(Trinidad Guardian) Minister of Trade and Industry, Paula Gopee-Scoon, is hoping that Angostura’s resumption of exports to China will continue to boost foreign exchange returns to the country.
Angostura on Friday sent its third large-scale shipment of products to China under a distribution agreement with Caribbean Commercial Management (Hangzhou) Company Ltd., a subsidiary of First Caribbean Marketing Company Ltd. (FCMC), which was signed in July 2024.
Approximately TT$1M worth of Angostura Orange Bitters, Aromatic Bitters and various Angostura premium rums left for China in this shipment.
A total of TT$3 million in Angostura goods have entered the Chinese market under the agreement thus far.
Minister Gopee-Scoon said, “The event is a momentous occasion for both company and country as it expands reach in the global market. The shipment to China is a strategic move by Angostura to strengthen trade relations and showcase craftsmanship, quality and the heritage of the company’s products on the world stage.”
The Minister acknowledged the ongoing foreign exchange situation could only be helped by such an arrangement.
“More and more cases will continue to go, and more and more foreign exchange earned, adding to the coffers of Trinidad and Tobago and of course giving ease to the issue that we have and the call that we have in the business community for foreign exchange. This is the kind of action that we want. More exports to enable us to earn more foreign exchange,” said Gopee-Scoon.
The Minister added, “With these shipments, Angostura aims to penetrate the cocktail market segments and cement Angostura’s Bitters and rums as a key ingredient in China’s rising cocktail industry. In this regard, both exporter and importer are working together to build exciting activation plans to bring the spirit of Trinidad and Tobago to the People of China.”
Yang Han, Chargé d’ Affaires of the Embassy of the People’s Republic of China in Trinidad and Tobago, said, “The shipment marks another successful entry of Trinidad and Tobago’s high-quality products into the Chinese market.”
He said, “[the occasion] serves as a perfect gift, in terms of trade cooperation, to celebrate the 50th anniversary of diplomatic ties between China and Trinidad and Tobago.”
Mr. Han also noted that the shipment is the result of persistent endeavour from Angostura, FCMC, the Ministry of Trade and Industry and all other stakeholders involved as well as the successful promotion of products at the China International Import Expo (CIIE) since 2021.
Angostura had been exporting to China in 2019 but had paused in 2022 to evaluate its marketing strategies.