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Please be advised that the offices of Caribbean Export will be closed from Friday, December 20, 2024, and will reopen on Thursday, January 2, 2025.

We wish you a joyful holiday season and a prosperous New Year!

The United Nations Framework Convention on Climate Change (UNFCCC) 29th Climate Conference of Parties (COP29) met in Baku Azerbaijan 11-22 November 2024. Dubbed the ‘Finance Conference’, there was an expectation especially from vulnerable and marginalized economies, that this gathering would address how Small Island Developing States (SIDS) and other similarly affected economies would finance climate action and build resilience to ensure their sustainability.

By now, everyone would be familiar with the “1.5 to stay alive” campaign that sought to build awareness about the state of global warming and the necessity to keep global temperatures below 1.5 degrees Celsius. Scientists have long argued that human action, including the burning of fossil fuels like coal, gas and oil in homes and industry, have contributed to rising carbon dioxide levels, increasing the earth’s temperature. These rising temperatures lead to more frequent and intense weather, heatwaves, heavy rainfall and flooding, rising sea levels and more intense storms and hurricanes.

With 2024 already on target to be the hottest year on record¹ , this sobering assessment will have detrimental effects for SIDS including the Caribbean. Only in July this year, hurricane Beryl was the earliest category 5 storm to be recorded, causing hundreds of millions of dollars in damages and complete loss and devastation to Carriacou and Petite Martinique, Grenada. Thus, the imperative for ALL economies to act is not one grounded in a medium-to-long-term trajectory, but one that is a lived experience for us in the Caribbean.

Caribbean actors, large and small, private and public, must play a role in building a resilient community. Recognizing this, and with Caribbean Export’s mandate in mind, as the leading implementer of private sector programmes in the Caribbean, the Agency curated a panel discussion as its contribution to Caribbean voices at COP29 – Building Climate Resilience in the Caribbean Region – A Private Sector Approach.

While the Caribbean is renowned for its natural beauty, it is already reeling from the devastating impacts of climate change and environmental degradation imposing significant economic strain on industries such as tourism and agriculture, and overall economic development. Hurricane impacts, tourism losses and infrastructure damage from sea level rise could amount to USD22 billion per year by 2050 and USD46 billion per year by 2100, representing 10% and 22% of current regional GDP² .

Beyond the hazards of climate change, the region faces another challenge of high energy costs. In the OECS, energy rates exceed US$0.35/kWh³ , which is more than double the average energy cost in the OECD of US$0.15/kWh and far above the global average of US$0.17/kWh⁴ . This economic pressure is especially severe when combined with the region’s efforts to recover from the COVID-19 pandemic, which has disrupted supply chains and strained local economies. Save for Trinidad and Tobago that benefits from lower energy costs due to domestic oil and gas production, the rest of the region continues to face the burden of high energy prices, making the region uncompetitive across many industries.

At the same time, the challenges posed by high energy costs and climate vulnerability highlight the need for a comprehensive green economy transition. Such a transition, while urgent, is bursting with opportunities for economic transformation. Renewable energy, including solar, wind, and marine energy, represents one of the Caribbean’s most promising sectors. The region is blessed with abundant natural resources. Between 2015 and 2022, the Caribbean increased its renewable energy capacity by 51%, reaching 64% of the generation from renewable sources in 2022⁵ . However, this pace must be accelerated. As population and economic growth continue, electricity demand is projected to increase by an annual average of 2.3% from 2022 to 2050⁶ , further amplifying the need for sustainable and efficient energy solutions.

The green economy transition also offers substantial economic benefits. A joint report by the International Labour Organization and the Inter-American Development Bank published in 2020 estimated that decarbonization efforts could create approximately 400,000 jobs in the Caribbean⁷ . Furthermore, the International Renewable Energy Agency has projected that for every US dollar invested in the energy transition, an additional US$0.93 of GDP growth could be generated beyond the business-as-usual scenario. These figures illustrate the potential for significant economic gains through sustainable investments⁸.

Data shows that SMEs account for between 70 and 85% of Caribbean economies, thus as engines of growth across important sectors of the economy, SMEs can make a significant contribution to the transition to greener and more climate friendly practices which in turn portend significant job creation while mitigating climate risks.

Turning to the panel discussion, joining Caribbean Export’s Executive Director were the Executive Director of the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE), Vice President of Caribbean Development Bank and Founder and Chairman of Kenesjay Green, an SME and operator in the renewable energy space.

The discussion raised some critical points for consideration on how SMEs can be supported to achieve greater impact in addressing climate action. These can be summarized as follows:

1. Access to finance will increase the scope and scale of projects to assist in the green transition
   • Green practices and strategies require significant investments in renewable energy systems, energy efficient equipment, waste management etc. Thus, access to funds will allow SMEs to adopt the innovative solutions required to make a significant impact, implementing green solutions and making an overall contribution to climate imperatives.
2. Technical assistance is an important driver
   • While efforts at the green transition are popular in the Caribbean, many SMEs lack detail on green technologies and practices, as well as the practical benefits and solutions to transition to sustainable operations. Thus, we cannot overstate the importance of knowledge transfer, including the conduct of assessments including energy audits, to pinpoint opportunities for greener practices. Moreover, the need for the right innovative technologies and appropriate solutions were also identified.
3. The need for a supporting enabling environment
   • Clear, enforceable and predictable policies and regulatory frameworks are important not only for the SMEs but are important signals for investors and financiers as these policies encourage innovation. A call was made for Caribbean governments to act with alacrity to update the policies to attract the private capital to finance the transition.
4. Partnerships for climate action
   • Collaboration is essential to address climate action and to build a more resilient Caribbean. Due to the complexities around building climate resilience, partnerships will require not only pooling resources, but also expertise, the input of local communities and international partners to deliver impact.

Conclusion

The Caribbean faces unparalleled challenges from climate change, but it also has immense potential for transformation. The private sector is a critical driver of this change, capable of fostering innovation and accelerating the green economy transition. Access to financing, capacity building, supportive policies, and collaborative partnerships are key to this effort.

While COP29 fell short of expectations⁹ , the region’s resilience lies in its ability to act decisively. By embracing sustainable practices and amplifying advocacy efforts, the Caribbean can redefine its economic future. Climate resilience is not only a necessity but an opportunity for the region to thrive, creating a more inclusive and sustainable legacy for generations to come.

1. WMO 2024 on track to be hottest year on record ↩︎
2. Thomas A, Menke I, Serdeczny O. Loss and damage costing and financing mechanisms: Caribbean outlook. Climate Analytics. April 24, 2018 ↩︎
3. Koon Koon R, Shah K, Ashtine M, Lewis S. A Resource and Policy Driven Assessment of the Geothermal Energy Potential of St. Vincent and the Grenadines ↩︎
4. https://www.statista.com/statistics/183700/us-average-retail-electricity-price-since-1990/ ↩︎
5. Inter-American Development Bank. Energy Transition in Latin America and the Caribbean. January 2023 ↩︎
6. U.S. Energy Information Administration. International Energy Outlook 2023. September 2023 ↩︎
7. Caribbean Export and CCREEE Cooperate to Support Sustainable Energy Development and Create Jobs- https://ab.gov.ag/pdf/CCREEE_CE_create_Jobs.pdf ↩︎
8. STATE OF THE LEAST DEVELOPED COUNTRIES 2021 Building back better in response to COVID-19
   https://www.un.org/ldc5/sites/www.un.org.ldc5/files/stateldc_2021.pdf ↩︎
9. COP29: Small island states ‘feel abandoned’ as climate talk grind on https://www.euronews.com/green/2024/11/19/cop29-small-island-states-feel-abandoned-as-climate-talks-grind-on ↩︎

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.

During the period October 22 to 24, our Executive Director, Dr. Damie Sinanan, represented the Agency at the Commonwealth Heads of Government Meeting (CHOGM) in Samoa. The event brought together leaders from 56 Commonwealth nations to address urgent global challenges and strengthen collaboration, with a central focus on resilience in areas like climate change, sustainable development, and economic stability.

At CHOGM, Dr. Sinanan participated in the Commonwealth Business Forum, joining esteemed panelists such as The Hon. Julianna O’Connor-Connolly JP, MP, Premier of the Cayman Islands, Roy Lagolago, Head of Secretariat, PACER Plus Implementation Unit & Labour Mobility Secretariat and Ayo Otuyalo, Group Managing Director, Prime Atlantic Group to discuss “Reducing Barriers to Trade.” Andrew McKellar, Chief Executive, of the Australian Chamber of Commerce and Industry, chaired the plenary. The panel also featured addresses from H.E Nana Addo Dankwa-Akufo Addo, President of the Republic of Ghana and The Rt. Hon. David Lammy MP, Secretary of State, Foreign, Commonwealth and Development Office, United Kingdom.

During the discussion, Dr. Sinanan emphasized the importance of building Caribbean resilience through expanding trade, accessing new markets, and forging partnerships, particularly in Africa. He also highlighted digitalization as a critical success factor for MSMEs, underscoring the need for an enabling environment that fosters digital trade and supports small businesses in adopting innovative technologies.
Dr. Sinanan had the unique opportunity to briefly chat about the Sustainable Markets Initiative and the challenges and potential of small business development with His Majesty King Charles III, emphasizing the Agency’s commitment to building resilient economies across the region.

During his speech at the meeting of the heads, President Dr. Mohamed Irfaan Ali paid tribute to King Charles III, acknowledging his unwavering commitment to creating a better world and his dedication to reaching those who might otherwise be overlooked.

Key takeaways from CHOGM 2024 included the urgent need for action on climate adaptation, enhanced support for vulnerable nations, and investment in green initiatives. The creation of digital jobs, particularly for women and youth, emerged as a priority to address rising unemployment and migration.

At Caribbean Export, we remain dedicated to advancing a green economy transition through initiatives designed to boost CARIFORUM SMEs’ sustainability and competitiveness. We are working to align our region’s economic practices with global sustainability standards. Our upcoming Green Transition Grant Facility launching in 2025, is just one of the ways we aim to lead this transition.

Looking ahead to CHOGM 2026, which will be hosted in Antigua and Barbuda, our team is excited to continue advocating for the unique needs of small island states on the international stage and to champion the region’s progress in sustainable development and economic resilience.

The Caribbean Export Development Agency, in collaboration with the Delegation of the European Union in the Dominican Republic, the Ministry of Economy, Planning and Development (MEPyD), and the Ministry of Industry, Commerce and MSMEs (MICM), hosted the workshop “Business Opportunities in Europe and Latin America.” This event served as a unique platform for startups and technology companies in the Dominican Republic to establish product linkages with corporations from Europe and Latin America, exploring possibilities for strategic alliances aimed at innovation and growth in the international market.

The workshop is part of the Digital Connectors initiative, which is included in the EU-LAC Digital Accelerator program financed by the European Union as part of its Neighborhood, Development and International Cooperation Instrument (NDICI-Global Gateway). With over 170 corporations and 900 startups from Europe, Latin America, and the Caribbean connected in a cooperation network, this program seeks to drive digital transformation and foster strategic collaborations to provide solutions to the technological challenges of private companies worldwide.

Opening Remarks During the event’s opening, authorities emphasized the importance of international collaboration for the growth of the technological sector in the Dominican Republic. They highlighted that events like this workshop contribute to the global positioning of Dominican technology companies and strengthen their capacities to face challenges in the international market.

“Through Digital Connectors, we are committed to supporting the Dominican Republic and the entire region in building an innovation ecosystem with new opportunities for the growth and internationalization of local companies,” stated Melvín Asín, Head of Cooperation of the Delegation of the European Union in the Dominican Republic.

“In recent years, the country has experienced a significant digital transformation. The proliferation of connectivity, access to smart devices, and the implementation of emerging technologies have marked a transition towards a more digital society. Our government has made a strong commitment to digital transformation, making it a priority in the Multi-Year Public Sector Plan,” commented Olaya Dotel, Vice Minister of International Cooperation of the Ministry of Economy, Planning and Development (MEPyD).

“Collaboration with European and Latin American corporations is an invaluable opportunity for our startups to grow and face new challenges,” highlighted Fantino Polanco, Vice Minister for Industrial Development of the Ministry of Industry, Commerce, and MSMEs.

“At Caribbean Export, we are committed to driving digital transformation at the regional level and to the potential of our startups to integrate into global value chains. Through the EU-LAC Digital Accelerator, we aim for these companies to establish strategic connections and generate international business opportunities that drive their economic growth and job creation in the country,” declared Leo Naut, Deputy Executive Director of the Caribbean Export Development Agency.

Speakers and Topics Covered The workshop featured participation from experts in international partnerships and collaboration strategies in the ICT sector:

• Maika Gorostidi, Co-Director of the EU-LAC Digital Accelerator, who introduced the program’s objectives and detailed how it connects Dominican startups with corporations from Europe and Latin America.

• Francisco (Paco) Prieto, Co-Director of the EU-LAC Digital Accelerator, led the session on Strategic Connections: Companies from Europe and Latin America seeking collaborations with ICT companies and startups to generate business and address digital challenges, analyzing the opportunities and benefits of collaboration between startups and corporations.

• Miguel Rodríguez, Innovation Consultant of the EU-LAC Digital Accelerator, who shared key strategies for establishing business relationships with international corporations and startups, focusing on open innovation and solving common digital challenges.

This event marks the first workshop specifically aimed at startups and technology companies in the Dominican Republic as part of the Digital Connectors program agenda. The program will continue with other workshops focused on training corporations in open innovation, as well as bilateral meetings between these corporations and both governmental and private trade support organizations, to strengthen the technology ecosystem and facilitate strategic connections that drive the international expansion of the technology sector in the region.

The Caribbean Export Development Agency, in partnership with the Ministry of Industry, Commerce and SMEs (MICM) and the European Union (EU) in the Dominican Republic, has launched the “Digital Connectors” initiative. This groundbreaking program aims to create new business opportunities for Dominican industries in the digital sector.

Deputy Executive Director of Caribbean Export, Leo Naut, explained the initiative’s scope and benefits for both large corporations and SMEs at the event held at the MICM headquarters. “Participating companies in Digital Connectors will work with entrepreneurial startups and international experts. Local technology organizations will be able to identify new market opportunities and strategic alliances with key players from Europe, Latin America, and the Caribbean, achieving productive linkages that help them grow through the export of their services,” said Naut.

A New Era for Digitalization

The “Digital Connectors” initiative seeks to address the challenges of digitalization and create business opportunities by connecting companies from the Dominican Republic with innovation ecosystems in Europe, Latin America, and the Caribbean. This pilot program of open innovation will allow local companies to access high-quality digital acceleration services, opening up new commercial opportunities in digital transformation and global competitiveness.

The Digital Connectors program is part of the EU-LAC Digital Accelerator Programme, funded by the European Union’s Global Gateway.

Key Figures

The EU Ambassador to the Dominican Republic, Katja Afheldt, expressed, “The Digital Connectors program is a flagship example of European Union cooperation in the Dominican Republic: accompanying the country in its major reforms and innovation through knowledge transfer, the exchange of best practices, and support for the business sector and the talent of young Dominicans. This program paves the way for a more innovative, competitive, and digital future.”

“We are convinced that this collaboration with the European Union will allow us to continue advancing in our mission to create a more competitive, dynamic, and innovative economy,” stated Minister Bisonó.

Who Can Participate?

The Digital Connectors program targets technology companies and corporations operating in key sectors such as industry, consumer goods, tourism, logistics, distribution, energy, health, agribusiness, and pharmaceuticals, among others. It is also open to startups, entrepreneurs, and any company interested in improving its competitiveness through innovative and digital solutions. Interested companies can register through the following link

Upcoming Workshops

To socialize the concepts of open innovation and corporate entrepreneurship with local industries, a workshop will be held on October 28th for technology companies with expansion visions, seeking innovative solutions to grow in international markets. On October 29th, industries and corporations from various sectors will participate in a training session focused on companies willing to collaborate with entrepreneurs and technology firms from Europe and Latin America to identify innovative solutions that generate operational and financial improvements.

What is the EU-LAC Digital Accelerator?

The EU-LAC Digital Accelerator is a platform financed by the European Union (EU) as part of its EU-LAC Digital Alliance, created under the Global Gateway framework. Over five years, this initiative will facilitate collaboration between the private sector and various stakeholders from the EU, Latin America, and the Caribbean.

Led by TECNALIA, the Digital Accelerator brings together prominent international innovation players, such as IESE Business School, WAYRA-Telefónica, and the European Business and Innovation Centre Network (EBN), among others, promoting competitiveness, digital skills, and business transformation in Europe, Latin America, and the Caribbean.

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. 

The Caribbean and the world have lost a remarkable leader, diplomat, and advocate for small nations with the passing of Sir Shridath Surendranath Ramphal. Born on October 3, 1928, in New Amsterdam, British Guiana (now Guyana), he rose to become one of the Caribbean’s most distinguished global statesmen. His career, marked by service to the Caribbean, the Commonwealth, and the international community, spanned more than five decades, leaving an indelible impact on global diplomacy and development.

As the Caribbean Export Development Agency reflects on its Memorandum of Understanding with the Shridath Ramphal Centre at the University of the West Indies (UWI), this moment offers an opportunity to honor the man behind the name—a figure whose life’s work focused on justice, equality, and advancing the interests of small and developing nations on the world stage.

Regional Leadership: Champion of Caribbean Integration

In the Caribbean, he is revered for his role in fostering regional integration. His early involvement in the creation of the Caribbean Free Trade Area (CARIFTA) laid the groundwork for what would later become the Caribbean Community (CARICOM). As Guyana’s Foreign Minister from 1972 to 1975, he was instrumental in promoting economic cooperation within the region, encouraging the development of shared institutions that would support Caribbean self-reliance.

His visionary leadership also extended to his advocacy for Caribbean unity on the global stage. He believed that the Caribbean’s collective voice could carry weight in international forums, giving small island nations a seat at the table on issues such as trade, development, and climate change.

Global Statesman: Commonwealth Leadership and Beyond

It was in the international arena, however, where Shridath Ramphal became a household name. As the second Secretary-General of the Commonwealth of Nations, serving from 1975 to 1990, he was a tireless advocate for the interests of the developing world. Under his stewardship, the Commonwealth became a vital platform for promoting social justice, environmental sustainability, and the economic rights of small nations.

Shridath’s leadership of the Commonwealth came at a critical time. The 1970s and 1980s were marked by intense geopolitical tensions, apartheid in South Africa, and growing global economic inequality. He played a pivotal role in the Commonwealth’s opposition to apartheid, standing firm against racial injustice and advocating for economic sanctions against the South African regime. His moral clarity and diplomatic skill helped to strengthen the global movement for human rights and justice.

The Shridath Ramphal Centre: A Lasting Legacy

In recognition of his contributions to Caribbean integration and global diplomacy, the University of the West Indies established the Shridath Ramphal Centre for International Trade Law, Policy, and Services. The Centre, based at the Cave Hill Campus in Barbados, is a tribute to his lifelong commitment to promoting the interests of the Caribbean in global trade negotiations.

The Centre’s work, which includes research, policy analysis, and capacity building, reflects Sir Shridath’s belief that the Caribbean must be proactive and united in asserting its rights in the international system. Through its partnership with organizations like the Caribbean Export Development Agency, the Centre continues to champion the cause of economic empowerment and sustainable development for the region.

A Life of Service

Sir Shridath Ramphal’s passing marks the end of an era for the Caribbean and the international community. He leaves behind a legacy of principled diplomacy, unyielding advocacy for justice, and a vision of a fairer, more equitable world. As we honor his life and contributions, we are reminded of the power of leadership that is guided by integrity, intellect, and a commitment to the common good.
For the Caribbean, Shridath Ramphal will always be remembered as a statesman who understood the unique challenges facing small nations and dedicated his life to ensuring that these voices were heard. His influence will continue to shape Caribbean diplomacy and international relations for generations to come.

Caribbean food is loved around the world for its taste, fresh ingredients, and special blends of seasoning.

Turmeric, ginger, cumin, thyme, nutmeg, cinnamon, and red pepper are just some of the herbs and spices that you will find in cupboards in most domestic and commercial kitchens around the region.

Many Caribbean cooks seem to innately know which flavourings to add to bring out the best in fish, meat, or vegetables. Guyanese businesswoman Christine Sinyangwe also has this gift.

Christine has been cooking since she was young and has always enjoyed experimenting with different dishes as well as picking up additional tips from cookbooks and food-based shows.

Christine was in the real estate sector for years, but when that business took a downturn in 2021-2022 and she was left with just $5,000 (GUY) to her name (equivalent to about $25 (US)), she decided to put her knowledge, experience, and passion for cooking to use and start her own food manufacturing business.

Initially, Christine made her unique blend of herbs and spices at her home in very small batches and only sold it to friends, family, and neighbours and at a local market.

Then, as she carried out some more research into labelling and bottling, Christine’s confidence developed and eventually she marketed her product as an all-purpose blend before adding a more concentrated version for meat, vegetables, and fish. She also created a hot pepper sauce.

As the business started to grow, Christine realised the potential for her products, and sought business advice from the Guyana Marketing Co-Operation. In the summer of 2023, Christine officially registered her ‘City Girl’ brand.

As a small business owner, Christine says she is always looking at ways to reduce her overheads, so she was happy to be invited to take part in an ISO 50001 Energy Management Workshop by the Guyana Office for Investment, which was hosting the event in collaboration with the Caribbean Export Development Agency and Republic Bank Guyana.

The three-day workshop aimed to help small and medium sized enterprises (SMEs) align with ISO 50001 compliance standards and teach them ways to effectively enhance their energy efficiency. It also outlined how SMEs could leverage energy reduction techniques and introduced participants to renewable energy opportunities to enhance global competitiveness.

Christine says the workshop opened her eyes to the various ways she could reduce her energy consumption and cut her bill. She has since implemented some small but significant changes including replacing her regular lightbulbs with energy efficient ones and making more use of natural light by working primarily in the day rather than at night.

Christine is also looking at buying a solar-powered garlic peeling machine for $100,000 (GUY). She works on her own and says hand preparing her ingredients takes most of her time. She soaks the ginger and garlic to make it easier to remove the skin, but a machine will get through thousands of garlic pieces in a day.

Industrialisation will also free Christine up to work on new products like her recently launched Guyanese Achar condiment made with tamarind and mangoes as well as a jerk seasoning and a chunky lime and pepper sauce which she is hoping to bring to market shortly.

“I definitely want to bring in some industrial equipment that runs on solar,” Christine says. “I’m currently looking around, speaking to people in that field, and doing my own research as well. I want to get something that will last because it is a big investment but within a couple of months, I will have made that change.”

She adds: “Venturing into machination is important for me. It’s hard to find good staff so I prefer to work by myself for now and use industrial equipment to make the preparation easier. I currently make 30 batches of each product a day but of course machinery will help me to scale up because I would like to start selling in more outlets in Guyana and add more products.”

Expanding her product line is Christine’s priority right now. She also wants to enhance her marketing efforts through traditional media and online so that one day ‘City Girl’ can become a household name at home and abroad.

Turning your passion into a business is one of the best ways to ensure you create a company that you can be proud of and that will make a real difference.

Entrepreneur Marcia Peak describes herself as “a passionate educator” and has spent over 15 years working as a teacher in Jamaica at various levels from pre-schoolers to adult learners.

In 2021, while assisting a friend’s child with lessons during the COVID-19 pandemic and studying for a PhD in Education Policy Leadership and Management, Marcia got the idea for her business ‘Focus on the Gap Educational Services’.

She envisioned a revolutionary e-learning platform that utilises a child’s educational strengths to improve their weaknesses through personalised lesson plans, videos, games, and fun activities.

Initially, Marcia launched her company on a small scale and only offered her services to friends and clients via word-of-mouth.

But eventually she decided to enlist the help of a Business Development Officer (BDO), who subsequently introduced her to the Caribbean Export Development Agency’s ‘Virtual E-Commerce Accelerator Programme (VEAP),’ which she participated in along with businesses and BDO’s from across the region.

VEAP was a 15-month project funded by Expertise France under the auspices of the Digital REsponse Connecting CiTizens Programme (DIRECCT), which aimed to train Business Support Organisations and Caribbean firms in e-commerce strategy and operations. It covered a wide range of relevant topics including e-commerce coaching, e-commerce value and pricing, e-commerce payment systems, data analysis, and cybersecurity.

At the BDO’s insistence, Marcia enrolled in VEAP’s first cohort of Caribbean companies despite having “no knowledge” of e-commerce terminology or business models.

Marcia quickly realised the benefits of the intensive programme. She made copious notes, asked lots of questions, and then set about putting to use her practical skills training to transition the large-scale plans for her business from paper to reality.

Marcia admits that finding time for her doctorate while running her business and completing assignments from VEAP was “a sacrifice” but insists it was worth it.

She says: “VEAP taught me so much as an entrepreneur even from a basic level. Then from the e-commerce standpoint I learned about inventory management, return policies, payment processes and the relevant software. I also learned how to adapt my model for B2C (business to consumer) and B2B (business to business).

“The resources and tips that were shared were highly appreciated and I certainly encourage others to make use of it.”

Following her participation in VEAP, Marcia launched her business website while working closely with a developer on the essential elements she wanted to include. She recalls: “While I was on VEAP I created a checklist of what my website would need. There was no company website before VEAP so the knowledge I gained went straight into that project which was a huge part of my 2024 business plan. VEAP allowed that to materialise, and I know it will be rewarding once all the elements are set up properly.”

Marcia is particularly grateful for the expertise, guidance, and engagement of the master trainers who, she says, made space for the participants to ask questions pertaining to their specific business needs. She said listening to the issues faced by the other business owners, even though some were selling products and not services, helped her consider her own brand’s development from a different point of view.

Marcia is now working on the e-commerce aspect of her website with one of the VEAP master trainers, Gilbert Williams. She has held preliminary discussions with him and is excited about being able to set up multiple streams of income while also scaling up her services to appeal to an international audience.

“Once we launch the e-commerce aspect the business really becomes unlimited,” Marcia states. “I can imagine us being able to reach people all over the world and even tapping into different languages.”

Focus on The Gap’s stated vision is “to inspire, motivate, and engage individuals with the ability to access and utilise skills training to bridge learning gaps in the global community” and over the next year, Marcia’s priorities are expansion and reach.

She is hoping to add around eight staff members to her team including a website manager as well as subject tutors. Marcia believes there are people all around the world who can benefit from her innovative approach to learning, and she is enthusiastic to get going.

The World Economic Forum (2023) reports that the trade finance gap is now $1.7 trillion globally, with SMEs disproportionately affected by this shortfall. Small and medium-sized enterprises (SMEs) play a critical role in the economic development of the Caribbean region, generating approximately 40% of the region’s GDP and accounting for over 95% of its companies. Despite their prevalence, only about 13% of these SMEs engage in export activities (Coke-Hamilton, 2013). SMEs in the region face significant challenges, particularly in accessing trade finance, which hampers their growth and ability to engage in international trade. According to the Economist Intelligence Unit (2024), approximately 40% of correspondent banks have withdrawn from the Caribbean over the past 15 years, which has decreased the access of the region to international finance and credit. It has also restricted cross-border payments which include remittances. Within this article, we will explore the characteristics and challenges of Caribbean SMEs, the role of commercial banks, and policy recommendations to enhance their access to trade finance.

Characteristics of Caribbean SMEs

Caribbean SMEs are typically small, labor-intensive, and often operate informally, focusing primarily on the domestic market, ranging from sole proprietorships to small partnerships. The low levels of exportation among the region’s SMEs can be attributed to various challenges they face. These include:

• Limited Access to Trade Finance: This is one of the primary barriers. Commercial banks in the region are often risk-averse and prefer to lend to larger, established businesses. SMEs struggle to meet the stringent collateral requirements and often lack the financial documentation and credit history that banks require.
• High-Interest Rates and Loan Conditions: Even when SMEs can access trade finance, they often face high-interest rates and unfavorable loan conditions. This discourages many small business owners from seeking formal financing and limits their ability to expand and innovate.
• Regulatory and Administrative Barriers: Complex and costly administrative procedures, high compliance costs, and restrictive lending regulations further hinder SMEs’ growth and ability to secure trade finance.

Role of Commercial Banks

Commercial banks are the primary source of credit in the Caribbean. To better support SMEs in trade finance, commercial banks can adopt several strategies:

• Tailored Financial Products: Banks can develop financial products tailored to the needs of SMEs, such as trade-specific credit lines and export financing
• Capacity Building: Banks can offer training and capacity-building programs for SME owners, helping them to improve their financial management skills and better prepare for loan applications.
• Partnerships with Government and Development Agencies: Collaborating with government agencies and international development organizations can help banks share the risk of lending to SMEs and provide additional support to small businesses.

Examples from Caribbean Countries

Trinidad and Tobago has several government-supported initiatives to enhance SME trade finance, including the Export-Import Bank of Trinidad and Tobago (EXIMBANK), which provides credit to businesses to facilitate and encourage their exports. Barbados features the Enterprise Growth Fund Ltd. (EGFL), which offers debt and equity financing to SMEs. Jamaica has established multiple avenues for SME trade financing, including the Jamaica National Small Business Limited (JNSBL), which offers loans to small entrepreneurs.

The Link between MoUs and SME Trade Support and Finance

The African Export-Import Bank and Caribbean Export Development Agency
The Memorandum of Understanding (MoU) between the Caribbean Export Development Agency and the African Export-Import Bank (Afreximbank) significantly bolsters support for SMEs in the Caribbean by enhancing access to trade finance. Through capacity building initiatives, both entities aim to improve the ability of Caribbean and African MSMEs to engage in cross-regional trade by sharing technical expertise and knowledge. Additionally, the MoU facilitates reciprocal investments and export of services by providing necessary guidance and advice to potential investors and exporters. For instance, Afreximbank’s recent $1.5 billion funding approval for CARICOM states illustrates how these financial instruments support various economic sectors, including SMEs.

Republic Bank and Caribbean Export Development Agency
The Caribbean Export Development Agency’s Memorandum of Understanding (MoU) with Republic Bank Limited significantly bolsters support for SME trade by creating a structured referral system to enhance business development, growth, and job creation in the region. This system facilitates SMEs’ access to a wide array of services offered by Caribbean Export, including highly sought-after programs like ProNET and Services Go Global, as well as specialized technical programs in areas such as intellectual property and energy management. Furthermore, the partnership includes free training programs with a focus on areas such as Export Marketing. This effectively connects SMEs to essential trade finance, reinforcing their ability to compete globally and contribute to the region’s economic transformation.

Initiatives of the Africa Export-Import Bank
Afreximbank supports intra- and extra-African trade through various initiatives. The bank collaborates with local banks to provide low-interest loans, equity capital, and guarantees. The bank also offers export finance programs with credit guarantees and insurance products to mitigate non-payment risks, conducts capacity-building programs for SME owners, and provides innovation and research grants to support technological advancements. These efforts help SMEs access resources, expand internationally, and strengthen economic ties between Africa and the Caribbean.

Policy Recommendations for the Caribbean Countries

• Government Guarantee Programs: Reduce lending risk by guaranteeing a portion of SME loans.
• Microfinance and Alternative Lending: Expand access to financing through microfinance, peer-to-peer lending, and crowdfunding.
• Reform Collateral Requirements: Recognize movable assets like inventory for loan collateral.
• Enhance Credit Information Systems: Improve credit information systems to better assess SME creditworthiness.
• Encourage Innovation and Technology Adoption: Offer incentives for SMEs to adopt new technologies and innovate.

Enhancing access to trade finance for Caribbean SMEs is crucial for their growth and the overall economic development of the region. By addressing the challenges faced by SMEs and implementing targeted policy measures, governments and financial institutions can create a more supportive environment for small businesses, fostering innovation, job creation, and economic resilience in the Caribbean.

References

Coke-Hamilton, P. (2013). The Role of SMEs in the Caribbean.

Effects of de-risking limit Caribbean’s access to finance. (2024, April 17). Economist Intelligence Unit. https://www.eiu.com/n/effects-of-de-risking-limit-caribbeans-access-to-finance/

Investing in trade finance can be profitable and help SMEs thrive. (2022, June 2023). World Economic Forum. https://www.weforum.org/agenda/2022/06/investing-trade-finance-profitable-help-smes/

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.