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”.

This week the Caribbean Export team are showcasing fourteen Caribbean brands to exhibit at the world’s largest biannual trade fair SIAL in Paris, France.  Expecting more than 310,000 visitors over the five days from 14^th – 19^th October the Caribbean companies will showcase under the Absolutely Caribbean pavilion.

Exhibiting companies include new brands such as Only Coconuts by Precision Global Inc., who’s 30,000 sq. ft. state of the art processing facility in Guyana, certified non-GMO and HACCP produce a range of coconut-based products that are 100% pure and natural.

With a fresh new look VincyFresh (formerly Winfresh) continue to present their authentic marinades, sauces and condiments and promise to help you ‘LiveWell!’ by using the finest of ingredients that are grown in St Vincent and the Grenadines rich volcanic soil.

Other sauce and condiments producers also presenting include Superb Blend by Jays Enterprises from Barbados, Flauriels organic and natural range from St. Kitts and Nevis and natural turmeric paste Truly Turmeric from Belize by Naledo.  Surinamese producer GOM Food Industries are also offering their gluten free, vegan, Halal and no MSG sauces for export.

For the chocolatiers, Great Taste Award 2022 winner Cacoa Sainte Lucia is pulling in the crowds who are looking to try the award winning 100% cacoa vegan chocolate and Premium Dark Chocolate Almonds.  In addition, Haitian producer Choko Lakay ferments cocoa beans making them darker and sweeter in flavour with a smooth profile.

Pairing nicely with chocolate is Jamaican Blue Mountain Coffee by Country Traders.  Arguably the worlds finest coffee, this silky smooth, well-balanced, full-bodied coffee is available for export and sources it’s beans directly from local farmers in the Blue Mountains of Jamaica.

When it comes to drinks, the Caribbean is widely known as the birthplace of rum and whilst we welcome premium rums from the Dominican Republic with Chicaron (a cinnamon rum), J&J Spirits and St. Lucia Distillers, we have women-owned V’Toria Rhonda Vineyard & Winery.

V’Toria Rhonda offers six innovative, exotic, tropical fruit wines blended with various grape varietals.

And after sampling all the food and drink available from the 200 countries at SIAL, be sure to check out the 100% natural herbal dietary supplements brought to the market by Natural Organic’s LLC.  Their supplements aim to detoxify the body, fight against inflammation, regulate blood sugar levels and reduce cholesterol, amongst others.

Turmeric has been in the top echelon of the ‘trending foods’ chart for the past five years and is still one of the most sought-after ingredients by health-conscious consumers.

The “golden spice” has been used for centuries in traditional and herbal medicine, as well as Indian and Asian cuisine, but its global popularity has risen in recent times because of its proven health benefits as a so-called ‘nutraceutical’.

Public interest in the spice’s ability to ease inflammation, improve liver function, relieve chronic pain, and aid in digestion, has led to it being sought-after as a supplement and in a range of food products.

Turmeric and its main active ingredient, curcumin, can now be found as an added ingredient in several items on supermarket shelves such as sauces, smoothies, soups, teas, salad dressings, and even packaged goods like cereal. It can also be used as part of a rub for meat or fish and its distinctive yellowy, orange colour adds vibrancy to cheese, mustard, and dried seasonings, without affecting the taste.

Turmeric’s emergence as a ‘food to watch’ started when Google Trends data recorded a 300% increase in searches for it between February 2012 and February 2016. This led to the spice being listed as the number one food trend in the search giant’s ‘Food Trends 2016: U.S’ report along with other foods which are also still garnering attention including jackfruit, cauliflower rice, and sourdough bread.

Since 2016, turmeric has been consistently mentioned in the ‘trending food’ conversation and that is not expected to end anytime soon. In fact, research by the CBI dated January 2022 found that “worldwide and also in Europe, the consumption of curcuma longa (aka turmeric) is forecast to increase by more than 10% per year in the next five years.”

The CBI added: “The trend of healthier diets is likely to remain the leading driver of food market developments in the next decades. This trend will positively impact demand for spices such as curcuma longa.”

Sourcing turmeric in its purest form is one way to make sure you stay ahead of the curve when it comes to demand. The spice is grown in various parts of the world, including the Caribbean, and is most potent when it is fresh and uncultivated.

Belizean-based company called Naledo has a head start in this regard as it was the world’s first manufacturer of wildcrafted, whole root ‘Truly Turmeric’ paste.

Founded by mother and daughter Umeeda and Nareena Switlo in 2016, Naledo is a social enterprise that works directly with over 300 small-scale growers based in Toledo, Belize to create a product that is sustainably produced from the forest to the table with minimal impact on the environment.

Naledo has won widespread recognition and awards for its 100% natural turmeric products, which also include fresh juices and even a skincare line. It has also earned admiration for its commitment to pay its farmers six times more than the fair-trade price for their produce.

The company will be taking part in the upcoming Speciality & Fine Food Fair from September 5th-6th 2022 at Olympia, London as part of the ‘Absolutely Caribbean’ pavilion comprising of small businesses supported by the Caribbean Export Development Agency and the European Union.

At the event, Naledo will showcase its flagship ‘Truly Turmeric’ product which comes in four sizes and two flavours – original and black pepper. The ingredients list for the original flavour is whole root turmeric, cold pressed coconut oil, fresh lime juice, and sea salt. Black pepper cultivated in Belizean forests is added to the black pepper range.

The variety of turmeric grown by Naledo’s team is called Allepey and it has the strongest colour and deepest flavour of all turmeric types. Allepey normally has around 5% curcuminoids but Naledo’s turmeric has 7.6% curcuminoids, according to the company’s website.

Naledo’s ‘Truly Turmeric’ paste is currently sold in over 1,000 retailers in Canada, America, UK, and Europe and online.

The taste, flavour, and story behind Naledo have made it stand out from the crowded turmeric market which has been further propelled by the COVID-19 pandemic.

Since the global health crisis took hold in February and March 2020, Google Trends data has highlighted a 670% increase in worldwide searches for “food” and “immune system”. And the global nutraceuticals industry is predicted to be worth $722 billion (US) by 2027 with sales in the immune boosting foods and beverages segment expected to surpass $17 billion (US) by 2025. 

The public’s interest in turmeric and its health benefits is therefore not likely to wane anytime soon, so it seems likely that this ‘trend’ might turn into more than just a passing phase.

In 2010 Caribbean Export in collaboration with the Deutsche Gesellschaft fur Internationale Zusammenarbeit GmbH (GIZ) launched the modular programme ProNET.

Originally geared towards manufacturing enterprises who want to develop their business and become more competitive, with nine modules in business strategy, quality management, production,  product development, knowledge management, human resource management and financial management, the ProNET programme has since been expanded with a new module focused on energy management and renewable energy.

The programme is based on an Experiential Learning Methodology, and is a case study based and driven by practical examples and assignments using techniques such as group work and structured learning exercises, open-ended discussion, brainstorming sessions and field work.

We are now looking to review the course and update it according to your needs.

If you’ve participated in a ProNET course your input is very important to us and invite you to complete this survey.

We appreciate your time and your feedback!