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Talks Advance Towards Enlarged Cayman Cruise Terminal

by Amanda Banks, Tax-News.com, London

02 November 2012


The China Harbour Engineering Company (CHEC) anticipates it will soon finalize a deal with the Cayman Islands government for the development of a world-class cruise port terminal in George Town, Grand Cayman, after several years of stalled progress.

Zhongdong Tang, CHEC Regional Director for the Caribbean and Latin America said in a statement that talks have been successfully progressing, and announced that an update would soon be released on the status of the project.

He explained that CHEC, as one of the world's largest contractors, "brings highly technically-skilled and efficient professionals" to the table, and is "also undertaking to finance the entire George Town cruise port project, which creates an important complete package for the islands".

"We also intend to use our skills to train the local workforce to ensure that as many local residents benefit from the job creation the new project will produce,” he said.

He continued: “Recent statistics released by a Florida-Caribbean Cruise Association-commissioned study highlighted the tremendous benefits cruise tourism can bring to a jurisdiction, with cruise tourism generating more than USD1.9bn in direct expenditures and 45,000 jobs during 2011/2012 for the Latin America and Caribbean region alone. Once Cayman’s brand new cruise port is operational, we are confident that the island will maintain its position as a first class, highly sought-after cruise destination and the economy as a whole will see a strengthening as a result.”

Tang added: “The Cayman Islands is a vibrant and progressive environment in which to work and CHEC is delighted to be able to work in this public/private partnership with the Cayman Islands government to further benefit all citizens of the islands. We look forward to completing our discussions with the Cayman Islands government and then taking the next steps to begin creating a first class cruise tourism product for the islands.”

Founded in 1980, CHEC is currently undertaking projects worth in excess of USD10bn in over 70 countries. In 2005, CHEC merged with China Road and Bridge to form the China Communications Construction Company (CCCC), of which it is a subsidiary. CCCC is the largest port construction, design and dredging company in China, and the third largest in the world. CCCC ranked 211st among the Global 500 Companies in 2011 and 11th among the 225 Top International Contractors.

TAGS: marine

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