Trade Relations Between the Caribbean and China are Strengthened

 

#

The Caribbean Export Development Agency (Caribbean Export) supported a contingent of representatives from four (4) of the Region’s Business Support Organisations (BSOs) to participate in the 8th China LAC Business Summit that was held in Changsha, China between September 12-13, 2014.

The mission to China led by the Honourable Minister Donville Inniss, Minister of Industry, International Business, Commerce and Small Business Development for Barbados sought to build relations, discover new potential trading partners and promote the Caribbean for viable investment opportunities.  Speaking at the China LAC Summit, Minister Inniss noted that the areas for future cooperation between China and the Caribbean included financial services, logistics, tourism and hotel development, agribusiness and infrastructure development.

The participation of these BSOs that included JAMPRO, InvestSVG, The Barbados Chamber of Commerce and Industry and the Chamber of Commerce of Haiti, is an important step towards not only strengthening the capacity of the BSOs to understand the ChiChina LAC1nese market but also to enable the BSOs to work with the regions private sector to strategically target and penetrate the Chinese for exports and investments.

The Caribbean delegates also took the opportunity to further discussions with the Tianjin authorities and business groups on investment and prospects for future trading relations. Meetings with the China Ministry of Commerce, and in particular the International Trade Development Bureau, enabled the discussion on the support that could be offered to the Caribbean allowing for increased access of Caribbean products into the Chinese market.  In addition talks with the China Development Bank led to enlightenment as to how the Caribbean could access available resources in China earmarked for infrastructure development, as well as commercially viable projects in the Caribbean.

Another key meeting that was held during the mission was with ChinaGoAbroad whose members-only platform provides information and connections for Chinese companies as well as their global counterparts seeking international business partners, investment opportunities and joint ventures in a variety of sectors. Future collaboration with these partners will be led by Caribbean Export as the Agency seeks to strategically position the region for trade and investments from China.

The Summit acts as a promotion mechanism and platform for economic & trade cooperation between China and Latin America & the Caribbean and is managed by the China Council for the Promotion of International Trade (CCPIT). The event promotes policy dialogue at the government level, but also promotes Chinese investments in Latin America and Caribbean markets.