Richard L Bernal, the pro-vice-chancellor for global affairs at The University of the West Indies, has revealed that the debt owed by the Government of Jamaica to China was 4.1 per cent of the national debt, and that Chinese direct foreign investment amounted to US$2 billion — most of which was in the bauxite/alumina industry.
Bernal, former Jamaican ambassador to the US, made the revelation recently while delivering the annual AFJ/Sue Cobb Foundation lecture at The University of the West Indies (Mona), which focused on ‘The China-Jamaica Capital Connection’ recently.
He also remarked that there was a lot of misinformation and speculative allegations regarding Chinese investment which were not based on facts.
The impact of Chinese loans and investments has become a controversial subject, with opinions being expressed that the Chinese are taking over and not employing enough Jamaicans.
However, there are others who feel the impact has been good, and Bernal gave a balanced scorecard of pluses and minuses, concluding that the net effect was positive for the Jamaican economy.
He also examined the impact on economic sovereignty, diplomatic influence, workers, local businesses and the environment, and noted that in regard to local firms competing with Chinese firms for construction contracts there was a need to level the playing field.
Following the annual lecture at the university, former US Ambassador to Jamaica Sue Cobb presented a certificate of appreciation to Ambassador Richard Bernal.
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