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The China-Caribbean Economic and Trade Co-operation Forum begins today in Kingston, capital of Jamaica, and is expected to boost trade ties between the two sides.
Running until tomorrow, the forum will focus on identifying issues that need to be addressed to increase trade and investment levels between the group of islands and China.
Chinese Vice-President Zeng Qinghong will attend the opening ceremony today.
The forum will witness the signing of the Guiding Framework for Economic and Trade Co-operation between the two sides, according to an official from the Ministry of Commerce.
The official said the annual forum, in its second year, is a significant tool for exploiting the investment and trade potential of the two sides.
In recent years, trade between China and the Caribbean has seen rapid growth but remains comparatively small in scale.
In 2004, the trade volume stood at US$2 billion, rising 42.5 per cent year-on-year but only accounting for 4 per cent of total Caribbean regional trade.
A number of Caribbean countries are abundant in mineral, fishery and tourism resources, whereas China has comparative advantages in capital, products and techniques.
"Bilateral economic and trade co-operation has great prospects," the official said.
To attract more foreign investment, some countries in the region are drafting favourable policies and improving their investment environment.
To take advantage of these new measures, the Chinese Government is encouraging domestic enterprises to trade and invest in the region, he said.
"Finance, tourism, transportation and agriculture will be the focuses of any co-operation," he said.
Chinese businesses are becoming increasingly interested in Caribbean markets, according to Wan Jifei, leader of the Chinese business delegation and chairman of the China Council for the Promotion of International Trade (CCPIT).
"So far five Chinese businesses are poised to sign business agreements with counterparts in the island chain, amounting to over US$50 million," Wan said.
Participating in the event will be around 120 delegates from 60 well-known Chinese enterprises.
They represent the pharmaceutical, machinery and equipment, engineering and construction, textile, telecommunications, electronic, financial services and transportation fields.
Some of those firms attending the forum already have business interests in the area, and are on the lookout for further opportunities, Wan said.
On the Caribbean side, 100 delegates from more than 10 nations, including two that have no diplomatic relationship with China, will attend the conference.
CCPIT, as China's largest trade and investment promotion organization, will also establish ties with Caribbean counterparts to build a closer co-operation mechanism.
Tang Ruoxin, president of China Export Credit Insurance Corp (Sinosure), China's only official export credit agency, said the company is looking to expand its services to facilitate trade between China and the Caribbean.
"Sinosure is aiming to play a positive role in bridging and executing the economic and trade development strategy between China and the Caribbean region. We will adopt flexible and pragmatic policies to hasten bilateral development," Tang said.
Sinosure is expected to establish co-operative relationships with Caribbean financial institutions and provide comprehensive financial and insurance services, he said.
To date, Sinosure has backed almost US$1 billion in investment and exports to the region.
(China Daily February 2, 2005)
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