Vice Premier Wang Qishan is representing the People's Republic of China at the two-day event, joining Heads of Government many business leaders from across the Caribbean region.
In her opening address Persad-Bissessar expressed her appreciation to the Chinese Government for selecting Trinidad and Tobago as the venue for the forum. "It demonstrates the confidence held in our own investment environment, one which will foster new partnerships and intensify business cooperation with our region during the course of this Forum," she said.
She said there has been a dramatic shift in the way Trinidad and Tobago and other Caribbean nations conduct their business, noting that the focus is on creating opportunities for the private sector.
She noted the two economic development events held in Port of Spain in June 2011 during the first annual Trade and Investment Week during which Trinidad & Tobago welcomed business leaders from almost every continent.
"I am advised by my Minister of Trade and Industry that, conservatively, an estimated $50 million US Dollars in trade was generated from the Trade and Investment Forum (TIC) and the seeds for many business opportunities were also sown.
"These events have demonstrated that Trinidad and Tobago is able to leverage its inherent strengths to become a preferred destination for trade and investment," Persad-Bissessar said.
With respect to the China/Caribbean forum she said it provides an opportunity for renewing, establishing and broadening economic cooperation and bilateral relations with the People’s Republic of China.
"China’s enhanced role in the Region as an economic partner offers significant potential for attracting substantial investment from Chinese businesses, thereby building on the Caribbean’s longstanding history of trade and development cooperation with China," she said.
"The challenge for us in the Caribbean as we welcome Foreign Direct Investment inflows from China is to continue to improve the investment climate to ensure that the interventions contribute to linking domestic firms to the global economy. It is also necessary to strive for the matching of financing injections into high-return projects," the Prime Minister added.
"China’s willingness to tap into the Caribbean market should be seen as an indicator of their confidence in our region," she said adding that what is needed today is a more flexible approach to doing business, one that is based on joint partnerships and strategic alliances so that all parties will be able to share in the global wealth for the greater good of all.
Persad-Bissessar noted a significant trade deficit in China?caribbean trade, poiting out that for the three-year period 2008-2010 imports from China amounted to US$5.9 Billion while Caricom exports were only about US$300 million comprising mainly methanol, iron ores and concentrates and liquefied natural.
She said China has been the biggest market for asphalt from Trinidad & Tobago, which was used during preparations for both the Beijing Olympics in 2008 and the World EXPO 2010 in Shanghai.
The Prime Minister said Trinidad and Tobago is seeking to change the trade imbalance.
"This island has been commercially producing hydrocarbons for over 100 years. Our oil industry is older than those of Iran, Saudi Arabia, Venezuela and the United Kingdom. In that period of over 100 years, we have built up a wealth of experience and knowledge in the energy industry," she said.
"The vision therefore is that Trinidad and Tobago with its wealth of experience and highly skilled workforce would, could and should become an Energy Services hub supplying services to the Caribbean, Latin America and Africa. It is our sincere hope that we can work with China on the benefits of partnering with Trinidad and Tobago in these energy ventures."
Persad-Bissessar also spoke about her government's priorities, which includes diversification of the economy.
"With economic growth of just over 2% for 2010 and the energy sector still accounting for 35.7% of GDP while services represent 48.5%, manufacturing 5.3% and agriculture a mere 0.6%; we recognise that we have to move away from the dependence on oil and gas and develop other sectors such as services and ICT and expand the manufacturing sector.
"Increasing local and foreign investments in a range on non-energy sectors becomes critical for our nation’s sustainable growth and long-term development," she said.
She noted the historical links between Trinidad and Tobago and China spanning more than 200 years and said there is today a great need to promote an even stronger business relationship between the Caribbean and China.
"In this regard it is projected that a trade and investment office will be established as part of the proposed Trinidad and Tobago Embassy in the People’s Republic of China.
"We look forward to the day when the Caribbean will be regarded in China as a preferred tourist and investment destination. We look forward to the day as well when Chinese entrepreneurs will establish electronics or a renewable energy plant to supply the Caribbean, as well as Central and South America."
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