XIAMEN, China – Direct foreign investment, tourism and trade opportunities between The Bahamas and the Peoples Republic of China topped the agenda during bilateral discussions between Bahamian and Chinese officials on Thursday, September 6.
The Hon. Zhivargo Laing, Minister of State in the Ministry of Finance, led the Bahamian delegation at the talks, while Chen Jian, Vice Minister of Commerce in the Ministry of Commerce, headed the Chinese delegation.
Minister Laing said China’s significant economic growth could be a “bone” for The Bahamas, insofar as tourism, trade and direct foreign investment opportunities are concerned.
Minister Laing said the parties also discussed opportunities for Bahamian products and services to be promoted in and exported to China.
Addressing members of the Bahamian media attending the Second China-Caribbean Economic Trade and Cooperation Forum, which opened Thursday in Xiamen, Mr. Laing said the delegations also took the opportunity to discuss the “significant trade deficit” between The Bahamas and China.
He said Vice Minister Jian agreed that additional direct foreign investment into The Bahamas is a possibility.
“In fact it was the Chinese officials who pointed out the significant trade deficit between The Bahamas and China and their interest in narrowing that trade deficit (while) seeking to encourage opportunities for Bahamian products and services to be promoted and exported to China,” Mr. Laing said.
“We were, of course, very keen that this will encourage the kinds of missions the Bahamas Chamber of Commerce is mounting (with a view) to doing exactly that,” he added.
Minister Laing said there is a “significant” number of Chinese who have become and are now becoming high net worth individuals as a result of the country’s economic growth.
He said while there are some logistical challenges to be worked out with regards to the transportation challenges facing the two nations due to the distances between them, the extent to which The Bahamas’ tourism promotions can target those individuals “is the extent to which we will reach an audience of people who are quite capable of overcoming those transportation logistical difficulties.”
He said that Chinese tourists are already vacationing in places such as Orlando, Florida, and therefore making the jump to The Bahamas could become very easy.
“The extent to which the Government of China and ourselves can cooperate to get our message out about our tourist opportunities to those kinds of persons, would be the extent to which we could encourage greater numbers of Chinese tourists to The Bahamas,” Minister Laing said.
Minister Laing said during the Caribbean Caucus, it was agreed that there is a need for a more “practical and focused approach” to obtain some of the benefits of the arrangements that have already been made between the Caribbean and China through the Approved Destination Status.
“To that end, there is a determination to do some joint tourist promotions here in China with a view to at least elevating an awareness in the Chinese high net worth population as to the opportunities the Caribbean offers for vacation and travel, said the Minister.
“Secondly, there was a determination made to seek to encourage some joint business proposals on the part of Caribbean business persons who can mount group tours and other tourist activities. I think that kind of practical proposition might actually translate, in due course, into some of the additional travel we believe could be had to the Caribbean by Chinese travelers,” Minister Laing said.
