Jamaica to Benefit from Framework Agreement with China

Jamaica is to benefit from increased investments in infrastructural development and other critical areas, following the signing of an agreement with the People’s Republic of China.

Through a Framework Agreement, both Governments will be collaborating on various production capacity and investment projects in the areas of construction and infrastructure, cement manufacturing, resource processing, equipment manufacturing and light industry.

Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Karl Samuda, and Vice Chairman of the National Development and Reform Commission of the People’s Republic of China, His Excellency Ning Jizhe, signed the document during a ceremony at the Ministry’s New Kingston offices yesterday (February 16).

Welcoming the development, Mr. Samuda said it is “a signal and a manifestation of our mutual commitment to move forward together in a very constructive manner.”

He noted that the arrangement will assist Jamaica in expanding its production capacity, unlocking financing opportunities and promoting investment in critical areas.

Other areas for support under the agreement include the tourism and agricultural industries.

In his remarks, Mr. Jizhe said Jamaica is regarded as one of China’s most important countries for international co-operation in investment, commerce and trade.

He noted that this mutually beneficial agreement will serve to further deepen the relationship between both countries, and also represented great potential for future co-operation in a number of areas.

The agreement also seeks to encourage financial institutions in Jamaica and China to provide services, such as financing, co-financing and long-term insurance for bilateral cooperation in building production capacity.

A Steering Committee is to be established to execute the agreement, including the identification and promotion of priority areas/projects for investment as well as cooperation on production capacity.