Experts recommend focusing on Caribbean-China trade with steelpan and carnival industries

Experts in the Caribbean are suggesting that there are valuable opportunities to expand trade with China and establish a think-tank to analyze how the region can benefit from trade and investment partnerships. They believe that a dedicated think-tank is needed to identify products in demand in Chinese markets and align them with the Caribbean’s export capabilities. The establishment of a think-tank at the CARICOM level accessible by member states has been proposed to facilitate this analysis.

There are various opportunities for value markets in China that the Caribbean can tap into, according to experts. They suggest that the Caribbean can add value to commodities like bauxite, timber, oil, and gas, especially in agro-processing. Additionally, there is potential in niche products like Jamaican coffee as the food tastes of China evolve. Cultural connections, such as the popularity of Trinidad and Tobago’s steelpan, can be leveraged to attract Chinese tourists and boost value markets in the region.

The Caribbean’s diverse culture, including music genres like calypso, soca, and chutney, could serve as a valuable tourism product for the Chinese market. Experts highlight the need to adapt the Caribbean’s view of the tourism market and focus on quality and niche markets to capture the interest of Chinese tourists. By linking a tourism strategy to the region’s cultural offerings, such as steelpan, the Caribbean can attract a larger audience from China. Establishing partnerships and strategies in the tourism market in China could lead to sustainable growth in this sector for the Caribbean.

China’s Belt and Road Initiative (BRI) and investments in the Caribbean are also under scrutiny by experts, who acknowledge claims of “debt-trap diplomacy.” Trinidad and Tobago, as the first CARICOM country to sign onto the BRI, has seen significant growth in trade with China. However, careful analysis is needed to assess the opportunities and risks associated with Chinese investments in the region. Collaboration between research institutions could help in understanding the implications of China’s economic growth for the Caribbean and how to strategically engage with the rising power.

While acknowledging the opportunities presented by China, experts caution Caribbean countries to negotiate effectively and analyze the terms of funding agreements to avoid falling into debt traps. They emphasize the importance of conducting economic feasibility studies and ensuring transparency in agreements with China to prevent instances of unsustainable projects. By engaging smartly with China and focusing on institutions that enhance trade competitiveness and export opportunities, the Caribbean can harness the potential benefits of partnerships with the East. The establishment of a think-tank institution is seen as crucial in navigating the complexities of engaging with China and maximizing the opportunities for growth in the Caribbean region.