WILLEMSTAD – Chinese state-owned companies have repeatedly explored major investments in Curaçao but have so far failed to establish a lasting presence in the island's strategic infrastructure, according to a new geopolitical study.
Researchers examined several high-profile Chinese projects, including attempted investments in Curaçao's refinery and renewable energy sector.
One of the largest proposals came from Guangdong Zhenrong Energy in 2016.
The company signed a memorandum of understanding promising major investments in modernization of the Isla refinery, but Curaçao cancelled the arrangement in 2017 amid concerns over the company's credibility.
China Machinery Engineering Corporation (CMEC), a subsidiary of Chinese state-owned Sinomach, later became involved in Curaçao's renewable energy sector.
In 2019, CMEC obtained memoranda of understanding related to a solar farm and rooftop solar installations at schools and Aqualectra properties.
The company established CMEC Dutch Caribbean B.V. in Curaçao and also constructed a solar installation for a resort in Sint Maarten.
However, legal disputes and contractual complications ultimately resulted in Aqualectra terminating the tender.
CMEC subsequently withdrew after failing to obtain enough contracts to make continued operations economically viable.
According to the report, Chinese state-owned enterprises generally have only a small presence in the Dutch Caribbean.
Researchers found no major Chinese government-initiated investment currently dominating Curaçao's physical infrastructure, digital infrastructure, trade or industry.
Most Chinese economic activity instead comes from locally established small and medium-sized businesses operated by members of the Chinese diaspora.
The report suggests Curaçao's small market, limited potential returns and established local business networks make the island less attractive to large Chinese state enterprises than larger Caribbean economies.
The findings challenge the perception that China's growing commercial visibility on Curaçao necessarily represents a coordinated expansion by the Chinese state.