Economically, China is the world’s fourth largest economy with the largest population and therefore market. By 2020 China will have a wealthy middle class of 200 million compared to 186 million in the United States. It will therefore be the fourth largest source of global leisure travelers – something that the tourism industries of the Caribbean must take particular note of.
As of 2007 China’s foreign exchange reserves are the world’s largest passing the $1 trillion mark – the first country in the world’s history to do that. China is also a very large aid donor and has huge investments in all parts of the world – including the United States. Moreover, traditional aid donors like the United States, Canada, England and other European nations have drastically scaled back their giving to the Caribbean since this area is no longer geopolitically important as it was during the height of the Cold War.
China has thus stepped in to fill this void and has already pledged over $50 billion in regional investment for the Caribbean. It is therefore sensible that CARICOM and the OECS take a very hard look at where they are in relation to China, an emerging global economic giant, and Taiwan a successful regional bit player in global affairs that is never going to become an independent state as long as China remains a military and economic regional superpower.
Therefore the right thing to do diplomatically is to go where the grass is greener and that is with China. Grenada has benefited from its relations with China by having a state-of-the-art modern mini-stadium built and equipped. It is arguable one of the best stadiums in the Caribbean and China has pledged to do even more. That works for Grenada and the Mitchell Administration can take full credit for so visionary a move.
CARICOM and the OECS must therefore sit down and come up with a foreign policy that takes into consideration not only individual developmental needs but what’s best for the growth and forward movement of the region as a whole.
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