More Chinese investments anticipated
The successful partnership between the Chinese backers of the Baha Mar project and the developers will likely spawn additional Chinese investments in the future, according to the outgoing Chinese ambassador to The Bahamas.
At the groundbreaking ceremony of Baha Mar yesterday, Hu Dingxian said the relationship between the two countries will be beneficial to both The Bahamas and China.
“I believe that with the constant development of our bilateral relations in both depth and width, more and more Chinese investors will be coming to The Bahamas to seek investments from today on,”Hu said.
He said the groundbreaking was another milestone in China-Bahamas relations.
“The great geographical distance between the two countries has not impeded our progress towards forming a better relationship. This groundbreaking ceremony is another evidence that distance is not the problem for friendship and cooperation,”Hu added.
The ambassador noted that since the establishment of diplomatic relations between China and The Bahamas 14 years ago, the two countries have formed a friendly corporate relationship.
China has awarded several loans to the Government of The Bahamas and to countries around the world.
Hu said that in 2010, China made direct investments in 129 countries for over 3,000 projects totaling$59 billion.
The Baha Mar project is being funded by the Chinese Export-Import Bank.
A contract for the amount of$1,918,965,693 has been negotiated with the China State Construction and Engineering Corporation as primary contractors for the project.
Over the life of the project, 8,150 foreigners will work on the site, the majority of whom will be Chinese.
A condition of the loan demands that Chinese be employed. However, Baha Mar officials have stated that at no time will more than 5,000 foreigners be working on the site.
Additionally, it is expected that more than 4,000 Bahamians will work on the project during the construction phase. Bahamians will be granted$400 million in contracts during the project.
Hu said at the groundbreaking ceremony that the BahaMar project comes at”the right time, at the right place, with the right people.”
As previously reported, the Baha Mar project will comprise six hotels with approximately 3,500 rooms and condominiums; an approximately 100,000 square foot casino; 200,000 square feet of convention facilities; a 20-acre beach and pool experience; an 18-hole golf course; a 60,000 square-footretail village; and additional residentialproducts, among other things.