NASSAU, Bahamas – Expanding The Bahamas’ tourism market is but one of the potential benefits of the country’s relationship with China, according to Minister of State for Finance the Hon. Zhivargo Laing.
Mr. Laing recently headed a Bahamian delegation to the China-Caribbean Economic and Trade Cooperation Forum held in Xiamen, China from September 3-11. The overall objective of this year’s forum was the strengthening of China’s relationship with the Caribbean by extending its vast potential for investment, commerce and social programs.
In the area of boosting The Bahamas’ tourism industry, China has a population of 1.3 billion, one of the world’s fastest growing economies and an estimated 40 million of its citizens who travel abroad despite its restrictive travel policies.
“You get to see right away that there is enormous potential for The Bahamas to tap into the tourism possibilities of China,” Mr. Laing said. “So for us, that requires our being able to facilitate visas that the Chinese need to travel to The Bahamas, and have that done in a more efficient and effective manner.
“It also requires some transportation logistics being worked out so that there are more direct and less expensive flights between China and The Bahamas.”
He noted that China has already given The Bahamas some assistance in that regard by designating the country an Approved Travel Destination. Hence, there is enormous potential for this country.
An immediate benefit for The Bahamas in its relations with China is the building of a national stadium, with benefits in the long-term involving the extent to which Bahamians are interested in accessing the Chinese market for training opportunities and the export of Bahamian products.
As for the economic factors tied to China’s financial assistance in the region, Mr. Laing said The Bahamas would not forfeit financial aid from world lending banks as a result of $500 million in assistance the People’s Republic of China has granted to the Caribbean.
Mr. Laing pointed out that the Chinese contribution is small in comparison to financial and technical assistance provided by the Inter-American Development Bank (IDB) and other international institutions.
To the extent to which The Bahamas and the Caribbean are being assisted, Mr. Laing said that China is furthering its cause, which is a “is a win, win situation.”
The IDB has rendered an estimated $700million to The Bahamas to fund technical and infrastructural projects over the years. Funding remains even though The Bahamas is considered a developed nation and needs to be graduated from IDB funding.
“No Chinese contribution comes near that,” Mr. Laing said. “The only danger is you are accumulating the kind of per capita wealth that the IDB would say you have to be graduated. We have made the case that there is no reason for us to graduate because of our peculiar needs as an archipelago.”
Mr. Laing said that there is no competition among Caribbean nations for China’s assistance. He said those countries that know their needs and seize the opportunity are doing so aggressively.
“One thing is certain is that China is a force to be reckoned with, it is also a country in political and economic transition,” he said. “We should be looking at China as we should be looking at other countries, including India, to see the extent to which there are lessons which can be learnt.”
He urged Bahamians to study China, speak the language, understand its culture and exploit some of the vast economic opportunities that exist there.
