According to Dr Peter Laurie, the appointment of former Prime Minister Sir Lloyd Erskine Sandiford as Barbados' first resident ambassador to China should be seen as an investment that will reap rewards in the
long term.
Laurie, who was Barbados' first ambassador to that country, told BARBADOS BUSINESS AUTHORITY that although
he saw "no real downside"
to closer ties, there would be no short-term results.
He said the best prospects would be in the financial services sector, especially if Chinese investors found it attractive to set up offshore companies on the island.
Laurie noted that not much could be done in the area of export, but Barbadian rum may prove to be the exception. He suggested that it could be produced in China under licence.
Mount Gay Distilleries Ltd official Grace Lewis said that company had already managed to penetrate the Chinese market indirectly through bulk and case shipments that are first exported to France.
Laurie was hesitant about opportunities for tourism. "I just don't see immediate prospects for Chinese tourists," he said. Laurie noted, however, that sometime in the future as China continues to develop, Chinese may be willing to travel the long distance to the Caribbean. He added that it would be beneficial to capture even a small part of that market.
The former diplomat said another drawback facing the island was the fact that China was not a democracy and therefore subject to tight governmental control.