DBJ to develop 'projects list' for visiting Chinese delegation
Published:Sunday | July 10, 2011 | 12:00 AM
Minister of Finance Audley Shaw says he has requested a shortlist of projects from the Development Bank of Jamaica in which the Chinese can invest.
The request follows a trip he made to China about two weeks ago during which he invited Chinese investors to put more of their resources to work in Jamaica in a mutually beneficial way.
During his trip, he met with the president of the EX-IM Bank of China, Zhu Hungiie, and the vice minister of commerce, Wang Chao, among others, to whom Shaw said he made the following pitch: "Listen, we don't have the resources, nor additional fiscal space. But what we have are assets and possibilities. You have a country with investors, whether government or private-sector owned, that are looking for investment options to work with. I have invited them to come to Jamaica to have a joint venture with Jamaicans."
The minister said Thursday night, as he addressed the launch of a new Money Masters Cambio and Money Services, that his proposal was accepted by his hosts.
investment projects
On his return, Shaw said he directed the chairman of the Development Bank of Jamaica, Joseph Matalon, and managing director, Milton Reynolds, to find investment projects that do not require financing by the budget or guarantee by the Government of Jamaica to pitch to Chinese investors.
"I want a shortlist of projects that can attract foreign investment that can ideally have a transnational component where we have migration of technology, of capital and skill, combined with our entrepreneurial packages here."
Two teams from China will be coming in August to assess the projects, Shaw said.