THE China-Caribbean Economic and Trade Co-operation Forum has become an important venue to conduct exchanges and an effective mechanism to deepen practical co-operation since it was first held in 2005.

Now, China and Caribbean countries are engaged in the third forum, which opened yesterday and closes today in Port-of-Spain, Trinidad.

Vice Premier Wang Qishan is leading a Chinese Government delegation to the forum and more than 80 distinguished Chinese companies are participating as well. The discussions centre around how to further strengthen win-win co-operation and achieve common development after the last forum was held four years ago.

Chinese people and Caribbean people are united by traditional friendship despite the geographic distance between them. As developing nations, China and the Caribbean countries are committed to economic development and improvement of people’s livelihood, even though they differ in national conditions, social systems and levels of development.

Facing complex and fluid international situations and challenges and opportunities in economic globalisation, both China and Caribbean countries have increasingly felt how important and urgent it is to strengthen co-operation. It was against this background that the China-Caribbean Economic and Trade Co-operation Forum was launched.

In the past six years, the Chinese Government has honoured its commitments under the framework of the forum by introducing a host of new measures in economic co-operation and trade, taking concrete steps to help Caribbean countries in their economic and social development, and improving their capacity for independent development. Multi-level and extensive co-operation between China and Caribbean countries has been established, thanks to the forum, providing new driving forces in their friendship and co-operation.

The two-way trade has enjoyed rapid growth. According to China customs, it jumped from US$2.024 billion in 2004 to US$7.158 billion in 2010. China has not only substantially increased its imports from the Caribbean region, but has also diversified its import mix.

Asphalt and liquefied natural gas from Trinidad and Tobago, Jamaica Blue Mountain coffee, and Caribbean rum have become increasingly appealing in the Chinese market. With more exchanges between the two sides, it is expected that a growing number of competitive Caribbean products will be enjoyed by Chinese consumers.

Investment co-operation has made remarkable progress. Chinese companies have come to understand the real economic landscape and investment environment in Caribbean countries through the forum, and take into account these countries in their global expansion. They have invested in Bosai Minerals Group (Guyana), sugar factories in Jamaica, a megaresort project in The Bahamas, oil field development in Trinidad and Tobago, and other projects which have created a large number of jobs there and contributed to economic and social development.

Chinese financial institutions are exploring the possibility of providing financing support to some large infrastructure projects in this region. I am confident that as economic globalisation deepens and Chinese and Caribbean economies continue to grow, more Chinese companies and financial institutions will participate in the investment and financing co-operation in the Caribbean.

Our co-operation in agriculture, fishery and tourism has made new headway. They are not only priority sectors in Caribbean countries, but also areas with great potential in our co-operation. We have worked hard and made good progress in co-operation in these sectors. China has transferred technologies, provided seeds and seedlings, and supplied other services in its agro-technical co-operation with Dominica, Grenada and Cuba.

Our efforts have helped diversify the variety of local agricultural products, enhanced their production volume and quality, and won high praise of local governments and farmers.

China and Caribbean countries have signed MOUs which enabled Chinese group tours to this region. Our co-operation in tourism will have a brilliant future as more Chinese tourists are allured by the charming seas, sands and sunshine in the Caribbean. China’s picturesque landscape and vivid cultural and historical legacy will also attract more and more visitors from Caribbean countries.

Human resources development has become a highlight in our co-operation. Since the first forum, nearly 1,700 Caribbean officials and professionals have received training or attended workshops in China, while China has dispatched more than 200 agricultural experts, young volunteers, and medical staff to Caribbean countries.

Co-operation in the area has boosted capacity building in Caribbean countries and substantially enhanced understanding and friendship between the Chinese people and the Caribbean people.

The third China-Caribbean Economic and Trade Co-operation Forum is another important event in our co-operation. It is my firm belief that with concerted efforts from all parties the forum will be a complete success.

Wang Chao is the vice commerce minister of China