PM IN CHINA
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AT THE FIRST MINISTERIAL MEETING OF THE CELAC-CHINA FORUM
JANUARY 8, 2015
Ladies and Gentlemen,
This is my second official visit to China. It is an honour to be here for this inaugural meeting and to be able to reaffirm our relationship.
It is a relationship built on mutual respect for the sovereignty, territorial integrity and self-determination of our nations. This is underlined in our support for the One China policy.
I represent here today the CARICOM sub-region, the Caribbean countries who have diplomatic relations with China and my own particular national interests of the Commonwealth of The Bahamas.
I have come here to talk trade and investment and the expansion of tourism, education, more broadly human development, the expansion in air services and cooperation in maritime affairs.
This first China-CELAC Forum in Beijing is therefore a welcomed initiative.
According to the International Monetary Fund, China is now the largest economy in the world, based on purchasing power parity. China also has the largest foreign reserves in the world. These statistics only confirm what we in The Bahamas and the sub-region had already known: that China was a significant source of investment capital. China has established itself as a worthy economic partner.
This is certainly true for The Bahamas but the benefits of this relationship have been felt throughout the Hemisphere of the Americas.
The contributions made to the harbour construction in Jamaica, the shipbuilding industry in Guyana, and the Baha Mar resort in The Bahamas are but a few partnership contributions made to our region through Chinese investment.
The CELAC-China Forum “…was established with the objective of promoting political, economic, trade, people-to-people, social and foreign co-operation” between our two sides. This is made possible in part by the $20 billion US-dollar fund which the Chinese government has set aside for infrastructural development through concessional lending, as well as through the diplomatic channels that have been fostered and nurtured in recent years.
The investment in the region and our country has not only been by way of public sector involvement but also through China’s increasingly dynamic private sector.
Mr. Chairman, I return to the themes raised by my predecessor as CARICOM Chair Prime Minister Gaston Browne at the meeting of the Heads of States and Government of China and CELAC on 17th July, 2014 in Port of Spain, Trinidad.
1. Welcoming the 3 billion dollar commitment on China’s part for investment on concessional terms
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. We will be raising at the Conference the proposal to use this funding for budget support, as well as debt restructuring and refinancing.
2. Promoting the opportunities for investment in energy, including renewable energy, oil and gas exploration and production, forestry, mining in areas such as gold, diamonds and bauxite, infrastructure development, tourism, airline services, financial services, agriculture and fisheries.
3. Pursuing a low carbon strategy and we would encourage Chinese companies to invest in solar power and other renewable energy sources such as geo-thermal, wind and hydro.
4. Support for adaptation and mitigation measures is therefore a top priority for many of our member-states. Energy, water, sanitation, coastal protection, and protection of critical coastal infrastructure are central to the capacity of our countries to adapt to, and mitigate, the effects of climate change. The reality is that a five foot rise in sea level would eliminate 80 per cent of The Bahamas. Climate change is real for The Bahamas; it is a threat to our very existence. In this context, we actively encourage the building of the Sino-Latin American and Caribbean Cooperation Fund to provide resources according to the needs and priorities of the recipient countries.
5. Working together to eliminate GDP per capita as the determinant criterion for denying or allowing us access to concessional financing. CARICOM would like to see greater participation of emerging market economies based on legitimacy, fair representation, responsiveness and flexibility. In an island nation, there are disparities and differences in development with many islands which we have to consider. So GDP per capita does not adequately reflect those developmental differences.
6. The Caribbean Community greatly looks forward to the deepening and strengthening of our relationship with China and I wish to urge that every effort be made to ensure that the China-Latin American and Caribbean Countries Cooperation Plan (2015 – 2019) takes into account these issues.
The Bahamas will host the Intersessional Meeting of the Heads of Government of CARICOM on 26th and 27th February. During that time it is The Bahamas’ intention to put four square and centre for our deliberations a major effort and initiative to further enhance and develop our human capital. The future of our economies I believe will be greatly enhanced by increased investment attention to the needs of our young people in education, in culture and in sports. The partnerships we forge going forward must keep those interests in human development sharply in focus.
If we do not address the issue of our young people and fix those issues, we all do so at our peril. I go further. I think of this as an obligation not just in the regional and hemispheric context but throughout the world. The issue of young people, their joblessness, their sense of despair, threatens the very stability of our countries and our democracies.
I also join the previous speakers in soundly condemning the terrorist attack that took place in Paris, France, yesterday. We are a peace-loving region, which aspires to a dignified life for all peoples.
In closing, I would like to thank and applaud the Government of the People’s Republic of China for the excellent arrangements here. Our nation and sub region look forward to working together to the mutual benefit of our respective nations and peoples.