Diversification high on agenda

He said that it is time for government to take diversification seriously and engage foreign investors in their projects. “We’ve always kicked around the idea of diversification in our economy and it’s about time for us to take this seriously and make it a reality. I understand that an average one hundred million Chinese nationals travel as tourists annually, if we can tap into just one percent of this figure we can see how much this will benefit us.” Young said that the proposed initiatives involved a variety of different investment projects from infrastructural to trade and finance and that unlike previous trade agreements which yielded little returns, he assured citizens that government would be monitoring agreements closely to ensure that local input is maximised and that tax-payers get value for their money, citing the proposed construction of the La Brea Dry Docks.

“We are not only interested in infrastructural projects where, the Chinese would build a building and leave us, we want their participation in helping us operate and manage these facilities through joint-venture initiatives. I wish to draw particular attention to the building of a Dry Docks facility in La Brea for all vessels coming from Asia to the Panama canal for stocking.

“We want your participation in helping us operate this facility as we see ourselves as the future leading seaport and logistics facility.

So I can safely say that government will work closely at all levels of participation to ensure that we get value for our money,” he said.

The Minister also called on banks and private sector entities in lending their support and further their reach with China.

Chinese Ambassador Song Yumin expressed optimism that the Silk Road initiative would yield long-lasting results and go towards developing not only Trinidad but the region, citing the long and prosperous relations that both China and Trinidad had shared.

“China and Trinidad and Tobago share a converging development strategy and enjoy high complementarity in economic transformation.

Should our development plans be synergized with this initiative our cooperation will gain greater momentum.” The Ambassador said that the government of China retains its dedication to promoting both economic and social growth in the Caribbean and Latin America.