/NEW CHINA ERA – More investments to flow into Jamaica after groundbreaking MOU signed

NEW CHINA ERA – More investments to flow into Jamaica after groundbreaking MOU signed

Senator Kamina Johnson Smith, Jamaica’s foreign minister, shakes hands with Tian Qi, ambassador of China to Jamaica, after signing a memorandum of understanding on the Belt and Road Initiative between the two governments. The signing took place at the Ministry of Foreign Affairs and Foreign Trade in New Kingston yesterday.

Jamaica is on the cusp of reaping the benefits of expanded relations with China after yesterday’s signing of a landmark memorandum of understanding set to be the launching pad of ramped-up investment and trade between the two nations.

First announced in 2013, Beijing has touted the Belt and Road Initiative (BRI) as an international development strategy through which China seeks to leverage partnerships in a buildout of its economic and geopolitical power.

Tian Qi, the Chinese ambassador to Jamaica, said that the signing of yesterday’s memorandum of understanding on the BRI would raise the level of bilateral cooperation to a higher bar.

“This signing is hugely significant, and it now opens up a new era for cooperation between Jamaica and the People’s Republic of China,” he said.

Jamaica now joins several Caribbean countries to ink an agreement with China for this initiative, which has brought targeted investment through many construction and service-oriented projects.

Over the past decade, Sino-Jamaican relations have warmed, leading to billions of dollars in investment in road construction, sugar and bauxite production, as well as grants and aid. Jamaica currently owes China $79 billion, which represents about four per cent of the Government’s $2-trillion debt. Private-sector entities have also tapped Chinese advantage in economies of scale in major high-rise construction.

The Chinese have done much of the heavy lifting in major infrastructure projects, through China Harbour Engineering Company, spearheading cross-island road-network development from the Legacy Projects of Kingston in the east to the Ferris to Mackfield initiative of Westmoreland in the west. After completing the North-South Highway, the South Coast Highway and Montego Bay bypass are next on the Chinese agenda.

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By |2019-04-13T03:20:12+00:00April 13th, 2019|news|0 Comments

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