The convening power of the African-Export Import Bank (Afreximbank) was on full display last week as twenty-five current and former Heads of State from the continent and the Caribbean, Ministers and Heads of International Agencies, Aliko Dangote, Jeffrey Sachs, Viola Davis, Wyclef Jean, Rick Ross, Folakwe Olowofoyeku, Boris Kodjoe, and numerous other global brands and renowned individuals, descended on Nassau the Bahamas from 12 – 15 June, for the Afreximbank’s 31st Annual Meeting (AAM) and the third AfriCaribbean Trade and Investment Forum (ACTIF). The theme – ‘Owning our Destiny: Economic Prosperity on the Platform of Global Africa’.

In recent years, Caribbean-Africa relations have been building momentum. In 2021, the inaugural Caribbean Community (CARICOM)-Africa Summit was held virtually. This meeting breathed new life into this historic relationship, given the reality of Africa as the fastest growing continent in the world. In fact, Africa’s economy sees immense potential. The Africa Continental Free Trade Area notes that by 2035, there is expected to be a US$ 450 million boost to the economy, lifting 30 million people out of poverty.

Recently, the African Union declared the Caribbean as the sixth region of Africa, marking a full-circle moment, hinging on a proud and celebrated history, but one that holds immense economic and transformative potential for the regions.

The Afreximbank has cemented their role in this partnership, moving beyond rhetoric and sentimentality. In Bahamas, delegates were reminded of the role of the Bank in securing much needed vaccines for Africa and the Caribbean when, during the COVID-19 pandemic, individual Caribbean and African vaccine orders were insignificant to garner the attention of vaccine manufacturers. The Afreximbank under the leadership of Professor Benedict Oramah, guaranteed up to US$ 2 billion through the Africa Medical Supplies Platform for millions of doses to contain the pandemic across the regions.

More recently, the Board of Directors of Afreximbank approved US$1.5 billion funding to enable member states of CARICOM that have ratified the Partnership Agreement with Afreximbank, to tap into the Bank’s various financial instruments to support economic sectors including tourism, healthcare, renewable energy, shipping, mining, agriculture and agribusiness, air links, and aquaculture. Afreximbank will also work to support local financial institutions to source finance for SMEs. To date, 11 CARICOM members have signed on to this Agreement, and since the opening of the Bank’s CARICOM office in late 2023, financing has been provided under this arrangement to Saint Lucia and Barbados for instance, supporting school rehabilitation and sports infrastructure respectively.

The AAM delivered on its theme; there was a recurring sentiment of self-determination, a reunion, a shared vision of economic prosperity. At the same time, this polycrisis world is marred by deglobalization and rising protectionist policies, the antithesis to the notion of interconnectedness at the start of the 21st century. These global challenges have caused the compulsion to look within and across, rather than outside, for the solutions to building resilient societies. A prominent voice exalted, “Africa and the Caribbean must not outsource its development.”

Trade between Africa and the Caribbean portends significant potential. Africa’s exports to the Caribbean or the region’s exports to Africa stand at less than 1% according to the ITC, and are concentrated in a few products, including petroleum. While this volume of trade is low, it represents a significant opportunity for an expansion of trade and investment between the partners. Africa is home to 60% of the world’s arable lands and together with Suriname and Guyana, with enhanced logistics, supply chain connectivity and infrastructure investments, the region can feed itself.

In the area of services including film, music, fashion, art, literature, gastronomy and sports, the Bank is leading innovative programs to leverage the Creative Africa Nexus (CANEX) platform to support the expansion of the creative and cultural economy within Africa and the diaspora. Several initiatives and partnerships were unveiled, including with some of the global personalities mentioned earlier.

The meeting in the Bahamas witnessed hundreds of millions in deal signings, Agreements of Intent as well as Memoranda of Understanding, including with the Caribbean Export Development Agency. The MOU between the two agencies seeks to boost Africa-Caribbean trade and investment through collaborative initiatives focusing on capacity building, knowledge sharing, and trade facilitation for the private sector, including MSMEs. It also seeks to foster reciprocal investment and unlock new business opportunities across both regions. This builds on work already started since Caribbean Export’s inaugural trade and investment mission to Accra Ghana and Lagos Nigeria in June 2023, leading a delegation of over 30 Caribbean public and private sector participants. This framework will provide the basis to advance meaningful exchanges to enhance business ties across the regions. Caribbean Export’s flagship Caribbean Investment Forum, now in its third year can support this mandate to increase the pipeline of projects from Africa and the Caribbean.

The sobering thoughts of the global economy, the climate crisis and shifting geo-politics were put to rest, albeit temporarily, as the week culminated in a world class celebration of everything Afro-Caribbean – a manifestation of unity through the arts. It reminded us that only an ocean separates us. The Afreximbank must be commended for providing the platform for identifying south-south solutions for our economic emancipation.

A senior level team from Caribbean Export was in Guyana from 4- 9 March, 2024 to meet with the host Government and related agencies to plan for the Caribbean Investment Forum (CIF 2024) scheduled for July 10-12, 2024 at the Arthur Chung Conference Centre.

Caribbean Export, in partnership with the European Union and the CARICOM Secretariat will host the 3rd edition of this landmark initiative under the patronage of His Excellency, Dr Mohamed Irfaan Ali, President of the Cooperative Republic of Guyana. President Ali, no stranger to the Agency having been the distinguished Keynote speaker at the 2022 Caribbean Investment Forum in Dubai UAE, positions Guyana again, as well as the rest of the Caribbean in this initiative to transform the region.

Guyana has consolidated its position as the world’s fastest growing economy in 2024 driven by the oil boom, registering 62% national output in 2022, and 27.2% and 34.2% expansion in 2023 and 2024 respectively1 . Moreover, the country’s economic landscape has shifted with the attendant support services for the petroleum and gas sector increasing from 0.2% of GDP in 2015 to 57.3% in 2022, displacing the agricultural sector as the country’s economic mainstay.

Despite this fortune, the country remains committed to its place as the breadbasket for the Caribbean and its food security pledge to increase agricultural production in foods such as rice, soy and other produce. Investments in modernising the agriculture industry are key, including smart and sustainable agriculture and innovations to its mega-farms to leverage Guyana’s landmass. As a colleague from Go-Invest, the national Investment Promotion Agency of Guyana shared an analogy, “all of CARICOM can fit into Guyana.” In addition, several large infrastructure projects are underway, from road expansion networks in Georgetown, to road links aimed at connecting with neighbouring countries Suriname and Brazil. It is therefore no surprise that at the recently concluded CARICOM Heads of Government meeting held just two weeks ago under the Chairmanship of President Ali, the meeting hosted His Excellency Luiz Inacio Lula Da Silva, the President of Brazil. This signals a commitment to strengthen south-south cooperation among the parties.

Moreover, anyone traveling to Guyana recently would understand the challenges of securing quality accommodation at reasonable prices. This however is set to change, with the addition of close to 1000 rooms to the accommodation listing by 2025. Internationally branded hotels such as Hyatt Place, Four Point Sheraton, AC Marriott and Marriott Courtyard Hotel will add Guyana to their global footprint and increase the value proposition of the country.²

Other sectors poised for investment include ICT and innovation, critical inputs for enhancing the digital landscape of the country to make it internationally competitive and to take advantage of all the developments that will emerge. Moreover, as more than 80% of Guyana is covered in forests3 , this augurs well for ecological services and green output. Consequently, while Guyana will experience record oil production in the coming years, upstream and downstream investments will be cross-cutting, catapulting economic yield. With a population of less than one million, there is insufficient local labour to meet the growing demand. Therefore, Caribbean nationals, and indeed others, will be heading to Guyana to take advantage of the growing economic activity, an ironic reversal as witnessed in the mid to late twentieth century when Guyanese left for the diaspora.

Based on the foregoing, Caribbean Export is therefore confident in its decision to host this forum with three featured themes for investment – Sustainable Agriculture, Digitalization of Business, and the Green Energy transition. The event is primed to follow the 2022 and 2023 iterations held in Trinidad and Tobago and the Bahamas respectively, with 500 business delegates in each showing, and global participation from more than 40 countries. These include investors and financial institutions, C-suite executives from regional and international conglomerates, and regional and international partners.

It would be remiss to not point out the strong partnerships that Caribbean Export has endured over the years in its work supporting the Caribbean’s private sector. Our 92% implementation rate achieved in 2023 for the 11th European Development Fund Regional Private Sector Development Programme which ended in September 2023 is proof of the Agency’s leadership in this space, and the high-level meetings over the week stand as a testament to the strength of our collaboration.

Thanks to the Head of the EU Delegation in Guyana Ambassador Van Nes, CARICOM Assistant Secretary General for Economic Integration, Innovation and Development Joseph Cox, IDB Country Representative for Guyana Lorena Solorzano-Salazar, as well as the leadership of several private sector agencies such as the Georgetown Chamber of Commerce and Industry, the Guyana Manufacturing and Services Association and the EU-Guyana Chamber of Commerce. The team also met with senior representatives of the Office of the President, the Ministry of Tourism, Industry and Commerce and Go-Invest. These partners were apprised of the work of the Agency, and on the staging of CIF2024.

CIF2024 will showcase the best of Guyana with the opening ceremony on Wednesday 10th July where H.E. Irfaan Ali will present his keynote address followed by a cultural evening and networking reception. The following two days will include morning plenary sessions with presentations of shovel ready projects in the three areas, as well as the investment village and expo featuring product demonstrations, business meetings and country presentations from Caribbean Investment Promotion Agencies in the afternoon.
Indeed, there is a buzz in Guyana, and the energy is palpable. We look forward to seeing you then.

1. https://www.spglobal.com/marketintelligence/en/mi/research-analysis/the-worlds-fastest-growing-economy.html#:~:text=Guyana%20registered%20the%20world’s%20highest,fastest%2Dgrowing%20economy%20in%202024 ↩︎
2. Guyana Tourism Authority, in Georgetown Chamber of Commerce Publication 2023 ↩︎
3. https://guyanainvest.gov.gy/wp-content/uploads/2020/11/G-iNVEST-Brochure-President-Ali-Speech-on-Guyana-Investment-Opportunties.pdf ↩︎

It’s been one month since Caribbean Export’s Executive Director and Services Specialist met with Government Officials in Grenada to advance the country’s transformational agenda. One of the key takeaways from that engagement was the identification of capacity building support to the islands’ agro-processors.

Consequently, a 2-day workshop, entitled “Leveraging CARIFORUM Trade Agreements” was hosted by Caribbean Export, in partnership with the European Union Delegation in Barbados from 22-23 February 2023 at the Radisson Grenada Beach Resort. This workshop covered several topics that are key considerations for MSMEs that are already exporting, or those considering exporting to the European Union.

Minister Joseph Andall, Minister for Foreign Affairs, Trade and Export Development delivered the opening remarks, demonstrating the government’s commitment to the private sector. He noted “The Government of Grenada is committed to building and supporting the development of world class brands that are capable of successfully competing in both regional and international markets, with special focus on the European market. As such, this workshop today is critical for firms that are serious about taking advantage of trade agreements such as the CARIFORUM-EU Economic Partnership Agreement and getting their products into those markets.”

Ms. Carlene Hamiliton of the EU Barbados and Eastern Caribbean States delegation navigated the EU export requirements portal to a packed room of close to 50 participants comprising representatives from 35 MSMEs and 11 Ministry and Business Support staff. Ms. Mikaela Stoute – Research Officer Market Intelligence and Ms. Natasha Edwin-Walcott, Senior Advisor Competitiveness and Export Promotion from Caribbean Export emphasized ways to assess a firm’s export readiness, leveraged key market research and intelligence tools and showcased how to prepare for export promotion and enter new markets. As far as possible, real-world examples were demonstrated, highlighting the opportunities and export potential of Grenadian products, but also the challenges of market access.

The Grenada Trade and Investment Officials as well as Grenada Bureau of Standards presented on the Grenada economy and the importance of standards and labeling in exporting products.

Participants’ products ranged from seamoss, teas, chocolate, water, sauces and condiments as well as service providers. By the close of the session on day two, the room was just as full as day one. Representatives were fully engaged, provocative in their thinking and ready to improve their business and export plans to take advantage of the trade opportunities presented.

Caribbean Export acknowledges the support provided by the local partners and business support organisations such as the Ministry of Foreign Affairs, Trade and Export Development, Grenada Investment and Development Corporation and the Grenada Chamber of Industry and Commerce for the leadership in hosting this event.