High-quality development in China opens doors for Trinidad and Tobago

YANG Han

AS THE partnership between China and Trinidad and Tobago deepens, fostering enhanced collaboration, TT celebrated its fourth consecutive participation in the China International Import Expo (CIIE) this year. The event, held in Shanghai from November 5 to 10, underscored the commitment of both nations to strengthen their economic ties and explore new avenues for co-operation.

The seventh iteration of the prestigious CIIE event attracted nearly 3,500 enterprises from 152 nations, regions, and international organisations. TT's national pavilion, covering over 130 square metres, set a new benchmark for Caribbean representation and showcased a diverse range of high-quality products, including premium rum, cocoa, and chocolate, all of which received enthusiastic feedback from visitors.

Additionally, businesses from TT successfully established procurement agreements with Chinese partners, achieving total orders exceeding one million TT dollars.

The positive outcomes achieved by TT at this year's CIIE reflect the sustained and rapid growth of bilateral economic and trade relations over the past 50 years since diplomatic ties were established.

As a long-standing leader in China-Caribbean co-operation, TT has witnessed its bilateral trade surge from a modest sum of tens of thousands of US dollars in 1957 to an impressive US$1.34 billion in 2023, marking a significant milestone as the first English-speaking Caribbean nation to exceed the billion-dollar threshold.

In 2018, TT took a historic step by becoming the first English-speaking Caribbean country to join the Belt and Road Initiative (BRI). The region's flagship BRI project, the Phoenix Park Industrial Estate, co-developed by both nations, officially launched earlier this year, positioning itself as a vital catalyst for TT’s industrial advancement and economic diversification.

Moreover, China and TT are witnessing significant expansions in their economic and trade collaborations, venturing into innovative sectors. In recent years, a number of Chinese automobile brands have made their mark in the local market, quickly establishing a reputation for their exceptional quality and affordability.

Additionally, the successful connection of the solar photovoltaic project at Piarco International Airport to the grid earlier this year marks a milestone as TT's inaugural centralised industrial solar initiative.

The 25th Trade and Investment Convention, which took place in TT in July, served as a platform for over a dozen prominent Chinese companies specialising in cutting-edge industries like artificial intelligence and renewable energy.

This event facilitated meaningful exchanges and partnerships with local enterprises, paving the way for tangible benefits for both nations, and invigorating the comprehensive partnership between China and TT.

In a world where economic growth faces headwinds and instability, uncertainty, and unpredictability, China is leveraging its robust foundation, resilience, expansive market, and comprehensive industries to drive innovative productivity and achieve stable progress.

In the first three quarters of 2024, China's GDP reached 95 trillion yuan, a 4.8 per cent increase year-on-year. The added value and profits of high-tech manufacturing grew by 9.1 per cent and 6.3 per cent, respectively, while investment in high-tech industries maintained double-digit growth for seven consecutive months.

According to the World Intellectual Property Organization's latest Global Innovation Index 2024, China has risen to 11th place globally in innovation capability. Furthermore, China leads the world with 62 "lighthouse factories," representing the pinnacle of smart manufacturing and digital transformation, according to the World Economic Forum.

Simultaneously, China's ongoing commitment to high-level opening-up is creating more opportunities for international co-operation. On one hand, foreign trade has maintained its growth momentum, with China's total import and export volume surpassing 32 trillion yuan in the first three quarters of 2024, a 5.3 per cent year-on-year increase.

China has become a major trading partner for over 140 countries and regions, including Trinidad and Tobago. Moreover, starting in December, China will grant zero-tariff treatment for 100 per cent of products from the least-developed countries with diplomatic relations, enabling more developing nations to benefit from China's growth and integrate into global economic processes.

On the other hand, foreign investment in China has become increasingly accessible. The negative list for foreign investment has been reduced from 190 items to 31, with restrictions in manufacturing fully eliminated. In 2023, China accounted for 12.3 per cent of global foreign direct investment inflows, maintaining its position as the second-largest destination for foreign investment for three consecutive years.

Over the past five years, foreign direct investment returns in China have averaged around nine per cent, ranking among the highest internationally. More and more foreign investors are recognising that investing in China is not a risk, but an opportunity – it is an investment in the future.

The third plenary session of the 20th central committee of the Communist Party of China introduced over 300 major reform initiatives, underscoring openness as a defining feature of China's modernisation.

Looking ahead, China remains steadfast in its commitment to high-quality development and high-level opening-up, which will bolster its economic vitality and resilience, thereby contributing to global stability and infusing positive momentum into the world economy.

As we commemorate the historic 50th anniversary of diplomatic relations, China is eager to collaborate closely with TT to explore new opportunities, deepen political trust, enhance practical co-operation, and reinforce our long-standing friendship, together crafting a new chapter of mutually beneficial development for both nations.

YANG Han is the Charge d'Affaires at the Embassy of the People's Republic of China in TT