TT seeking Chinese investment

Minister in the Office of the Prime Minister Stuart Young said this when he addressed a Rotary Club of Port of Spain luncheon in Woodbrook on Tuesday.

Young said two months ago Prime Minister Dr Keith Rowley sent him on assignment to China. He said since that time there have been discussions on expanding China’s One Road-One Belt to TT, with this country serving as the gateway to Latin America for China.Young said the construction of a dry dock facility in La Brea is one initiative being pursued at this time.

However, he said, “We are not just asking the Chinese to come and build and give us the financing.” The minister said Government is discussing significant local content in both the construction and operational phases of this project in partnership with the Chinese.

Young said he has been speaking with Chinese Ambassador to TT Song Yumin, officials from the China Exim Bank and other Chinese companies, “to make this a reality.” Young also hoped that China would agree to Government’s proposal for this country to “become a clearing house for the Western Hemisphere for the Chinese currency.” He also said last week he met with Venezuelan Energy Minister Nelson Martinez to “shore up” discussions on a gas sales agreement for Venezuela’s maritime Dragon Field. Young said new gas contracts have been negotiated with upstream companies.

He also said there is a lot of exploration taking place in TT and more that is “going to take place.” Recalling all the efforts the People’s National Movement has made to stabilise the economy since assuming office in September 2015, Young said the latest Heritage and Stabilisation Fund report shows the Fund has “rebuilt itself ” after a second withdrawal was made from it in March. He also identified the proposed Sandals resort in Tobago and a hotel and convention centre on the site of the former agriculture ministry’s offices in St Clair among other economic issues being pursued by Government.