(TrinidadExpress) Head of the Joint Consultative Council for the local construction agency Afra Raymond yesterday sounded a “note of caution” regarding the recent Chinese investment thrust in theCaribbean.
On Monday, during day one of the China-Caribbean Economic and Trade Forum, Chinese Vice-Premier in charge of commerce Wang Quishan announced thatChinawould make available US$1 billion in loans to theCaribbeanin support of local development.
Trinidad and TobagoandChinaalso signed a bi-lateral agreement in whichChinawould provide a 40 million yuan (about TT$40 million) grant toTrinidad and Tobagoto engage in mutually accepted projects between the two countries.
“We had a terrible experience with what I call the ‘Manning Model’ for the last eight or nine years, with huge unnecessary projects using the taxpayers’ money. Chinese contractors came here with Chinese labourers and Chinese fittings, and we still have to continue paying for those projects. That was a failed model. ”
Economist Indera Sagewan-Ali said thatChinacame here knowing very well what is in it for them.
“Chinahas a lot of money and is looking for investment opportunities. It has a lot of capacity for construction and all these things and they want to send it out there, so they came out very well. The challenge is, has theCaribbeanthought about what is in it for us.”
