A total of 11 agreements were signed during the 10th Infrastructure Investment and Construction Forum, according to the keynote speech of Irene Va Kuan Lau, the President of the Macao Trade and Investment Promotion Institute (IPIM).
The 11 projects span power and infrastructure projects in Jamaica, Nigeria, the Philippines and Argentina.
The closing ceremony of the IICF was attended by delegates from China, Uganda and Jamaica.
When questioned on the impact of ‘One Belt One Road’ investments in the country, Ms. Monica Azuba Ntege, the Minister of Works and Transport of Uganda acknowledged that some problems may arise, such as foreign contractors being awarded jobs, but schemes have been implemented to deal with the issue.
Ms. Ntege said that in order to protect local contractors, countries like Uganda implement a reservation scheme to ensure that local contractors receive job contracts of projects worth US$12 million (MOP96.9 million) and below are given to local firms.
Despite the challenges, foreign delegates seem positive about the direction of the ‘One Belt One Road’ investments from China.