World / Latin America

China's rise an opportunity for Jamaica

(Xinhua) Updated: 2014-09-17 16:22

KINGSTON -- China, a rising emerging economy, is an opportunity for Jamaica that is seeking to boost economic development, Omar Davies, Minister of Transport, Works and Housing has said.

Davies told Xinhua in a recent interview that friendship between Jamaica and China could date back to 42 years ago when the two countries established diplomatic ties and since then, the two countries have been offering constant support to each other on issues concerning their respective core interests.

Speaking highly of the wide-range cooperation with China in recent years especially in infrastructure, the minister said "Concessionary loans and direct investments from China not only brought changes into Jamaica's infrastructure landscape, but also provided opportunities for further development in other economic sectors."

The north-south link highway, funded and constructed by China Harbor Engineering Company, would integrate tourism resources across the island by shortening the travel time from the north coast to the south, he said.

"Infrastructure renovation will improve the logistic conditions within Jamaica. An easier flow of people and goods will further enhance the country's industrial productivity and business capability, which are crucial to the economic development," he added

Davies also said the world economic pattern was undergoing profound changes as traditional western powers were crippled by their inner problems while emerging markets led by BRICS that groups Brazil, Russia, India, China and South Africa were growing very fast and would play a more important role in the world economic system.

Chinese enterprises' overseas expansion provided a new opportunity for countries looking for foreign investment to stimulate their own economy, he added. Davies said those treating the rise of China as a threat were out of lacking "self-confidence."

"We see no imperial desires in loans and investments from China. Negotiations with the Chinese government and companies are always principled and on equal terms. What we need to do is to be able to benefit from China's increasing economic power," he added.

Based on mutual trust and mutual benefit, the minister said he welcomed more investors from China and other parts of the world to be better involved in Jamaica's infrastructure construction, to make full use of the country's geographic advantages, and most importantly, to witness the development of Jamaica along with their own business.

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