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Logistics and transportation are fundamental to the Caribbean’s economic integration into global trade. They are essential for expanding market reach and reducing operational costs. The recent UNCTAD Global Supply Chain Forum in Barbados provided an opportunity to examine the challenges and opportunities within these sectors, which included a panel discussion, hosted by the Caribbean Export Development Agency, focusing on building resilient supply chains. Let’s delve into the key insights and takeaways from this event.

The Achilles Heel of Caribbean Logistics and the Transportation Sector

The Caribbean faces unique challenges in logistics and transportation, shaped by its geographic and economic conditions. The COVID-19 pandemic starkly exposed these vulnerabilities, highlighting the region’s heavy reliance on international trade and tourism. Moreover, the current global political landscape, with its geopolitical tensions and trade disputes, adds another layer of complexity to economic stability in the Caribbean.

Darwin Telemaque, CEO of the Antigua Port Authority, emphasized the urgent need to modernize port infrastructure. Inefficiencies such as outdated infrastructure, inadequate equipment, and bureaucratic hurdles significantly hamper the region’s logistics capabilities. Telemaque highlighted Barbados Port Inc.’s recent success in reducing costs by 17% through structural changes as a model for other ports. Modernizing these facilities is crucial for improving containerization and overall supply chain efficiency.

The Role of Technological Innovations and Strategic Investments

Strategic investments and technological innovations are essential for transforming the logistics and transportation sectors in the Caribbean. Embracing advanced shipping technologies and streamlining customs processes can significantly enhance infrastructural efficiency and sustainability. Telemaque’s call for modernizing port infrastructure underscores the importance of such investments. Implementing automated systems and upgrading port equipment can reduce operational costs and boost productivity, positioning the Caribbean to compete more effectively within the global market.

Michelle Belgrave, Customs and Trade Compliance Director for DHL Express Caribbean, highlighted the importance of comprehensive policy frameworks and stakeholder participation in facilitating smoother export processes. She emphasized the necessity for SMEs to understand the Harmonized System (HS) code for customs and compliance, which DHL assists with, ensuring seamless shipping. Programs like DHL’s SheTrades, aimed at helping women entrepreneurs in Barbados, are crucial for fostering technological adoption and innovation among SMEs.

The Vital Role of SMEs in the Caribbean Economy
Small and medium-sized enterprises (SMEs) are the backbone of the Caribbean economy, making up 99.5% of businesses in the region. Yet, only 10% of these SMEs export their products, which shows there’s plenty of room for growth. Belgrave emphasized the critical role of SMEs and the need for enhanced support to improve their export capabilities. Streamlined export processes, facilitated by comprehensive policy frameworks and technological assistance, can help SMEs overcome barriers to international trade.

Tamara Gibson, Managing Director of Native Caribbean Limited, shared her experience of growing her business by 247% despite the challenges posed by the pandemic. She highlighted the high costs of exporting, especially for small products where shipping costs often exceed product costs. Involving micro businesses in policy discussions and creating opportunities for bulk shipping are essential strategies for reducing costs and enhancing the global competitiveness of Caribbean SMEs. Nicholas Bynoe, Owner of Old Duppy Foods Inc, echoed the same sentiments as he highlighted the challenges of high shipping costs and maintaining consistent raw material supply, emphasizing the importance of building legitimacy for Caribbean brands in international markets.

What is the takeaway?

Building resilient supply chains is crucial for the Caribbean’s future prosperity. Addressing the challenges in our logistics and transportation sectors through technological innovations and strategic investments can boost economic growth and job security. The insights from the UNCTAD Global Supply Chain Forum provide a clear roadmap for developing a robust logistics framework that supports sustainable economic activities. By modernizing infrastructure and supporting SMEs, the Caribbean can better integrate into the global economy and achieve long-term economic stability

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.

Barbados in a bottle’ is the phrase entrepreneur Wayne Ifill uses to describes his brand ‘Auntie Phyllis Bajan BBQ Sauce’.

Bursting with flavours that are synonymous with the island, Wayne’s five sauces are available at several local outlets, and soon they will also be selling online as he prepares to launch an ecommerce platform following his participation in Caribbean Export’s Virtual E-Commerce Accelerator Programme (VEAP).

Wayne says he took part in VEAP because “the digital world is where we’re going” and he wants to be able to make the most of global interest in Caribbean food and flavours.

The VEAP Technical Cooperation Initiative was a ‘learning by doing’ intervention implemented by Caribbean Export in conjunction with Expertise France through the European Union’s (DIRECCT) Programme.

Businesses enrolled in the sessions to learn from master trainers who equipped them with a range of practical skills, including how to develop an e-commerce business strategy; e-commerce value and pricing; e-commerce payment systems; and understanding data analysis and reporting.

Wayne says he felt the programme would help him find ways to supplement the physical spaces where his sauces can be bought and create a sales platform that is accessible around the world 24/7.

“To be able to do things online, is an added plus, a bonus,” Wayne says. “It was a no brainer to take part once the opportunity came up because we know, especially from COVID, that physical spaces have their limits and being online you can overcome most of those. It gives people a chance to see you; resonate, relate, and communicate and then hopefully buy from you.”

Wayne’s branded website currently shares the story of his company and offers more information on how his sauces can be used, but it does not currently have an e-commerce function. He is hoping to launch that capability within the next few months.

He is also working on developing an export strategy with Export Barbados (formerly the Barbados Investment & Development Corporation) after interest in his product from the UK and believes a fully operational e-commerce platform is now a necessity to expand beyond the region.

Wayne reveals that setting up an e-commerce website has taken a lot of “back-end work” as well as investment in technology to ensure it is safe and secure, which he learned through VEAP is of vital importance.

He adds: “VEAP didn’t just widened my knowledge about the benefits of being online, it also looked at some of the challenges due to things like cybercrime and customers needing to be assured that their credit card information will be secure. So, VEAP showed me how technology can be used to overcome those fears.”

Along with enhancing the Auntie Phyllis website, Wayne will be busy over the next few months working on the final recipe for a fish sauce that he hopes will have wide appeal because it is not mayonnaise based and is therefore suitable for vegetarians and vegans. He also has a dry rub product and is planning to launch travel packs targeted at the tourism market.

Wayne’s product line has come a long way from its start in 2009. Initially, he started making BBQ sauce for his small fast-food canteen because he was dissatisfied with the ones he found in the shops and kept having to tweak them to improve their flavour.

After encouragement from his staff and customers, Wayne decided to focus on infusing local ingredients like rum, hot pepper, and pineapple and soon had recipes for four sauces along with the original. In 2019, he officially launched Auntie Phyllis (named after his mother) and now his condiments are on shelves alongside the sauces he used to buy.

When asked to describe his product, Wayne summarises it as “a premium quality, purchase and pour line of BBQ sauces that embrace Bajan culture’.

He explains: “It is premium because when it is poured out you can see the ingredients, flavour, and texture and that tells you that this is a good sauce.

He adds: “You also don’t have to add anything to it. Every sauce has the exact flavour you desire. The original is the one that you can put your own twist to because I can’t make every single flavour, so the original is a good base, and you can add what you like to that one.

“I can guarantee that no other sauce tastes as good as Auntie Phyllis!”

Trinidadian entrepreneur Sian Cuffy-Young was working as an environmental officer for 20 years when she decided to “take a leap of faith” and start her own business in the waste management sector.

Sian sees education as the key to long-term behaviour change and so in July 2015 she set up ‘Siel Environmental Services Ltd’, a for-profit social enterprise, with the aim of revolutionising the way people in the Caribbean think about waste.

“I really started the company because I wanted to share my voice and my perspective on waste education based on my experience and training,” Sian recalls. “For me, waste education normally forms a part of something else like a recycling project, but no-one was wholly and solely focused on education, so that is what I decided to concentrate on.”

She adds: “I homed in on shifting mindsets and cultures as it pertains to how we interact with waste and getting people to see waste as a valuable resource because, just like in nature, nothing should be wasted.”

Through Siel Environmental, Sian has been challenging perspectives for over nine years and to date has worked with local manufacturers, food brands, non-profit organisations such as churches, schools, and community groups, as well as individuals, to radically challenge their handling of waste.

The business has three core services – waste management courses and training, waste education and food waste consultancy services, and a waste education and literacy programme for young people – and Sian’s efforts have garnered recognition including BUILD magazine’s award for ‘Best Waste Education Company in the Caribbean’ in 2019.

Siel Environmental utilises various educational tools to get its message across, including a self-paced four-part online course on home composting in tropical climates and two children’s books that show young people how they can become ‘eco-heroes’.

Siel’s products and services were previously hosted on third-party platforms but because of Sian’s recent participation in Caribbean Export’s ‘Virtual E-Commerce Accelerator Programme (VEAP)’, they can now be bought directly on Siel’s website.

VEAP was a 15-month technical cooperation initiative implemented by Caribbean Export in conjunction with Expertise France through the European Union’s (DIRECCT) Programme. The course covered various e-commerce related topics including how to develop an e-commerce business strategy; e-commerce payment systems; generating leads with target marketing; and understanding data analysis and reporting.

Sian says she applied for the course because she had “zero knowledge” about how e-commerce could assist her business. She explains: “I had heard about e-commerce, but I did not have a good understanding of how to make it work for me. So, I wanted to learn more, understand it better, and find out how it could be incorporated into the impactful work of Siel.

“Early on, I offered my website for critique so it could be made more e-commerce friendly, and with the tips I was given I was able to completely restructure it. Now we have a shop where people can seamlessly pay for our course and the books, which wasn’t possible before, and I plan to add four lead magnets as well.”

Crafting lead magnets and continuing discussions with people who download information from the Siel website is a key goal for Sian, as she continues to put into practice all she learned through VEAP.

“I signed up for VEAP because I wanted to put the information to use,” Sian states.

“I didn’t want it to be just another programme that I attended and then nothing happens. I wanted it to work specifically for my business model because we are a social enterprise and making an impact is extremely important, but we know that our money and mission are not disconnected so we need to be able to generate revenue to support the work that we want to do. Thankfully I was able to get a grant shortly after VEAP that allowed me to implement what I learned.”

Driven by her enthusiasm and passion to “build a legacy”, Sian has ambitious plans to grow her business over the next 12 months. She wants to write another children’s book, add two more online courses, and create a ‘Waste Management Academy’ catering for those who are just curious about ways to reduce waste, all the way up to a manager in charge of implementing waste projects for a business.

Sian also wants to export her services to the rest of the Caribbean as well as Africa. In 2024, she will speak in Abuja, Nigeria at the ‘Big Ideas Platform’ and is hoping that, that invitation will be a catalyst for further opportunities on the continent.

Sian is also working towards establishing “long-standing strategic partnerships” with companies that match Siel’s values to create “a movement of people who are excited to do better things.”

Sian says: “The quote I live by is that “it is not always about doing things better, but sometimes we simply need to do better things”. So, what are those things that we can start doing better now, no matter where we are at, and no matter what we have!”

On March 13-14, 2024, team members from the Caribbean Export Development Agency (Caribbean Export) attended the 2024 MSME International Conference and the VIII Inter-American Dialogue of High-Level MSME Authorities on the invitation of the Organization of American States (OAS) and the U.S. Chamber of Commerce. These events provided a platform for global leaders to converge and strategize on bolstering Micro, Small, and Medium-sized Enterprises (MSMEs) worldwide.

Caribbean Export was front and center, joining esteemed speakers such as Misha Lobban Clarke, Dr. Claire A. Nelson, Rick C. Wade, and Anthony Hinojosa in a riveting panel discussion on ‘Tapping Diaspora Markets for MSME Export Success.’ This session not only showcased the agency’s expertise but also underscored its commitment to leveraging diaspora networks for the advancement of Caribbean businesses on the global stage.

The agency’s efforts did not go unnoticed, as fellow panelists, including Jodie Dublin-Dangleben from Jaydees Naturals in Dominica, commended Caribbean Export for its unwavering support for regional enterprises and its steadfast dedication to MSME development. Such accolades serve as a testament to the agency’s impactful initiatives and its pivotal role in driving economic growth across the Caribbean.

Beyond the confines of conference rooms, Caribbean Export seized the opportunity to engage with key stakeholders from prominent organizations such as The World Bank/IFC, USAID, Inter-American Development Bank, U.S. Department of State, Pan American Development Foundation, and RTI International. These engagements are instrumental in fostering new partnerships and strengthening existing ones, paving the way for collaborative efforts aimed at enhancing Caribbean resilience and prosperity.

One notable meeting took place with Ambassador Louis Harold JOSEPH, Charge d’Affaires a.i. at the Embassy of Haiti in the United States, where discussions revolved around Caribbean Export’s plans to bolster private sector development in Haiti. Among the initiatives on the table was the launch of a recovery facility in collaboration with interested partners, underscoring the agency’s commitment to supporting economic revitalization efforts in the region.

As the curtains drew to a close on a week filled with meaningful exchanges and strategic collaborations, Caribbean Export returned home imbued with a sense of purpose and determination. The collective spirit of cooperation that permeated throughout the conference reaffirmed the agency’s commitment to empower Caribbean MSMEs and drive sustainable growth and prosperity across the region.

In the wake of this fruitful week in Washington, DC, Caribbean Export stands poised to continue its mission of championing Caribbean businesses, forging strategic alliances, and propelling the region towards a brighter and more prosperous future.

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

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

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

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

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

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

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

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

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

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

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

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 

	2018	2019	2020	2021	2022
CARIFORUM Aggregate	19,591	42,962	51,375	56,009	69,786
Antigua and Barbuda	4	0	0	0	0
The Bahamas	275	130	0	1	2,220
Barbados	380	410	199	331	720
Belize	6	14	7	7	6
Dominica	0	0	0	0	0
Dominican Republic	96,111	56,215	70,323	110,923	73,533
Grenada	0	0	7	0	0
Guyana	18	0	1	0	12
Haiti	nd	nd	nd	nd	nd
Jamaica	43	7	7	11	89
Saint Lucia	2	0	3	nd	nd
St. Kitts and Nevis	nd	nd	nd	nd	nd
St. Vincent and the Grenadines	0	0	239	0	0
Suriname	307	5	0	0	34
Trinidad and Tobago	135	2,766	6,680	7,136	17,708

Source: ITC Trade Map 

Units: USD thousand 

The 2024 Caribbean Investment Forum (CIF 2024) was at the forefront of the agenda during our Executive Director’s recent mission to Guyana from January 29-February 1, 2024. The Caribbean Investment Forum has emerged as the premiere regional forum bringing investors and businesses together to create deals in sectors that can drive regional transformation.

During the visit, Mr. Maharaj conducted high-level meetings with H.E., the President and key policy makers. He also engaged in dialogue with the CARICOM Secretary-General, development partners, the media and other stakeholders.

His Excellency President Dr Mohamed Irfaan Ali confirmed the government’s partnership in hosting CIF 2024 from July 10-12, at the Arthur Chung Conference Centre, Georgetown, Guyana. “I am delighted with the commitment of the President to this flagship initiative. Guyana clearly recognises CIF 2024 as a pivotal platform to bring investments to the Region to create jobs and opportunities for Caribbean people.” said Mr. Maharaj.

He added, “We are excited to showcase sustainable agriculture investment opportunities and innovation in the heart of the Caribbean’s breadbasket.”

The Caribbean Investment Forum is a crucial platform for shaping the region’s economic landscape by helping steer private investments in transformative sectors such as sustainable agriculture, technology and innovation and the green economy transition.

Discussions with the Secretary-General and other CARICOM officials explored avenues to extend partnerships from CIF to other programming areas. CARICOM has again committed to partnering with Caribbean Export for CIF 2024.

Mr. Maharaj had constructive engagements with other stakeholders, including Dr. Peter Ramsaroop who leads the Guyana Investment Agency. He remains supportive of advancing our impactful initiatives in the region. As Caribbean Export implements the Regional Private Sector Programme on behalf of the European Union, our focus will be on a few key areas. These include accelerating regional development through promoting green economy practices and digital transition. We will also focus on supporting Small and Medium Enterprises’ access to finance through the expansion of the range of financial offerings.

The short but fruitful mission strengthened existing relationships and lays the foundation for an exciting Caribbean Investment Forum 2024 which will help create jobs and opportunity for Caribbean people.

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.

Please note the offices of Caribbean Export will be closed from Friday December 22, 2023 and will re-open on Tuesday, January 2, 2024. 

Wishing you Happy Holidays and a Prosperous New Year!

When the Crafts for Export Cluster was launched for the first time in the Dominican Republic in June of this year, architect Fátima Polanco was already 18 years old when, together with two sisters, she started a business selling items including costume jewelry, her true passion.

After the experience with her sisters, she became independent in 2010, when she opened her first store and formalized her commercial activity with a view to reaching a wider and more diverse public. For this moment, it has also defined its design line and production materials in which the native, Dominican and island materials such as semi-precious stones Larimar and amber prevail.

Fátima Polanco 3 estilos, is the name of the brand created with her two sisters and that she has kept in honor of them. The designer, whose mission is to position her creations in the international market, is a member of the Dominican Federation of Artisans, FEDARTE, the National Association of Women Artisans, Designers and Artists, ANADAMA and the Promotion of Craft Development, FODEARTE, among others in the craft sector.

The Crafts Cluster of the Dominican Republic is made up of the subsectors of jewelry, fashion, accessories, textiles, decoration, wood and recycling, and is an initiative supported within the framework of the Trade and Private Sector Support component of the Haiti/Dominican Republic Binational Cooperation Program financed under the 11th International Cooperation Program. European Development Fund and implemented by Caribbean Export. Under this same program, Fatima Polanco 3 estilo is a beneficiary of the binational chain of handicrafts, jewelry, fashion and accessories.

Thanks to her participation in the program, the designer has received technical assistance for the formulation of the re-launch of her brand, with updating of the digital platform and networks.

The optimization of the brand’s graphic line, as well as having a stronger presence on the web and social networks, has contributed to the strengthening of the company, achieving a more recognizable image in the eyes of the public and more in line with its nature. On the web, we are working to improve the user experience, facilitating the navigation of potential customers and a better display of jewelry in a visually attractive catalog.

With the support of Caribbean Export, it has also acquired equipment to contribute to the development of productive capacities that in turn are at the service of the artisan sector, including women and young people interested in strengthening capacities with workshop and training programs that allow the promotion of links to increase the competitiveness of production, allowing access to international markets and thus improve the quality of life of the artisan sector. On the other hand, the opportunity to acquire endemic materials of the island for the elaboration of jewelry, which increases the economic development of the sector and that the raw material is acquired from local producers both in the country and in neighboring Haiti. This promotion contributes to strengthening the production capacity of the handicraft value chain, promoting creative diversity and optimizing product marketing processes.

Currently the raw material par excellence of Fatima Polanco’s creations are the semi-precious stones larimar and amber native to the Dominican Republic and in this way she is profiling her company as a Country Brand, “guaranteeing to show the world the beautiful shades and colors of Larimar, and position our handcrafted jewelry as the number one option in the national and international market”.

As part of this support provided by Caribbean Export, the exhibition of handcrafted jewelry “Symbiosis” was held, of which she was part, and in which the public could enjoy and purchase handcrafted jewelry made with raw materials from the island, including larimar and amber, jasper, malachite, azurite. This production, marked by process improvement and added value, corresponds to the objectives of targeting binational handicrafts to foreign markets.

For Fatima Polanco, the Agency’s support will contribute to strengthening the country’s handicraft sector in terms of training, specialization and the evolution of quality levels to meet the demands of a more demanding international market, especially the English Caribbean. The Crafts for Export Cluster is part of the results of the Caribbean Export program, whose initiative includes companies, public and academic institutions related to the jewelry, fashion and decoration sectors.

For the future, Fátima Polanco envisions teamwork in the handcrafted jewelry sector with a view to creating greater opportunities for the growth and productive and economic capacity of the sector that will position and promote it to capture new international markets, placing the Dominican Republic at the forefront with colorful and modern designs, positioning the larimar in all the showcases of the world.

The Spanish explorer and conqueror Juan Ponce de Leon, who was governor of Puerto Rico, and conqueror of Florida (he lived in our country before going to Puerto Rico) thought that when he sighted the things of Florida, it was the mysterious island of Bimini, they thought it was an island, which was what this advance guard of the crown was looking for. Specifically, the mysterious island of Bimini, a place where, according to natives of Puerto Rico and Quisqueya, there was a fountain that “turned old men into young men”. While others sought gold, the colonizer sought something even more valuable, eternal youth. He never made it to the island, and of course, he never found the fountain of youth either.

But myth and history have kept alive the idea of trying to avoid aging and its consequences. And we have come a long way. The market is overflowing with offers and promises to counteract the passage of time. Wonderful creams, cosmetic surgeries, pills and potions with extraordinary properties.

But in our country, Leonardo de León Miranda, who according to his father, belongs to the descendants of the Spanish conquistador, has dedicated part of his life to study and obtain from nature products that, although they do not promise eternal youth, are a natural alternative to maintain health and general wellbeing.

A natural sportsman, De León always felt the need to consume products and supplements free of industrial processes, and in that personal search he started what today has become a successful project that in a short time has positioned itself as a natural alternative for food supplements and cosmetic products based on what nature has to offer.

“More than 20 years ago I was looking for protein supplements, because I have always exercised and I needed and need that supplementation. But I couldn’t find what I was looking for, neither in the country nor in the United States. I was looking for something that had no sweeteners, no flavorings or preservatives, that was as natural as possible. What I found had at least six chemical or artificial ingredients and my body did not like that. When I consumed that, my body reacted against it, it rejected it. I started to prepare my own supplements from natural products such as cocoa, products without chemical processes. That was the beginning, because when I saw the results in me, I thought that this could benefit many people. That was the beginning of The Fountain of Youth,” Leonardo de Leon tells us.

The products offered by La Fuente de la Juventud are obtained from fruits and plants carefully cultivated and selected to guarantee the consumer products free of artificial elements, guaranteeing verifiable results in their health.

The quality of Fountain of Youth ‘s natural products has been welcomed by customers. “The people who have tried our products have shown absolute satisfaction with the results. This is part of our success,” says De León, who never misses an opportunity to express his pride and gratitude for what has been achieved so far.

La Fuente de la Juventud has its organic farm in Rancho Arriba, San José de Ocoa province, but it has also built up a portfolio of suppliers that guarantee products whose cultivation process it oversees. “We wanted to involve small producers, especially women, whom we teach to grow and handle the products we buy from them, giving them the opportunity to obtain a source of resources, to develop themselves,” explains the president of La Fuente de la Juventud.

Caribbean Export, an invaluable help

De León does not miss an opportunity to highlight the support received by Caribbean Export, without which he believes he could not have taken his project to the level it is currently at. “Caribbean Export is present in every success we have achieved, in every product we exhibit. That is why their brand is on the label of our products, as a sign of pride, recognition and guarantee”, he expresses visibly excited.

“Our relationship with Caribbean Export began when we participated in a contest organized by them, and we won with a project to create essential oils. Thanks to that first support from Caribbean Export, we have become the first factory that produces from the bush, we are an absolutely ecological and organic factory,” says De León.

It is currently part of the project led by Caribbean Export to strengthen the binational value chain of essential oils/cosmetics, which is part of the trade and private sector support component of the Haiti-Dominican Republic binational program with funds from the 11th European Development Fund.

“As part of this program, one of the major achievements was the installation of a water purification system that updates our irrigation and production processes. This ensures optimum water quality for our processes,” added De León.