By Garfield L. Angus
KINGSTON, Jamaica, (JIS) – Bilateral trade between Jamaica and China is very significant and growing, says minister of state in the ministry of foreign affairs and foreign trade, Alando Terrelonge.
Addressing a hybrid business and investor forum with Chinese and Jamaican interests, at the ministry, in Kingston, on July 27, Terrelonge said between the two countries, there is a steady growth of “very specific programmes and projects” to support the national goals and priorities.
“In 2021, China was the third largest source of imports for Jamaica, amounting to approximately US$464 million, while China was the fourteenth largest destination market for Jamaican exports in that year, with exports valued at US$14 million,” the state minister added.“While these figures make China one of Jamaica’s key trading partners, there is significant scope for further expansion of trade with China, which presents valuable opportunities for all of the participants that are here with us this evening.”
Terrelonge told the forum that there is increased engagement with Chinese business leaders and stakeholders, which began with the Virtual Infrastructure Investment Opportunities Forum, held in May 2022, at which over 100 Chinese companies participated.
Pointing out that Jamaica mainly exports alumina and several high-quality products to China, such as rum, seafood and Jamaica Blue Mountain Coffee, the state minister said the country is now looking for opportunities and partnerships to initiate and grow “other promising exports” to China, which include pharmaceutical grade limestone, additional categories of seafood, such as lobster, conch and sea cucumbers, which are in high demand in that country.
“Jamaica’s high-quality cigars, pork, sea island cotton, as well as chocolates made from Jamaica’s world-renowned fine flavoured cocoa, are products that can do well in the Chinese market, and the opportunity would be welcomed to increase cross-border trade with China, through the strengthening of e-commerce and digital trade,” Terrelonge told the gathering. The area of trade in services, which holds significant untapped potential, Jamaica would want to also deepen investment in areas, such as logistics, special economic zones, manufacturing, as well as alternative and renewable energy production.
The event was part of a series of activities to commemorate 50 years of diplomatic relations between Jamaica and the People’s Republic of China, beginning with the China-Jamaica Investment Promotion Conference held in Kingston last October, involving representatives from Shandong Province.
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