China is seeking to learn from and work further with T&T.
On Monday, the Chinese Embassy hosted the second China-T&T Investment Cooperation Forum at its Long Circular compound.
“The first Investment Corporation forum was initiated in September 2021 and was aimed at enhancing the synergy of revenue strategies of our two countries,” said Chinese Ambassador to T&T Fang Qiu.
“This year we bring our focus on agriculture, agro-processing, cross-boundary commerce, and modern logistics with the belief that discussion on investment and cooperation in these fields is what we need while Trinidad is on full speed for its drive for economic diversification and industrial upgrade. And also hoping the synergy of our development strategies under the framework of the Beltand Road Initiative, will unleash immense vitality and creativity.”
From the outside looking in, it can be inferred that the trade relationship between T&T and a global economic superpower China could be a bit one-sided.
However, throughout the night, Ambassador Qiu and other Chinese stakeholders noted T&T’s economic strength in the Western Hemisphere, pointing out it was the strongest economy in the English-speaking Caribbean.
Additionally, while the countries are on different sides of the world, there were similarities within China’s provinces, notably the Hainan province.
The Chinese Ambassador said: “Hainan, like T&T is an attractive tropical island setting off on modernising its tropical agriculture, Hainan is transforming itself into a globally influential free trade port and has accumulated valuable experiences, development planning, and foreign investment structure optimisation.”
Director General of the Foreign Affairs Office of Hainan Province, Dai Zhen noted there were several areas in which the province could benefit in partnership with T&T.
She said during the forum, “I encourage our entrepreneurs in T&T to seize the opportunities and pursue common development with Hainan.
T&T is one of the most prosperous and also diversified and industrialised countries in the Caribbean. There are many areas of common interest with China. In terms of industrial commercial cooperation, we’re willing to further strengthen our exchanges in cooperation with the businesses, the government and also other stakeholders in T&T I believe we can perceive some of the following areas of cooperation.”
She said the province was interested in sharing ideas in terms of tropical agriculture and the development of agro products.
“We can deepen cooperation, for example, the agro-processing of coconut, cocoa and other agricultural products. We also look to strengthen cooperation in scientific research on germplasm resources and agricultural technology training second, we also welcome discussion with T&T.
“And we’d like to build a bridge for the two sides to continue deepening our cooperation in education, tourism, people to put people movement and other areas of cooperation for highlight is committed to promoting cooperation with island countries,” said Dai Zhen.
“Hainan and T&T are both in the tropical region. We are separated by long distance but I believe this forum is bringing us closer together and creating a more friendly bond.”
Trade Minister Paula Gopee-Scoon said these lessons could serve to be crucial as the country is aiming to improve food security as well as make progress in its Caricom 25 by 2025 push to reduce the region’s food import bill.
She also noted that T&T could serve as a launch pad for further trade within the region for China.
“T&T is an attractive destination for nearshoring and we are engaging agro-processing and manufacturing companies from China to use this country as a platform for export to other areas.
“We remain confident that the logistics sector in T&T and the wider region can ably support this thrust,” said Gopee-Scoon.
T&T’s collaboration with Hainan could also be crucial to the implementation of special economic zones.
Last year, new legislation for SEZs was placed in Parliament, but the T&T Manufacturers Association raised concerns about the implementation and regularisation of such areas.
“Hainan has a very unique position in China’s opening-up strategy. Hainan is the youngest FTP, the largest Special Economic Zone, and the only FTP in mainland China. It is the important conduit and gateway for connecting with the west-east and the south,” said Zhen in her presentation.
The Chinese ambassador was adamant that the forum would continue to bolster trade relations as both countries find solutions to various situations through their collaboration.
“Our forum will serve as a bridge to connect elemental governmental agencies, research institutions, and enterprises of both countries so that we could share experiences and ideas on how to pilot win-win cooperation. As part of the sound and stable development of China -T&T relations,” said Ambassador Qiu who pointed to the fact that despite the pandemic, the countries managed to maintain significant trade relations.
“Communications 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 Trinidad and Tobago 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, who in particular had his eye on the progress of the Phoenix Park Industrial Estate.
Minister Gopee-Scoon also told the forum that she was looking ahead to the opening of the estate and the potential foreign direct investment that it could generate.
“The Government is very pleased that the construction of the state-of-the-art Phoenix Park Industrial Estate, which is just 10 minutes away from the Port of Point Lisas, will be completed within weeks.
“This is a significant project targetting manufacturing, distribution and logistics and was realised within the ambit of the Belt and Road Initiative which T&T was the first Caribbean nation to sign on to with China.
“The Industrial Estate is being built with the involvement of the China EximBank and contractor Beijing Construction Engineering Group. There are still leasable lots and modern factory shells available,” she said.
“To date, 13 companies (local and foreign) have already secured their interest and talks are ongoing with additional investors. I urge others to consider this park for their operations given its proximity to the port, among its other benefits.”