Chinese investors onboard, Phoenix Park to start soon

Chinese Ambassador Fang Qiu and Foreign and Caricom Affairs Minister Dr Amery Browne have said the Phoenix Park Industrial Estate (PPIE) will be fully operational with more investors to come aboard.

They spoke at the tenth anniversary of the Belt and Road Initiative (BRI), which began after Chinese President Xi Jinping proposed to build a Silk Road Economic Belt and the 21st-century Maritime Silk Road.

Qiu said, “The Phoenix Park Industrial Estate, the first BRI flagship project in the Caribbean, has been completed and will soon be put into operation. Powered by the cutting-edge technologies of 5G, artificial intelligence, big data and internet of things (IoT) – a network of interrelated devices that connect and exchange data with other IoT devices and the cloud, which is an on-demand availability of computer system resources – this state-of-the-art industrial estate will host companies in the areas of light and advanced manufacturing, assembly, logistics and distribution and ICT industries and advance the realisation of the economic diversification strategy of TT.”

He added that even before the ribbon-cutting ceremony, 14 investments were finalised.

China Summit Luggage, the first tenant of the estate, started production this month.

He said luggage has just come off its production line and was offered as a prize at the event. along with Huawei FreeBuds earphones.

“With more and more ambitious investors coming from China and other countries, we believe that the PPIE will be a new engine for the economic prosperity of this beautiful country.”

Browne said, “PPIE will specifically be a major boost for TT, with efforts towards diversification of our economy and sustainable development, placing a greater focus on non-traditional manufacturing, as well as bolstering the logistics and distribution hub for the rest of the region.”

He added that soon enough everyone will be carrying Samsonite – luggage made by the US-based manufacturer, headquartered in Hong Kong – with a “Made in TT” tag.

Browne said the PPIE will serve as a model project, as it had been developed to be efficient and provide for similar initiatives in the Caribbean.

Qiu said, “In many cultures of the world, the phoenix symbolises the sun and unquenchable vigour. I firmly believe that, with concerted efforts generated by our partnership, the PPIE will arise to success and make remarkable contributions to the industrial transformation and upgrading of TT, as well as to our traditional friendship, just like the immortal bird, with its colourful and vibrant wings, flies to brilliance.”

The BRI reportedly upholds the principles of extensive consultation, joint contribution and shared benefits with a focus on policy co-ordination, connectivity of infrastructure, unimpeded trade, financial integration and closer people-to-people ties.

Qiu said the BRI has evolved from a vision into real action and has received a warm response and support from the international community.

He added, “The initiative is a global public good that practises true multilateralism, where everyone can discuss, build and share together. So far, a total of 152 countries and 32 international organisations have signed more than 200 co-operation documents with China under the framework of the initiative.”

China has held two Belt and Road forums for international co-operation, where over 20 co-operation platforms were launched in fields such as energy, ports, railways, green development and the digital economy.

Later this year, the third Belt and Road Forum for International Co-operation will be held.

TT became the first Caribbean country to sign on to the BRI in 2018 and to exceed US$1 billion in trade with China in 2019.

In 2022, the countries’ bilateral trade volume surpassed US$1.13 billion.

Qiu said local enterprises have participated in the China International Import Expo for two years in a row and brought specialty products such as rum and chocolate to Chinese consumers.

“I’m happy to be informed that TT Fine Cocoa Company is co-operating with a chocolate producer in Hainan, China, and tonnes of fine cocoa products will be exported to China soon.”

He added, “Now, the two countries are co-ordinating closely in the implementation of the Forensic Science Centre project to contribute to the social security of TT.”

Qiu said over the past five years, the China-TT BRI co-operation has led to an all-round development of practical co-operation between the two countries which can be seen through PPIE. He added that the initiative also served as an incentive for closer people-to-people and cultural exchanges between China and TT.

Some examples of this he gave were: the mutual assistance in the fight against covid19 through medical supplies, vaccines and PPEs; personally inaugurating Chinatown – a section of Charlotte Street, Port of Spain – which is the only one in the English-speaking Caribbean; and the Chinese New Year temple fair in February, which attracted over 3,000 people.

Qiu added, “The signing of the letter of intent on the twinning of Shanghai and Port of Spain marked a great leap forward in the friendly exchanges and co-operation between the two cities and by extension the two countries.

"China has made continuous efforts to provide human resources training opportunities to the TT side. So far, nearly 500 participants from TT, including 63 this year, have attended various training programmes offered by China. Our two sides have also carried out fruitful co-operation in the fields of agriculture, medicine and health, disaster prevention and mitigation and green development, which have further enhanced our traditional friendship.”

In total, BRI has generated nearly US$1 trillion in investments and formed more than 3,000 co-operation projects. China's trade in goods with BRI countries doubled from US$1.04 trillion in 2013 to US$2.07 trillion in 2022, with an average annual growth rate of eight per cent, Qiu said.

Also present at the event were; Tania Diego Olite Ambassador of Cuba and dean of the diplomatic corps; other heads of diplomatic missions; senators Laurel Lezama-Lee Sing and Laurence Hislop; heads of international organisations; Joel Martinez, mayor of Port of Spain; Cagney Casimire, mayor of Arima; Sekou Alleyne, president of InvesTT and Dr Annita Montoute, interim director of the Institute of International Relations, UWI St Augustine campus."