Trade and Investment Minister Paula Gopee-Scoon said the establishment of Chinese companies Phoenix Park Industrial Estate will enhance the state of trade relations and co-operation between the governments of TT and China. The park is expected to be completed in May 2022.
She was speaking at the first China-Trinidad and Tobago Investment Cooperation Forum on Wednesday. The virtual forum was attended by over 60 entities from China and TT.
The estate will have two leasable lots for commercial activity, 76 lots for light industrial activity, and five 50,000 square foot shells.
Chinese Ambassador Fang Qui said China was the only major economy registering positive growth in the year 2020.
“China’s GDP exceeded US$15.42 trillion threshold, and its total import and export of goods exceeded US$4.9 trillion, while its outward investment surpassed US$130 billion, making China the largest foreign investor in the world. Trade between China and its Belt Road co-operation partners alone had surpassed US$1.35 trillion. Through the first half of 2021, China’s GDP increased by 12.7 per cent, and its total trade volume increased by 27.1 per cent to the sum of US$2.8 trillion.
"China has replaced the US as the largest market for retail and consumer goods. We are confident that China's national rejuvenation has become a historical inevitability.”
He said TT is one of China’s most important partners and China is ready to make continued efforts to further boost co-operation in the post-covid era.
“China’s 14th Five-year Plan Guideline and Long-Range Objectives through the Year 2035 share high similarity with TT’s Vision 2030, especially in terms of the people-centred spirit, the focus on high-quality development, international co-operation and green development.
"Now TT is lifting the restrictive measures and restoring production in an orderly manner, and reopening its borders and attracting foreign investment to achieve the strategy of economic diversification. This provides greater opportunities for our economic, trade and investment co-operation.”
Fang said he hoped those at the forum would brainstorm ways to consolidate co-operation in areas such as energy, light manufacturing, telecommunications and infrastructure, and to actively explore collaboration opportunities in new energy, IT, digital economy, marine economy and other future industries.
Gopee-Scoon said TT became the first English-speaking Caribbean country to sign on to the Belt and Road Initiative on May 14, 2018. She noted the positive growth of the Chinese economy over the past two years.
“I find this to be a truly commendable position and recognise that it was due to the continued expansion of Chinese multinational enterprises, mergers and acquisitions and ongoing Belt and Road Initiative projects.
"Of most importance to us, of course, is the potential to attract more Chinese investment to TT as this country, like many others in our region, is steadily recovering from the negative impact of the covid19 pandemic on global foreign direct investm
