Participating in the Belt and Road initiative, he emphasized, "is not just because it's the good thing to do, but it's an important economic development strategy."

PORT OF SPAIN, April 10 (Xinhua) -- "The Belt and Road Initiative has brought enormous development opportunities and valuable experiences to Trinidad and Tobago," Sekou Alleyne, president of InvestTT, the national investment promotion agency, has said.

Trinidad and Tobago was among the first Caribbean nations to sign a Memorandum of Understanding with China on jointly advancing the initiative. As a small island developing state, the country depends on international trade and investment for the supply of many goods and services, Alleyne said in an interview with Xinhua.

The Caribbean nation works to deepen its economic partnership with China and attract greater volumes of trade and investment. Participating in the initiative, he emphasized, "is not just because it's the good thing to do, but it's an important economic development strategy."

Alleyne views the initiative as a key driver of growth for his country, as it encourages more Chinese enterprises with overseas ambitions to establish a physical presence in the country, creating jobs and boosting local economic activity. "We look forward to expanding our engagement under the Belt and Road framework," he said.

One of the flagship projects of Belt and Road cooperation is the Phoenix Park Industrial Estate. According to Alleyne, this environment-friendly industrial park is designed to enhance the country's role as a manufacturing hub in the Caribbean and support national efforts toward economic diversification.

"The industrial park's development has not only improved Trinidad and Tobago's infrastructure but also attracted more international investors. They can leverage our ports and trade networks to access broader markets in North and South America," Alleyne said.

Currently, the park boasts a 98 percent occupancy rate and is expected to become fully operational within the next two to three years. The estate is also undergoing certification as a Special Economic Zone (SEZ).

"Once SEZ status is granted, the industrial and tax policies will become even more favorable. In the future, Trinidad and Tobago plans to replicate this model to develop additional industrial parks," he added.

Looking ahead, Alleyne expressed optimism about the prospects for Belt and Road cooperation, especially in areas like infrastructure and industrial modernization.

"We also look forward to expanding cooperation with China in renewable energy to support our goal of achieving a more resilient and sustainable future," he said.