The Green Climate Fund (GCF) Caribbean Regional Dialogue concluded last Friday on a high note with the Trade and Business Forum, a session that highlighted the critical role of the private sector in climate resilience and economic transformation. Led by Caribbean Export, this forum brought together key stakeholders to explore how trade and business can drive the region’s green transition. 

Caribbean trade is evolving rapidly, with climate change and sustainability shaping new opportunities and challenges. In 2023, CARICOM recorded $40.2 billion in exports and $49.6 billion in imports, reflecting a trade deficit that underscores the need for greater economic resilience. Dr. Damie Sinanan, Executive Director of Caribbean Export, highlighted the importance of MSMEs, which comprise 70-85% of Caribbean economies, playing a crucial role in economic sustainability. He emphasized the growing opportunities in green trade, particularly in agriculture, clean energy, and digital transformation, while noting the pressing need for supply chain modernization, sustainable production, and intra-regional trade expansion to remain competitive. 

The Caribbean has immense potential to lead in sustainable industries, particularly in clean energy, ocean industries, and the Blue Economy. However, logistical barriers, regulatory gaps, and financing constraints continue to hinder progress. Discussions at the forum focused on the urgent need for sustainable agriculture, with CARICOM aiming to cut food imports by 25% by 2030, requiring significant investment in climate-smart agriculture, organic farming, and technology adoption. Agriculture remains a critical employer in the region, with employment rates as high as 30% in Guyana, 25% in Dominica, and 18% in Jamaica. In addition, digital transformation is emerging as a crucial enabler of the green economy, with technologies like AI, blockchain, and IoT improving efficiency and transparency in trade. 

Access to green finance remains a major challenge, and financial institutions, including Republic Bank, Belize Development Bank, CARICOM Development Fund (CDF) and the Caribbean Development Bank (CDB), shared insights on innovative financial instruments that could help businesses transition to sustainable trade models. The private sector must be at the forefront of climate adaptation and mitigation efforts. Strategic investment is key, and businesses must leverage regional and global funding opportunities, including the Green Climate Fund’s financing mechanisms provided via accredited partners to adopt greener practices. Regulatory reform is also critical, as governments need to finalize policies and incentives that encourage businesses to invest in sustainable industries. The forum emphasized that public-private collaboration is essential, with the private sector working alongside governments, financial institutions, and development agencies to accelerate the green transition. 

One of the biggest challenges for Caribbean businesses is accessing affordable and innovative financing for green initiatives. The Green Climate Fund (GCF) presented successful case studies, such as the Accelerating Solar Action Program in Ghana and the Mirova Sustainable Land Fund, demonstrating how concessional financing can drive private sector investment in climate resilience. Efforts to provide additional financing options alongside strategies to encourage green business growth were explored. Caribbean Export’s initiatives, including Green Transition Grants, Green Energy Audits, and sustainability training, were highlighted as key resources for businesses ready to embrace sustainability.  Further, CDF shared a number of initiatives currently being implemented to provide greater access to finance for the private sector. 

As the forum concluded, one key message stood out: the time for action is now. Businesses must embrace the green transition to remain competitive in the global economy. Governments need to implement supportive policies to enable trade and investment in climate-friendly industries. Financial institutions must expand green financing solutions to help businesses scale their sustainability efforts. Regional collaboration is essential—CARICOM nations must work together to create an enabling environment for sustainable trade and investment. 

The Trade and Business Forum set the stage for deeper engagement between public and private sector leaders to drive economic resilience in the Caribbean. Through trade, investment, and partnerships, the region can not only adapt to climate change but also thrive in the green economy. Caribbean Export remains committed to empowering businesses, unlocking trade opportunities, and fostering a sustainable economic future for the region. 

On Friday, February 21, 2025, the Honourable Serge Letchimy, President of the Executive Council of Martinique, visited the Caribbean Export Development Agency in Barbados. This visit coincided with Martinique’s significant milestone of signing an accession agreement to become an associate member of the Caribbean Community (CARICOM) during the 48th Regular Meeting of the Conference of Heads of Government of CARICOM.

During discussions at Caribbean Export, President Letchimy outlined a comprehensive framework aimed at deepening Martinique’s integration into the Caribbean market. He outlined the dual identity of Martinique as both European and Caribbean, highlighting the island’s strategic position to serve as a bridge between the European Union and CARICOM member states.

A focal point of the meeting was the exploration of relationships between African, Caribbean, and Pacific (ACP) countries and the European Union’s outermost regions. President Letchimy proposed the development of fiscal norms and the reduction of trade barriers, including the elimination of duties, to facilitate the free circulation of goods. He also advocated for joint programming of funds and the enhancement of logistical, digital, air, and maritime connectivity to bolster regional trade.

Historically, freight aid was predominantly allocated for raw materials imported from Europe. President Letchimy suggested revising this approach to extend benefits to regional trade, thereby reducing costs for Caribbean entrepreneurs. He underscored the importance of collaboration with CARIFORUM to harmonize efforts, viewing Martinique’s accession to CARICOM as a pivotal step in legitimizing direct negotiations and fostering independent trade agreements.

The President highlighted existing programmes, such as the Martinique Initiative and Development Martinique, as potential platforms for cooperation. He expressed enthusiasm for increased business exchanges between Martinique and other Caribbean firms, noting the island’s strategic location as advantageous for regional commerce.

Executive Director, Dr. Damie Sinanan on behalf of Caribbean Export extended congratulations to Martinique on its impending CARICOM membership and welcomed the opportunity to strengthen partnerships with Martiniquan firms. Dr. Sinanan acknowledged its longstanding collaboration with French Caribbean Outermost Regions (FCORs) to support trade and emphasized the agency’s commitment to facilitating greater participation of Martiniquan businesses in regional economic initiatives. Notably, Caribbean Export looks forward to engaging Martiniquan firms in projects such as the EU-LAC Digital Accelerator, which fosters digital transformation and innovation among businesses in Latin America, the Caribbean, and the European Union.

The agency also underscored the importance of leveraging Martinique’s accession to CARICOM to create synergies in trade, investment, and capacity-building programmes. By integrating into regional frameworks, Martiniquan businesses will have greater access to support mechanisms that enhance their competitiveness and expand market opportunities.

Martinique’s journey toward CARICOM membership has been a decade-long endeavour, culminating in the recent signing of the accession agreement. This move is anticipated to strengthen regional cooperation across various sectors, including economic development, healthcare, education, transport, and disaster risk management. As an integral part of the European Union, Martinique’s inclusion offers a unique opportunity to bridge Caribbean nations with European markets.

The finalization of Martinique’s associate membership awaits ratification by the French National Assembly, which must approve the Protocol on Privileges and Immunities. Once completed, Martinique will join the ranks of CARICOM’s associate members, further solidifying its commitment to regional integration and cooperation.

This development signifies a historic moment for both Martinique and CARICOM, promising to enhance economic diversification, cultural exchange, and collective resilience in addressing shared challenges within the Caribbean region.

This week, Caribbean Export had the pleasure of meeting with Ellen Ligteringen, CEO of Suriname-based Tan Bun Skrati, a craft, tree-to-bar chocolatier. Since first engaging with Caribbean Export through an intellectual property webinar, Ellen has received extensive support to help her business succeed on the international stage. From initial guidance to securing grants, Caribbean Export has supported Ellen’s journey from local artisan to global exporter.

During her recent visit to Barbados for market research, Ellen stopped by to share her story. She described how the Brand Packaging workshop and subsequent technical assistance empowered her to transform her product’s branding and packaging, helping her craft a compelling narrative that resonates with international consumers. Her participation in trade shows like ANUGA has also played a crucial role, allowing her to connect with peers, showcase her unique products, and gain insights into international market trends. Tan Bun Skrati now exports its rich craft chocolate bars—available in 72%, 80%, and 100% cacao varieties—to markets in the Netherlands and the United States.

Ellen’s journey exemplifies the impact of development programs like Caribbean Export’s 10th and 11th European Development Fund (EDF) Regional Private Sector Development Programme. Through these initiatives, Caribbean Export has provided grants, training, and market access opportunities to Caribbean businesses ready to expand beyond local markets. With her EDF grant, Ellen was able to invest in new production equipment, which has significantly boosted her production capacity and enabled her to explore new product categories such as cosmetics.

Caribbean Export remains committed to supporting businesses like Tan Bun Skrati as they grow and diversify. Our organization is continually evolving to meet the needs of Caribbean exporters, offering a suite of new programs to support businesses at every stage of development. This includes the upcoming Art of Logistics webinar in collaboration with DHL, which will help businesses optimize their logistics strategies, as well as a certification program designed to enhance product standards and quality.

We look forward to seeing Ellen’s continued success and innovation, along with many other Caribbean entrepreneurs who are ready to make their mark on the global market. Watch the video below to hear Ellen and her partners share reflections on how Caribbean Export’s support has transformed their journey to new export markets.

Sustainable development is not just a buzzword in the Caribbean but a critical path toward securing the region’s future. As climate change intensifies, the need for sustainable practices has never been more urgent. From rising sea levels to increased hurricane activity, the Caribbean faces unique environmental and economic challenges that necessitate significant investments in sustainable industries and infrastructure. 

This week I attended the Caribbean Infrastructure Forum (CARIF) 2024 in Miami hosted by New Energy Events, CIBC and KPMG. One of the most anticipated discussions was the panel titled ‘Sustainable Development: How Does Investment in Sustainability Translate into Economic Wins for the Private Sector?’. The panel featured distinguished leaders, including our Executive Director, Dr. Damie Sinanan, alongside representatives from the United Nations as well as private sector business such as Sandals Resorts.  The session was moderated by CIBC’s Executive Director for Investment Banking, Gillian Charles-Gollop.  The discussion highlighted how sustainability investments can yield substantial economic benefits for businesses and the region at large. 

The Case for Sustainable Development 

The Caribbean region is highly vulnerable to climate change, making sustainable development essential for both survival and growth. Climate-induced threats such as rising temperatures, sea level rise, and extreme weather events like hurricanes are already causing damage to infrastructure and the economy. As highlighted in the panel, Gillian Charles-Gollop of CIBC noted that sectors such as water, sanitation, and energy infrastructure will require significant investment—up to $2.2 trillion by 2030—to meet the United Nations Sustainable Development Goals (SDGs).  

Beyond environmental resilience, sustainable practices offer a critical opportunity for economic diversification. The Caribbean’s heavy reliance on tourism (which contributes as much as 32% of GDP in some islands) makes its economy particularly vulnerable to global shocks. Investing in sectors such as renewable energy, sustainable agriculture, and circular industries can help mitigate these risks and promote economic stability. 

Economic Wins for the Private Sector 

During the discussion Dr. Sinanan emphasized that investments in green technologies and climate resilience are not only vital for environmental protection but also for boosting economic performance. According to a study he cited, investment in green technologies could create over 400,000 jobs in the Caribbean by 2030. For the private sector, sustainable investments offer direct benefits, including cost savings through improved efficiency, reduced carbon footprints, and enhanced competitiveness. 

For example, Sandals Resorts International, represented by Kirstin McCarthy, has integrated sustainability into its core operations. McCarthy shared how the company has managed to achieve long-term savings by making their resorts more energy-efficient and reducing their water usage. She emphasized that their approach – “building better with less” – not only reduces environmental impact but also increases profitability. Sandals’ holistic strategy, where sustainability is embedded in all aspects of their operations, is a model other businesses can follow. 

Public-Private Partnerships: A Key Driver of Progress 

The panelists agreed that the path to sustainable development in the Caribbean requires collaboration between the public and private sectors. Giuseppe Mancinelli from the United Nations Office for Project Services (UNOPS) underlined the importance of infrastructure investment in achieving SDGs. He emphasized that resilient infrastructure, which accounts for 80% of greenhouse gas emissions and 90% of adaptation costs, plays a central role in reducing climate vulnerability while fostering economic growth. 

Moreover, Jeremy Superfine, a developer responsible for Cricket Square in the Cayman Islands, pointed out that the public sector must create a regulatory environment conducive to private sector investment in sustainability. He suggested that clear rules and policies, coupled with financial incentives, are critical to motivating businesses to invest in green technologies and resilient infrastructure. 

Conclusion: Building a Sustainable Future Together 

In conclusion, the panel at CARIF2024 highlighted that investing in sustainability is not only a moral imperative but also an economic necessity for the Caribbean. As Dr. Sinanan aptly summarized, these investments offer practical, tangible benefits, from job creation to cost savings and long-term economic resilience. For the region to fully capitalize on the economic opportunities of sustainable development, collaboration between the public and private sectors is essential, as is the need for clear regulatory frameworks and forward-thinking policies. By taking bold steps today, the Caribbean can build a more resilient, diversified, and prosperous future that benefits both people and the planet. 

From the crystal-clear waters of St. Johns, Antigua and Barbuda, the 4th Small Island Developing States (SIDS) Conference (SIDS4) set the stage for transformative dialogue and action, particularly through the 2024 SIDS Global Business Network Forum. This premier event, organized by the Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (OHRLLS), served as a bridge connecting international private sector entities with SIDS to foster partnerships for the upcoming decade.

Forum Overview:

Held on May 25-26, 2024, just before the SIDS4, the SIDS Global Business Network Forum explored critical themes including community empowerment, blue-green growth, and creating an enabling business environment conducive to investment. The Forum’s outcomes were pivotal in shaping discussions during the dedicated private sector roundtable at SIDS4.

Background and Evolution:

The SIDS Global Business Network (SIDS-GBN), established in 2014 during the Third UN Conference on SIDS in Samoa, has continuously evolved. It initially focused on public-private partnerships in Aruba (2016), sustainable tourism in Mauritius (2018), and ocean partnerships in Palau (2022). This fourth Forum, convened under the SAMOA Pathway, provided an opportunity to review the Network’s first decade and integrate private sector perspectives into the new Programme of Action for SIDS.

Sessions Recap:

Session 1 – Sustainability: Unlocking Opportunities for Blue and Green Economies:

This session highlighted the necessity of accelerating sustainable development partnerships within SIDS. Emphasis was placed on the blue economy, stressing creativity and community engagement as vital components.

Session 2 – Inclusivity: Empowering Local Communities for Transformed Economies:

Panelists discussed rebranding beyond the “sun, sea, sand” narrative, advocating for economic diversification through creative industries, sports tourism, and digital economy integration. The focus was on empowering local communities to actively shape their futures and foster innovation.

Session 3 – Policy: Crafting an Enabling Business Environment:

The need for effective collaboration between governments and the private sector was underscored. Historical barriers to collaboration were acknowledged, with an optimistic outlook on emerging responsiveness and cooperative dynamics.

Session 4 – Funding: Securing Financing and Investment:

This session, which I had the honor of moderating, emphasized the creation of supportive ecosystems through collaboration, innovative financial solutions, and sustainable practices. Calls for actionable roadmaps and increased investment underscored the discussions.

At the closing of the SIDS-GBN António Guterres, UN Secretary-General urged businesses to align their practices with the SDGs, emphasizing climate action and innovative financing. “Together, let’s work to deliver a better, more resilient, more sustainable future for the people of small island, developing states. And together Let’s raise our voice for the reforms that are needed for a more fair and more effective international financial and economic system able to provide to the SIDS, the resources and the capacities they deserve, and they need”.

He also highlighted the Global Business Network’s role in supporting SIDS, promoting investment in blue and green sectors, and fostering economic diversification, particularly for women and youth.

SIDS4 Private Sector Roundtable

On the evening of May 28 at the SIDS4 conference, delegates gathered to hear the outcomes and recommendations for the SIDS-GBN. High-level remarks delivered at the opening included, among others:

Chet Greene, Minister for Trade, Commerce, Industry, Sports, Culture and National Festivals, Antigua and Barbuda:

Greene emphasized the private sector’s critical role in job creation, innovation, and supporting MSMEs. He stressed the importance of transitioning to a green economy and the private sector’s leadership in this endeavor.

Kerrie Symmonds, Minister of Foreign Affairs and Foreign Trade, Barbados:

Symmonds addressed the need for pragmatic financing solutions, including debt relief and innovative insurance mechanisms to support SIDS in the face of natural disasters. He also highlighted the critical role of technical capacity building in renewable energy and other sectors essential for SIDS’ resilience and growth.

Key Recommendations:

The key recommendations coming out of the SIDS-GBN were presented by Rabab Fatima, High Representative for OHRLLS at the SIDS4 Private Sector Roundtable.

Fatima reflected on the Network’s achievements over the past decade, highlighting the importance of leveraging private sector innovation for blue-green economics, empowering local communities, and creating an enabling business environment. She emphasized the need for enhanced financing mechanisms to support MSMEs and sustainable development initiatives. The recommendations included:

1. Multi-Stakeholder Forum:
   Establish a forum to design blue-green development roadmaps, connect initiatives to funding, and engage local communities in discussions between innovators and investors. This forum would facilitate knowledge-sharing and project matchmaking.
2. SIDS Development Fund:
   Create a fund for Public-Private-Community Partnerships aimed at MSME growth, community benefits (including women and youth), and ecosystem regeneration, focusing on enabling environments, capacity building, and finance blending.
3. Enabling Business Environment:
   Develop frameworks to enhance access to knowledge, support local chambers of commerce, and organize regional events to connect governments and the private sector.
4. New Investment Framework:
   Implement innovative solutions (like blockchain and AI) and regional approaches to increase capital efficiency and decrease transaction risks, fostering an environment conducive to investment in SIDS.

Conclusion:

The 2024 SIDS Global Business Network Forum was a beacon of hope and a catalyst for action, bringing together diverse stakeholders to forge partnerships and develop actionable strategies for sustainable development in SIDS. As we look towards the future, the private sector’s role in driving innovation, investment, and inclusive growth will be more critical than ever. The outcomes and recommendations from this Forum will undoubtedly shape the trajectory of SIDS’ development in the coming decade, ensuring that these vibrant communities can thrive sustainably amidst global challenges.

Guyana stands on the cusp of a transformative energy revolution, harnessing its natural resources to propel itself towards a sustainable future. As the global community shifts towards renewable energy, Guyana’s strategic focus on sustainable solutions not only ensures energy security but also paves the way for economic growth and environmental stewardship.

In the heart of this transformation lies the upcoming Caribbean Investment Forum (CIF), a pivotal gathering slated for July 10-12, 2024, in Georgetown. This event serves as a beacon for global investors and businesses seeking opportunities in Guyana’s thriving energy sector.

With estimated reserves surpassing 10 billion barrels of oil and 15 trillion cubic feet of gas, Guyana’s recent oil boom has created substantial revenue streams. However, rather than falling prey to the “oil curse,” the nation is steering towards inclusive and resilient energy strategies.

Central to Guyana’s vision is the commitment to ensure that the benefits of the energy sector are equitably distributed among its citizens. A cornerstone of this approach is the drive towards energy security, underpinned by strategic investments in sustainable energy projects.

Leading the charge is the Gas-to-Energy project, a transformative initiative aimed at harnessing natural gas from offshore reserves to fuel electricity generation. By establishing an integrated processing facility, Guyana seeks to reduce reliance on imported energy, stabilize the national grid, and lower electricity costs for consumers.

Complementing this effort is the Hinterland Electrification Programme, targeting energy security in remote communities. Through infrastructure upgrades and grid expansions, Guyana aims to extend reliable power access to every corner of the nation, employing cost-effective and sustainable technologies.

Furthermore, Guyana is diversifying its energy mix with investments in hydro, solar, wind, and biomass technologies. These projects not only mitigate environmental impact but also ensure consistent and affordable energy supply, enhancing economic competitiveness and fostering growth.

In parallel, Guyana is modernizing its legal and regulatory frameworks to promote transparency, accountability, and ethical practices in the energy sector. Mandatory environmental assessments underscore the nation’s commitment to sustainability and preservation.

Legislation such as the Local Content Act further reinforces Guyana’s dedication to fostering local participation and safeguarding citizens’ interests in the energy industry.

Foreign investors and global enterprises are invited to participate in Guyana’s sustainable energy drive, offering expertise and resources to accelerate the transition towards a resilient and inclusive energy landscape.

The Caribbean Investment Forum (CIF) in Georgetown presents an unparalleled opportunity to explore Guyana’s sustainable energy initiatives. Attendees can engage in B2B sessions, gain insights into vetted projects, and discover investment opportunities in Guyana’s thriving energy sector.

As Guyana embarks on this transformative journey towards energy security through sustainable means, it invites the world to join hands in building a brighter and more sustainable future for generations to come.

This week, I had the distinct pleasure of connecting with the Swedish Ambassador, Anders Bengtcén, and exploring potential trade bridges between the Caribbean and Sweden. My initial meeting with Amb. Bengtcén at the awarding of the Swedish Foreign Service Medal to Honorary Consul Titti Kerr sparked a fruitful follow-up discussion on fostering stronger trade ties together with our Senior Advisor for Competitiveness and Export Promotion, Natasha Edwin-Walcott.

Sweden presents an interesting opportunity for some Caribbean businesses seeking new trade and investment opportunities. Trade between CARIFORUM and Sweden is governed by the Economic Partnership Agreement (EPA) and has steadily increased over the period 2018-2022. As shown in the table below, the International Trade Centre (ITC) Trade Map reports that merchandise trade between CARIFORUM and Sweden increased by approximately 256% between 2018 and 2022. Albeit small quantities in the steady increase is encouraging.

In our meeting we explored our experiences of success with niche Caribbean products like Jamaican Blue Mountain coffee, Haitian cocoa, and Belizean turmeric at international trade shows like SIAL Paris, ANUGA, and the UK’s Speciality and Fine Food Fair. These triumphs highlighted the potential for Caribbean offerings in the Swedish market with the right market intelligence and cooperation.

Consumer trends in Sweden offer exciting opportunities for Caribbean businesses:

• Sustainability-conscious: Swedish consumers prioritize environmentally friendly products and ethical sourcing. Caribbean producers focused on sustainable practices can resonate with this value-driven market.
• Early adopters: Swedes are known for their tech-savviness and openness to new trends. Caribbean businesses with innovative and tech-enabled solutions can find a receptive audience.
• Quality over quantity: Swedes value quality over low prices. Caribbean products known for their unique flavours and craftsmanship can appeal to this discerning market.

As we embark on our upcoming programming to continue supporting Caribbean producers look out for opportunities to participate once again at SIAL Paris and also Vitafoods Europe in Barcelona.

Beyond trade, we also discussed leveraging Sweden’s renowned technological expertise, particularly in engineering. Our upcoming Caribbean Investment Forum in Guyana (July 10-12, 2024) will focus on three key areas where Swedish investment can significantly impact our economies: digital transformation, green economy transition, and sustainable agriculture.

Building stronger ties with Sweden can unlock significant benefits for both sides. By understanding consumer trends and leveraging the expertise of both regions, we can create a win-win situation that fuels economic growth and prosperity.

Are you a Caribbean business owner looking to tap into the Swedish market? Let’s explore the possibilities together!

Table: CARIFORUM Exports to Sweden 

Source: ITC Trade Map 

Units: USD thousand 

Last week, I had the opportunity to step out of the confines of the office and immerse myself in the dynamic world of financial technology at Fintech Islands. Hosted at the magnificent Wyndham Grand Barbados Sam Lords Castle, this event served as a beacon for thought leaders, innovators, and enthusiasts alike, converging to explore the ever-evolving landscape of fintech.

At Fintech Islands, the discourse spanned across several captivating tracks, each delving into the realms of innovation, sustainability, and inclusivity within the financial sector.

Session covered themes such as Artificial intelligence (AI) and how it’s transforming the financial sector, offering solutions from ChatGPT to combat cybercrime. Further the ethical considerations that must accompany its implementation to ensure responsible integration into financial services.

Redefining access to financial services was another area, delving into the emergence of mobile-first banking solutions that are reshaping how individuals, especially the unbanked and underbanked, access financial services. This revolution is highlighting the importance of inclusivity and accessibility in banking innovations.

Critical for the advancement of the sector is how central banks are embracing digital transformation, driven by advancements in technology and the rise of digital payments. The introduction of Central Bank Digital Currencies (CBDCs) is aiming to enhance financial efficiency and inclusion, ensuring that all individuals benefit from the digital age. And the proliferation of cryptocurrency, real-time solutions, and social networks is redefining digital payments, emphasizing convenience, security, and inclusivity in financial transactions. As innovations continue, prioritizing consumer needs and preferences remains essential for the seamless adoption of digital payment solutions.

Of particular interest to me was the session on climate fintech and how Fintech-powered solutions are crucial in financing the energy transition and enhancing resilience to climate change. By leveraging fintech, communities vulnerable to environmental threats can fortify their sustainability efforts.

Key moments included Diego Szteinhendler’s (SVP, Fintech & Enablers, Latin America and the Caribbean Mastercard) insights on fintech trends, Alfonso Garcia Mora’s (Regional Vice President International Finance Corporation, The World Bank Group) advocacy for inclusive development, and Martin Kwame Awagah’s (Board Member Africa Fintech Network) exploration of fintech’s role in African financial inclusion.

The panel discussion on “Banking on a Sustainable Path,” featuring esteemed leaders such as Chad Blackman (Minister of Economic Affairs & Investment Government of Barbados), David Griffiths (Associate Partner IBM Consulting), Anthony Clerk (Managing Director & CEO, Republic Bank (Barbados) Limited) and our Executive Director – Deodat Maharaj, provided a comprehensive overview of the challenges and opportunities in climate finance and mitigation.

From forging innovative partnerships to fostering educational reform, the discourse underscored the imperative of collective action in achieving sustainable development goals and fostering a resilient financial ecosystem.

As we reflect on the insights gleaned from Fintech Islands, one truth remains abundantly clear: the future of finance is not merely a destination but a journey—one defined by innovation, inclusivity, and sustainability. Let us embark on this voyage together, charting a course towards a brighter, more prosperous tomorrow in the true spirit of SDG 17 – Partnerships for the Goals.

During this week, a delegation from Caribbean Export visited the Bahamas to conduct crucial meetings with key stakeholders while intensifying their preparations for the second edition of the Caribbean Investment Forum (CIF). This event is scheduled to take place from October 23-25, 2023 at the Atlantis, Paradise Island, Bahamas. In collaboration with the European Union and CARICOM, the Agency will partner with the Government of The Bahamas, working closely alongside teams from the Ministry of Tourism, Investment and Aviation.

The CIF aims to accomplish three significant objectives: (1) Attract targeted investments into prioritized sectors, specifically those essential for driving the region’s transition towards a greener and smarter economy. These sectors encompass the digital economy, agri-tech, renewable energy, and transportation and logistics. (2) Enhance the visibility of the region and the host country as attractive investment destinations. (3) Facilitate networking and collaboration among the investment community in the region, leading to agreements on key priorities that will expedite the region’s transition to a greener and smarter economy. The primary focus is to create a platform for businesses to engage with one another and foster new business opportunities.

Following the inaugural CIF, the emphasis in 2023 will be on packaging investment opportunities in the identified priority sectors and build upon the accomplishments of the inaugural CIF, which occurred in Trinidad and Tobago last November, and expedite the Agency’s mission of creating a more environmentally sustainable and technologically advanced Caribbean.

CIF 2023 will concentrate on assisting businesses in attracting investments in these key areas including the adoption of renewable energy practices to enhance competitiveness and leverage the green economy, the integration of technology in business operations, encompassing ICT, digitalization of processes, and FinTech, the development and implementation of technology in agriculture and support CARICOM’s goal of reducing the region’s food import bill by 25% by 2025, and the enhancement of the region’s infrastructure pertaining to transportation and logistics.

It is anticipated that this year’s event will surpass last year’s achievements and attract over 800 business professionals seeking to invest in the Caribbean or secure investment into their multi-million-dollar projects.

The event serves as the foremost platform for attracting investments in the region, offering an opportunity to showcase the Caribbean as an appealing investment destination with the potential to drive transformative growth. The CIF is distinguished by its exclusive focus on investment, with the primary aim of attracting businesspersons from the region and carefully screened investors from around the world who are interested in participating and contributing to the event.

Today, the 8th of March is celebrated the world over in many different ways, and often used to advocate on issues affecting women and to inspire others for positive change. Believe it or not, the day’s origins go back as far as 1908 when 15,000 women took to the streets of New York to march in demand for shorter hours, better pay and voting rights.

Still in 2023, we are calling for the businesses and governments to address the gender pay gap. For example, in the European Union the gender pay gap stood at 12.7% in 2021 and only changed marginally over the past decade. In the United States, it was reported that all women were paid 83% of what men are paid in 2022, be the US Department of Labor. And, women of colour are paid even less. Unfortunately, Black women are paid 64% or 64 cents to every dollar and Hispanic women were paid 57% or 57 cents to every dollar earned by white non-Hispanic men.

At the recently held virtual Lunchtime Chat hosted by the University of the West Indies to mark International Women’s Day executive director at Compete Caribbean, Dr Sylvia Dohnert, highlighted that the majority of large corporations were owned by men and women-owned businesses were in the minority, “In the population of business in the Caribbean they average around 20 per cent [female-owned or predominantly female businesses] . . . There’s a correlation between the size of the business and female ownership so the larger the firm, the less likely that it is being owned by a female and this difference is statistically significant,”

So, how do we get equality? And how do we get equity for women across the world in all areas of our societies, be it education, healthcare, employment and also business?

This year’s theme for International Women’s Day is #EmbraceEquity, a call to get people talking about why equal opportunities are no longer enough and can in fact be exclusionary, as opposed to inclusive.

At Caribbean Export, I am fortunate to be part of a diverse team where all perspectives are respected and heard. As we implement our programmes and activities to support the development of the Caribbean private sector, we have experienced that on average 52% of the participants are women. It’s great to see that women are leveraging the support that is offered whether for their own business or to contribute to the success of the company they are employed by.

The Caribbean Export tools and resources are available to everyone equally, and I hope that businesses use them to their advantage. But, we understand that every business is different and has different development needs.

Caribbean Export uses its SME Diagnostic Tool to assess the small businesses and to identify the areas where development and support are required. This enables us to tailor the right solutions to give businesses to best foot forward to succeed in exporting.

I was fortunate enough to work with a group of women-owned businesses as part of our WE-Xport (women-empowered through export) programme. After understanding their different needs, we were able to provide a suite of services that included capacity building, businesses coaching, export promotions and technical assistance in specific areas. As a result, many of these businesses were able to either start or increase exports, achieve certifications, enhance their branding and marketing and even leverage the support from one-another for the development of the business.

While International Women’s Day is a great opportunity to raise awareness and take action to promote gender equality, it is important that we continue this work every day. Achieving true gender equality and equity requires consistent effort and a commitment to making changes both big and small in our daily lives. Whether it’s challenging gender stereotypes, advocating for policies that promote equal opportunities, or supporting women in leadership positions, we all have a role to play in creating a more equitable world. Let’s work together to make every day International Women’s Day!

“When girls are given the right tools to succeed, they can create incredible futures, not only for themselves but also for those around them.” Meghan Markle

Jamaica Blue Mountain coffee is known for its unique flavour profile and high quality, which makes it a sought-after coffee by many coffee enthusiasts around the world.  A specialty coffee grown in limited quantities in the Blue Mountain region of Jamaica, it is generally considered to be one of the most expensive and exclusive coffees available in the world. Its rarity and high quality have contributed to its popularity and high demand among coffee aficionados.

The demand for this coffee naturally will fluctuate depending on a variety of factors, including supply, pricing, and consumer preferences.  However, globally the specialty coffee market was worth over USD53.67bn in 2019, with the EU specialty market valued at $16.68 billion (almost one third of the global total) which is also projected to grow by 9.0% annually between 2020-2026 due to rising demand for on-the-go coffee and a strengthening premium coffee shop segment.  

Given the immense opportunity for Jamaica Blue Mountain Coffee in Europe, the Ministry of Foreign Affairs and Foreign Affairs sought to enhance the competitiveness of Jamaican coffee in the EU. The Ministry commissioned the Caribbean Export Development Agency to facilitate an in-depth study on the European coffee market and the scope for increased exports of Jamaican coffee.

“Currently, approximately 10% of Jamaica’s exports of Blue Mountain Coffee goes to Europe. There is indeed significant scope for its expansion given the EU’s large consumer base. According to existing data, Europe accounts for approximately 33% of global coffee consumption, making Europe the largest coffee market in the world, and, accordingly, one with great potential.” shared Ambassador Symone Betton-Nayo.

Taking a practical, market-led approach, the consultant Windward Commodities, met with a cross-section of Jamaican and European coffee stakeholders and engaged in other research activities to determine the trends in the EU market and explore how Jamaica could expand its coffee exports to Europe and compete successfully in the market. 

The study entitled ‘Time to wake-up and ‘cup’ the coffee – Expanding Jamaica Blue Mountain Coffee in the EU’ outlines a number of market-led recommendations and practical steps that can create transparency and collaboration in the Jamaican coffee industry – playing to the strengths of supply chain partners and exploring partnerships in new markets.

Caribbean Export was delighted to collaborate with Ambassador Betton-Neyo and her team to facilitate this crucial review of the Jamaican coffee sector to enhance the competitiveness of its exports.

“We are confident that the recommendations will have a positive impact on ongoing efforts to expand Jamaican coffee exports to the EU.  We commend Caribbean Export for its strong and tangible contribution to efforts aimed at enhancing the Caribbean’s export potential in the European market” concluded Ambassador Betton-Neyo.

The Dominican Republic and Haiti were jointly present at the important international event Salon du Chocolat 2022 in Paris, France, which took place from October 28 to November 1, 2022. This is the largest event dedicated to the chocolate industry with more than 200 exhibitors from different countries filling the more than 20,000 square meters of Pavilion 5 at Porte de Versailles.

Participating companies from Haiti were AYITIKA SA, cocoa and chocolate producers, and the Federation of Cocoa Cooperatives of the North (FECCANO), a federation of eight cooperatives producing cocoa in northern Haiti. Participating from the Dominican Republic were Chocolala SRL, a cooperative of women cocoa and chocolate producers in Puerto Plata; Grupo CONACADO, one of the country’s largest cocoa producers and processors with more than 33 years of experience; ProAgro, a medium-sized company expanding into international markets with its production of chocolate powder and its La Criollita brand; and Recursos Globales, a family business noted for its CacaoMae brand that produces chocolate and other cocoa-derived products.

These six companies were just a few of the many that make up the Binational Cocoa/Chocolate Value Chain that Caribbean Export launched as part of the actions it implements within the framework of the Trade and Private Sector Support Component of the Binational Cooperation Program between Haiti and the Dominican Republic. This initiative is part of the actions of the expanded strategy that seeks to improve the private-private binational dialogue, as well as to improve the competitiveness of Haitian and Dominican companies with a view to consolidating institutional cooperation between the two countries. The actions of this program are supported technically and financially by the European Union through the 11th European Union Program. European Development Fund. Caribbean Export’s Deputy Chief Executive Officer, Mr. Leo Naut reported that: “The Binational Cocoa/Chocolate Value Chain covers the entire spectrum of the industry, with cocoa producers, cocoa processors and renowned chocolatiers among its beneficiaries. At the Salon du Chocolat, the participating companies received a great reception from the public present, and have also had the opportunity to establish ties with potential business partners in the European Union and other relevant markets”.