PM: Strategic relationships will grow economy

THE Prime Minister said Trinidad and Tobago is pursuing strategic relationships with several of its international partners as it seeks to grow and strengthen the economy.

Dr Rowley was addressing the opening of the Phoenix Park Industrial Estate in Pt Lisas on Wednesday.

"This year marks 50 years of diplomatic relations between Trinidad and Tobago and China, and it is very fitting that this project be commissioned today."

TT-China relations. he continued, have grown stronger during that time. He was confident these relations will continue to reap tangible benefits for many years to come.

Rowley recalled the genesis of the estate was his state visit to China in 2018. He signed a memorandum of understanding in Beijing on that visit which made TT the first Caribbean country officially to sign on to China's Belt and Road Initiative (BRI).

Launched in 2013, the BRI is a strategy initiated by China that seeks to connect Asia with Africa and Europe via land and maritime networks, with the aim of improving regional integration, increasing trade and stimulating economic growth.

Rowley said as part of the commitment by Beijing Construction Engineering Group (BCEG) to design and construct the estate, there is an agreement to bring at least ten investors to help drive the productive capacity of the estate and raise its international profile.

"This will not only create new jobs, but new foreign direct investment, which will bring with it new ideas, new business models and new products and services."

Rowley was very impressed with the quality of products from the Summit luggage company, one of the tenants on the estate.

He said TT's partnership with China on mutually beneficial initiatives was not a singular event.

"A recent example of such a partnership is the successful negotiation of a 30-year exploration and exploitation licence with Venezuela to develop the Dragon field and export gas to Trinidad."

The licence was secured last month.

Rowley reminded his audience that this project is expected to yield an output of 350 million cubic feet per day of natural gas for the production of liquefied natural gas (LNG) and petrochemicals.

"This will provide a significant buffer to our economy and allow us to plan for the future based on a predictable supply of natural gas."

He said Venezuela benefits from this initiative, as it opens the doors to international markets for its gas.

Rowley also spoke of economic intiatives TT was pursuing with some of its other international partners.

"Recently, TT participated in the inaugural Caricom-Saudi Arabia Summit, where at both the bilateral and multilateral channels, we discussed areas of co-operation and investment in energy, as well as in agriculture and food security, renewable energy, climate change, finance and tourism."

Rowley said the US "remains our largest trading partner and a significant ally in more ways than one."

He also disclosed, "In order to build confidence and develop new markets and opportunities for our locally manufactured goods, the Ministry of Trade and Industry will soon finalise a partial-scope trade agreement with Chile."

Rowley said this will create an expanded market for locally made products. He added that this initiative came about after a state visit he made to Chile a few years ago.

Rowley said the Trade and Industry Ministry has also established commercial offices in the US, UK and Panama "to strengthen our commercial reach."

He told his audience there is a common thread running through all of these initiatives.

"TT is pushing forward to create enduring, strategic relationships that are built on trust, equity and mutual benefit."