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Favorable Loans Promised for Investment in Caribbean Region

The government is expected to provide favorable loans of about 4 billion yuan (US$533 million) in three years to promote Chinese companies' investment in Caribbean countries, Vice Premier Wu Yi has said.

She made the remarks at the second China-Caribbean Economic and Trade Cooperation Forum in Xiamen on Friday.

The financing support is among the measures to be adopted to strengthen relations with the Caribbean region in trade, investment, agriculture and fisheries, tourism, finance and human resources.

China also pledged to balance trade with Caribbean countries - it will provide training for about 2,000 officials and technicians from the region; promote tourism to the region through agreements; and increase technology exchanges to improve collaboration in the agricultural and fisheries sectors.

According to the General Administration of Customs, trade between China and the Caribbean region reached a record US$4.4 billion last year, up 64.1 percent over the previous year.

Ministers from the Caribbean countries also expect to strengthen trade and investment ties with China, in particular in sectors involving agriculture and tourism.

"We expect our cooperation will translate into greater investment opportunities for Chinese businesses in the Bahamas," Zhivargo Laing, a senior finance official of the country, told China Daily.

Delegates from 13 Caribbean countries attended the forum.

(China Daily September 8, 2007)

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