TT gets $40M grant from China

Minister of Foreign Affairs and Communications, Dr Surujrattan Rambachan told Newsday that both countries were yet to decide what projects the grant will be used for.

“Both sides are yet to sit down and decide on acceptable projects for which the money will be used,” Rambachan said.

The signing ceremony formalising the bi-lateral arrangement took place at the Diplomatic Centre in St Ann’s, following by a luncheon as part of the third China-Caribbean Economic and Trade Cooperation Forum.

During the luncheon, Prime Minister Kamla Persad-Bissessar said TT was in the process of setting up an embassy in the Chinese capital, Beijing.

“The Chinese people will be assisting us in finding a suitable site,” she said.

Wang Qishan, Vice Premier of China, said Caribbean countries have scored economic success in recent years and so the region was a favourable place to invest.

Persad-Bissessar said the Forum itself was an indication of China’s confidence in the Caribbean as a viable trading partner and “which brought a lot of bi-lateral relations with China”.

“The forum is not only about trade and economics, but the accomplishment of mutual goals, and an advancement in the relationship which already exists between China and the Caribbean,” Persad- Bissessar said.

She said China was the second largest economy in the world, and therefore offered an opportunity for increased market for the Caribbean and Trinidad and Tobago.

“This country will also look at strengthening ties between both countries in the areas of science and technology, bio-science and agriculture and tertiary education.