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BRI Drives Economic Diversification in Caribbean

Source: | 2023-11-15 10:41:09 | Author: Staff Reporters

Trinidad and Tobago's Phoenix Park Industrial Estate is the first BRI project in the Caribbean.(PHOTO:XINHUA)

Edited by Staff Reporters

About 30 kilometers south of the Port of Spain, the capital of the Caribbean country of Trinidad and Tobago, lies Phoenix Park Industrial Estate, a state-of-the-art light industrial estate set up to stimulate economic development. Recently completed by China's Beijing Construction Engineering Group, Phoenix park becomes the first project of Belt and Road Initiative (BRI) cooperation in the Caribbean region.

Phoenix park is positioned as a high value-added, environmentally-friendly light industrial estate. In response to the long-term dependence on oil and gas resources, the government of Trinidad and Tobago has been actively promoting economic diversification and transformation, placing emphasis on the development of non-energy industries.

Equipped with modern technology, Phoenix park uses AI tools and high-speed Internet connectivity for better installment management, energy efficiency and environmental protection. In addition, it has full access to water, electricity, and gas services, as well as an efficient wastewater treatment system and green belts.

Operations began with Evolving Technologies and Enterprise Development Co. Ltd (e TecK), a state company under Trinidad and Tobago's Ministry of Trade and Industry.

Daniel Duncan, vice president of e TecK, noted that it is vital for Trinidad and Tobago to extend investment opportunities beyond the energy and gas sectors. "As the country is striving towards diversification and not [be] dependent on oil and gas only, these types of development are critical to Trinidad and Tobago, hence the reason Phoenix Park Industrial Estate," he said.

"The initiative is a significant project from the point of view of both countries. For China, it represents investments into another country, and for us, that assistance facilitates our development," said Paula Gopee-Scoon, the trade and industry minister of Trinidad and Tobago.

Trinidad and Tobago was the first Caribbean country to sign the Belt and Road cooperation agreement with China. In recent years, the two sides have witnessed increasing economic, trade, and personnel exchanges. Amidst global uncertainty and turmoil, Gopee-Scoon emphasized the importance of unity and solidarity for collective progress and the creation of a community with a shared future.

Source: XINHUA

Editor: 梁依莲

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