asia country.
At the end of the forum, the signing of a cooperation framework agreement between Oriental International Business (Holding) Co, Ltd and First Caribbean Marketing Co Ltd took place.