From July 10-12, 2024, the Caribbean Investment Forum (CIF) in Guyana has highlighted the significance of establishing effective public-private partnerships within the Caribbean region. During the forum’s third day, there was not just a call, but a resounding demand for a transformative approach to investment finance for regional opportunities, inspiring hope and confidence in the audience.
CIF 2024 was hosted by the Caribbean Export Development Agency (Caribbean Export) under the theme ‘Transforming Our Future, Empowering Growth’ in collaboration the Government of the Co-operative Republic of Guyana, the European Union, the CARICOM Secretariat and the Caribbean Development Bank. The event attracted over 450 participants who came together to discuss sustainable agriculture and the green economy agenda. This strategic initiative by Caribbean Export was designed to bridge the gap between global investors and Caribbean opportunities, instilling confidence in the region’s investment potential.
Oneidge Walrond, Guyana’s Minister of Tourism, Industry, and Commerce, hailed the event as a resounding success in her closing remarks. She expressed gratitude on behalf of the Government of Guyana for hosting such a significant event, emphasizing the forum’s role in facilitating crucial discussions on regional and global trade barriers, sustainable agriculture, digitalization of business, and the transition to a green economy, all of which are key topics in the current investment landscape.
Minister Walrond highlighted the evolving dynamics of trade, pointing to a shift in investor focus towards non-traditional markets. “The government of Guyana is fully aware of the importance of this forum for the sustainable development of our Caribbean region. CIF has once again provided a dedicated space for global and regional interactions, many of which we hope to evolve into long-lasting partnerships and business relationships,” she said.
Dr. Peter Ramsaroop, Guyana’s Chief Investment Officer, presented an optimistic outlook on Guyana’s investment landscape for 2030 and beyond. He identified opportunities in the agriculture sector to achieve regional self-sufficiency in food production through Agri-tech and large-scale farming. Dr. Ramsaroop emphasized the value of Guyana’s investment, urging Caribbean countries to develop products that can reach the wider world. “We in the Caribbean call ourselves small states, but if we look at ourselves together, we are not small. [The Caribbean] has quite a bit of investment opportunities,” he noted.
Delegates from the public and private sectors gained insights from Elizabeth Martinez de Marcano, the International Finance Corporation (IFC) Regional Director for Colombia, Mexico, Central America, and the Caribbean. She stressed the importance of strategic investments to unlock the full potential of Small Island Developing States through innovation and sustainability. Martinez de Marcano highlighted the uneven economic performance across the Caribbean, noting that some countries are expected to grow while others face economic contractions due to political instability and lack of economic diversification. “Partnerships are crucial for a sustainable impact, especially in smaller markets,” she stated.
Ms. Martinez de Marcano highlighted how the World Bank Group collaborates closely with other development partners to support this goal. “IFC plays a vital role in enhancing Caribbean states’ resilience and long-term sustainability by facilitating private investor access to these markets,” she noted. Over the past decade, IFC has invested $838 million in the Caribbean to bolster the private sector’s role and is committed to increasing this support in the future.
Another highlight of the day was Kerryne James, Grenada’s Minister for Climate Resilience, the Environment, and Renewable Energy, who stressed the need for innovative investment strategies to foster sustainable development in the Caribbean.
During the Ministerial spotlight, ‘Fostering Sustainable Development Through Innovative Investment Strategies in The Caribbean: Opportunities and Challenges,’ moderated by Dr. Damie Sinanan, Executive Director of Caribbean Export, the Minister called for action to promote climate resilience, robust climate financing, and the involvement of both the public and private sectors in mainstreaming climate resilience, especially after the devastating Hurricane Beryl. “We need action, and it is vital that we act now; we cannot wait for another disaster. We have to talk less and act more because small state islands are represented at forums like CIF,” she said.
At the ‘Fireside Chat—Pioneering Impact Investment: Transforming Strategies for Social Good,’ Kieron Boyle, Chief Executive Officer, Impact Investing Institute, connected with the delegated and, through his expertise and experience, pointed them in the right direction regarding navigating impact investments.
There was an update on the Connect Caribé Summit (“Navigating New Horizons: Bridging Travel, Trade, and E-Commerce Across the Caribbean”). The summit is scheduled in Bridgetown, Barbados, on July 23rd and 24th at the Lloyd Erskine Sandiford Centre. H.E. Ambassador Dr. Andre Thomas, Chairman & CEO of Pleion Group Inc., the Parent Group of Connect Caribe, delivered the update. He shared progress on the Ferry project following the signing of a Memorandum of Understanding with Caribbean Export. This latest MOU highlights the crucial role of connecting investors with Caribbean businesses.
To bring the curtains down on CIF 2024, there were country presentations and Q&A session presentations by Pro Dominicana and the Dominican Republic UNIDO, MSME Invest Turks & Caicos, Investments InvesTT, Invest Barbados, St Kitts Investment Promotion Agency, Grenada Investment Development Corporation, and Invest Dominica Authority.
The Caribbean Investment Forum successfully brought together key stakeholders and experts to explore new investment opportunities, regional collaborations, and strategies for fostering sustainable and resilient economies in the Caribbean region.
Therefore, this demonstrates that the Caribbean region is at a pivotal moment, embracing transformative approaches to investment finance that can catalyze sustainable development and prosperity for all. From sustainable agriculture to the digitalization of business and the transition to a green economy, the region is ready to champion a sustainable revolution, demonstrating the efficacy of innovative solutions to drive prosperity and resilience.
