China Sees Closer Economic, Trade Ties with Caribbean Countries: Vice Premier

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Last updated at: (Beijing Time) Tuesday, September 09, 2003

China Sees Closer Economic, Trade Ties with Caribbean Countries: Vice Premier

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Chinese Vice Premier Wu Yi said Tuesday that the ongoing 7th China International Fair for Investment and Trade (CIFIT) will prompt more Chinese businessmen to eye the Caribbean region and bring economic and trade relations between China and those countries ever closer.

Wu spoke during the CIFIT's Caribbean Day while addressing the Investment Forum and Business Matchmaking for Caribbean Countries.

Delegations from Barbados, Bahamas Saint Lucia, Antigua and Barbuda, Jamaica, Suriname, Trinidad & Tobago and Guyana attended the CIFIT, which opened Monday and will conclude Thursday.

The forum will become a "milestone" and promote economic and trade ties between China and the eight Caribbean countries, Wu said.

"China supports the Caribbean integration process and the efforts of countries in this region to achieve special and differential treatment in the Doha trade negotiations," Wu said, adding that China always attaches importance to its friendly ties and cooperation with the Caribbean countries.

Wu said further strengthening and deepening bilateral economic and trade exchanges and cooperation is in the fundamental interests of China and the eight Caribbean countries as all are developing countries.

China has witnessed an increasingly strong momentum of cooperation in the economic and trade field with the Caribbean countries in recent years, with its total trade with the eight Caribbean countries reaching 276 million US dollars in 2002, an increase of 20.1 percent year on year, according to China's official statistics.

From January to July this year, total trade between China and the eight countries reached 218 million US dollars, up by 30.9 percent year on year.

Wu said China also encourages and supports domestic enterprises to implement the "going global" strategy under the principle of "equality and mutual benefit, tangible results, diversified modalities and common development".

By the end of June, China had undertaken 600 million US dollars worth of contracts in project contracting and labor cooperation and realized more than 400 million US dollars in business turnover.

To date, many Chinese companies have successful projects and built their own brand names in the Caribbean countries, including China State Construction Engineering Corporation, China National Complete Plant Import and Export (Group) Corporation.

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