China-Trinidad and Tobago Strengthen Cooperation for Investment

China-Trinidad and Tobago Strengthen Cooperation for Investment

Amidst a globally challenged economic climate brought on by the ongoing pandemic, Trinidad and Tobago continues to forge ahead with its goal of economic diversification and growth. Through the investment targeting strategies of InvesTT, under the direction of the Ministry of Trade and Industry, in-roads of collaboration are being made into foreign territories with which this country has diplomatic ties.  The China-Trinidad and Tobago Cooperation Forum held on September 22, 2021, was one event aligned to the Investment Promotion Agency’s strategic approach to investment sourcing for the period 2020 to 2021. The Cooperation Forum marks the commitment of the two countries to the mutual advancement of economic goals.

 

Opening remarks for the online event were delivered by the Minister of Trade and Industry, Senator the Hon. Paula Gopee-Scoon, H. E. Fang Qiu, Ambassador of the People’s Republic of China to the Republic of Trinidad and Tobago as well as Mr. Adrian Thomas, Chargé d’affaires a.i. of the Embassy of the Republic of Trinidad and Tobago, Beijing and the President of InvesTT, Mr. Sekou Alleyne. 

The event was well attended by approximately 60 firms and included representatives from provincial governments and businesses in China, as well as from investment and trade promotion entities, industrial associations and businesses in Trinidad and Tobago. They were engaged by the ongoing discourse and presentations from a distinguished panel of business leaders and trade experts that covered the latest developments and policies related to the investment cooperation between China and Trinidad and Tobago. These included new areas for potential cooperation such as climate change, safer transit of persons between countries post-pandemic, and the establishment of a digital economy.

Well established names were among the presenters and included Huawei, BCEG, Yutong and China Railway Construction Investment Group who have all been doing business in Trinidad & Tobago for some time. Also presenting was the First Caribbean Marketing Company, a Trinidad & Tobago based firm owned and operated by Chinese nationals. 

H.E. Ambassador Fang Qiu, in his opening remarks stated that Trinidad and Tobago is one of China’s most important partners as it was the first country in this region to join the Belt and Road Initiative and that China attaches great importance to Trinidad and Tobago. He went on to further comment that at this stage, bilateral relations have entered the best period in history.

This is no small achievement or declaration as InvesTT has over the past five years been actively engaged in discussions with business representatives and holders of diplomatic offices in China to advance and strengthen investment ties with the country. With the commencement of e TecK’s Phoenix Park Industrial Estate project in 2019, the first Caribbean project under the Belt and Road initiative, collaboration has intensified to source ten Chinese business tenants for the Estate. For 2021 alone, approximately twenty B2B meetings were held between InvesTT and companies sourced with the assistance of the Beijing Construction Engineering Group, culminating into this strategic Cooperation Forum and cementing the continued cooperation between the two countries.
President of InvesTT, Sekou Alleyne commented that the Forum represents another avenue to identify and promote opportunities in the country from which Chinese firms can benefit as part of their global expansion plans.

Similarly, Trinidad & Tobago firms can also be exposed to opportunities to partner with Chinese firms both locally and abroad, to seek mutually beneficial outcomes. He further iterated that this Forum was just the first installment of the opportunities that lie ahead for both countries.

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