Caribbean Export is the regional trade and investment promotion agency focused on building a resilient Caribbean by providing cutting-edge and high-impact support to the private sector.
Today, the 8th of March is celebrated the world over in many different ways, and often used to advocate on issues affecting women and to inspire others for positive change. Believe it or not, the day’s origins go back as far as 1908 when 15,000 women took to the streets of New York to march in demand for shorter hours, better pay and voting rights.
Still in 2023, we are calling for the businesses and governments to address the gender pay gap. For example, in the European Union the gender pay gap stood at 12.7% in 2021 and only changed marginally over the past decade. In the United States, it was reported that all women were paid 83% of what men are paid in 2022, be the US Department of Labor. And, women of colour are paid even less. Unfortunately, Black women are paid 64% or 64 cents to every dollar and Hispanic women were paid 57% or 57 cents to every dollar earned by white non-Hispanic men.
At the recently held virtual Lunchtime Chat hosted by the University of the West Indies to mark International Women’s Day executive director at Compete Caribbean, Dr Sylvia Dohnert, highlighted that the majority of large corporations were owned by men and women-owned businesses were in the minority, “In the population of business in the Caribbean they average around 20 per cent [female-owned or predominantly female businesses] . . . There’s a correlation between the size of the business and female ownership so the larger the firm, the less likely that it is being owned by a female and this difference is statistically significant,”
So, how do we get equality? And how do we get equity for women across the world in all areas of our societies, be it education, healthcare, employment and also business?
This year’s theme for International Women’s Day is #EmbraceEquity, a call to get people talking about why equal opportunities are no longer enough and can in fact be exclusionary, as opposed to inclusive.
At Caribbean Export, I am fortunate to be part of a diverse team where all perspectives are respected and heard. As we implement our programmes and activities to support the development of the Caribbean private sector, we have experienced that on average 52% of the participants are women. It’s great to see that women are leveraging the support that is offered whether for their own business or to contribute to the success of the company they are employed by.
The Caribbean Export tools and resources are available to everyone equally, and I hope that businesses use them to their advantage. But, we understand that every business is different and has different development needs.
Caribbean Export uses its SME Diagnostic Tool to assess the small businesses and to identify the areas where development and support are required. This enables us to tailor the right solutions to give businesses to best foot forward to succeed in exporting.
I was fortunate enough to work with a group of women-owned businesses as part of our WE-Xport (women-empowered through export) programme. After understanding their different needs, we were able to provide a suite of services that included capacity building, businesses coaching, export promotions and technical assistance in specific areas. As a result, many of these businesses were able to either start or increase exports, achieve certifications, enhance their branding and marketing and even leverage the support from one-another for the development of the business.
While International Women’s Day is a great opportunity to raise awareness and take action to promote gender equality, it is important that we continue this work every day. Achieving true gender equality and equity requires consistent effort and a commitment to making changes both big and small in our daily lives. Whether it’s challenging gender stereotypes, advocating for policies that promote equal opportunities, or supporting women in leadership positions, we all have a role to play in creating a more equitable world. Let’s work together to make every day International Women’s Day!
“When girls are given the right tools to succeed, they can create incredible futures, not only for themselves but also for those around them.” Meghan Markle
Consequently, a 2-day workshop, entitled “Leveraging CARIFORUM Trade Agreements” was hosted by Caribbean Export, in partnership with the European Union Delegation in Barbados from 22-23 February 2023 at the Radisson Grenada Beach Resort. This workshop covered several topics that are key considerations for MSMEs that are already exporting, or those considering exporting to the European Union.
Minister Joseph Andall, Minister for Foreign Affairs, Trade and Export Development delivered the opening remarks, demonstrating the government’s commitment to the private sector. He noted “The Government of Grenada is committed to building and supporting the development of world class brands that are capable of successfully competing in both regional and international markets, with special focus on the European market. As such, this workshop today is critical for firms that are serious about taking advantage of trade agreements such as the CARIFORUM-EU Economic Partnership Agreement and getting their products into those markets.”
Ms. Carlene Hamiliton of the EU Barbados and Eastern Caribbean States delegation navigated the EU export requirements portal to a packed room of close to 50 participants comprising representatives from 35 MSMEs and 11 Ministry and Business Support staff. Ms. Mikaela Stoute – Research Officer Market Intelligence and Ms. Natasha Edwin-Walcott, Senior Advisor Competitiveness and Export Promotion from Caribbean Export emphasized ways to assess a firm’s export readiness, leveraged key market research and intelligence tools and showcased how to prepare for export promotion and enter new markets. As far as possible, real-world examples were demonstrated, highlighting the opportunities and export potential of Grenadian products, but also the challenges of market access.
The Grenada Trade and Investment Officials as well as Grenada Bureau of Standards presented on the Grenada economy and the importance of standards and labeling in exporting products.
Participants’ products ranged from seamoss, teas, chocolate, water, sauces and condiments as well as service providers. By the close of the session on day two, the room was just as full as day one. Representatives were fully engaged, provocative in their thinking and ready to improve their business and export plans to take advantage of the trade opportunities presented.
Caribbean Export acknowledges the support provided by the local partners and business support organisations such as the Ministry of Foreign Affairs, Trade and Export Development, Grenada Investment and Development Corporation and the Grenada Chamber of Industry and Commerce for the leadership in hosting this event.
Jamaica Blue Mountain coffee is known for its unique flavour profile and high quality, which makes it a sought-after coffee by many coffee enthusiasts around the world. A specialty coffee grown in limited quantities in the Blue Mountain region of Jamaica, it is generally considered to be one of the most expensive and exclusive coffees available in the world. Its rarity and high quality have contributed to its popularity and high demand among coffee aficionados.
The demand for this coffee naturally will fluctuate depending on a variety of factors, including supply, pricing, and consumer preferences. However, globally the specialty coffee market was worth over USD53.67bn in 2019, with the EU specialty market valued at $16.68 billion (almost one third of the global total) which is also projected to grow by 9.0% annually between 2020-2026 due to rising demand for on-the-go coffee and a strengthening premium coffee shop segment.
Given the immense opportunity for Jamaica Blue Mountain Coffee in Europe, the Ministry of Foreign Affairs and Foreign Affairs sought to enhance the competitiveness of Jamaican coffee in the EU. The Ministry commissioned the Caribbean Export Development Agency to facilitate an in-depth study on the European coffee market and the scope for increased exports of Jamaican coffee.
“Currently, approximately 10% of Jamaica’s exports of Blue Mountain Coffee goes to Europe. There is indeed significant scope for its expansion given the EU’s large consumer base. According to existing data, Europe accounts for approximately 33% of global coffee consumption, making Europe the largest coffee market in the world, and, accordingly, one with great potential.” shared Ambassador Symone Betton-Nayo.
Taking a practical, market-led approach, the consultant Windward Commodities, met with a cross-section of Jamaican and European coffee stakeholders and engaged in other research activities to determine the trends in the EU market and explore how Jamaica could expand its coffee exports to Europe and compete successfully in the market.
The study entitled ‘Time to wake-up and ‘cup’ the coffee – Expanding Jamaica Blue Mountain Coffee in the EU’ outlines a number of market-led recommendations and practical steps that can create transparency and collaboration in the Jamaican coffee industry – playing to the strengths of supply chain partners and exploring partnerships in new markets.
Caribbean Export was delighted to collaborate with Ambassador Betton-Neyo and her team to facilitate this crucial review of the Jamaican coffee sector to enhance the competitiveness of its exports.
“We are confident that the recommendations will have a positive impact on ongoing efforts to expand Jamaican coffee exports to the EU. We commend Caribbean Export for its strong and tangible contribution to efforts aimed at enhancing the Caribbean’s export potential in the European market” concluded Ambassador Betton-Neyo.
A new range of chocolates burst on the scene last year co-created by Makaya Chocolat from Haiti and Definite Chocolate from the Dominican Republic (DR).
The two companies have been participating in the Cocoa/Chocolate Binational Value Chain Project which focusses on enhancing the competitiveness of companies in Haiti and the DR operating in the cocoa sector.
Master chocolatiers Ralph Leroy (MAKAYA) and Jens Kamin (Definite Chocolate) met through a best-practices mission organized by Caribbean Export which sought to facilitate the exchange of ideas and best-practices between industry practitioners. After several virtual elaboration meetings in February and March 2022, these master chocolatiers met in person on May 2022 at the Definite Chocolate’s laboratory to finalize their joint recipe and share their knowhow; from the selection of the cocoa pods, to the tempering of the grains, to the roasting and wise mixing of the ganache.
Together they created a chocolate collection that combines the history of cocoa from both countries, while using recipes that highlight organic indigenous ingredients, such as coffee, cashews and peanuts, and common traditions.
This initiative was funded by the European Union and implemented in collaboration with the Haiti Jazz Foundation and Caracoli through their Gastronomic component of the Binational Cultural Dialogue.
The collection was presented on July 9, 2022 by the two chocolatiers during the ‘2nd Dominican Chocolate Festival’ held in Santo Domingo at the Ágora Mall shopping center. The launch was a resounding success attracting thousands and showcasing the potential of binational collaboration and co-production.
This special collection was also presented at the Salon du Chocolat Show in Paris, France in October 2022, as part of the promotional efforts of this Binational Cocoa/Chocolate Value Chain. The international exposure and audience acceptance was quite high resulting in the collection selling out.
The co-creation of a Binational chocolate collection between a Haitian and Dominican company is the first of its kind. The two countries share the same land space of the Hispaniola Island which has the indigenous name also known as ‘Quisqueya’ and believed to mean “mother of all lands” in the Taíno language. The three chocolate bars in this collection are inspired by the names of the island tribe chiefs (caciques) that ruled the five chiefdoms (cacicazgos) that are now cocoa-producing provinces:
Guacana, inspired by Guacanagaríx, chief of Marien (North Haiti and Northwest DR): a chocolate enriched with a pinch of coffee from our mountains.
Guario, inspired by Guarionex, chief of Magua (central region of the island): a chocolate filled with peanut ganache.
Caya, named after the chief Cayacao, from the cacicazgo of Higüey (another part of the island producing cocoa, on the Eastern tip): a deliciously perfumed chocolate with cashew nuts and enriched with pieces of nuts.
Caribbean business and the Region’s trade and investment agenda will benefit following yesterday’s agreement between the Caribbean Export Development Agency (Caribbean Export) and Corporación Andina de Fomento (CAF) – the development bank of Latin America, on a framework of cooperation to support private sector transformation across the Caribbean.
The Heads of the two institutions signed a Memorandum of Understanding (MOU) in The Bahamas at the 44th CARICOM Heads of Government meeting on the 16th of February 2023.
Caribbean Export and CAF have agreed to work together in the areas of research, data collection exchange and analysis on sustainable development, trade and investment promotion issues affecting Latin America and the Caribbean with the view to strengthening opportunities for sustainable private sector growth.
Central to regional transformation will be the institutional strengthening and capacity building of businesses to enhance the productivity and sustainability, particularly in the areas of technology and innovation, digital transformation, green energy and entrepreneurship. Together they will focus on addressing key issues related to regional integration, trade and investment promotion.
CAF is a development bank focused on improving the lives of Latin American and Caribbean people. An institution which aims to become the green and blue bank of the region, CAF vision aligns well with Caribbean Export’s areas of strategic focus to advance the region’s transformation.
Thirty Business Support Organisations (BSOs) and 150 businesses from across the region will participate in a 5-month joint online training initiative to support E-commerce adoption as part of their business strategies and operations. The technical support provided under the Virtual E-Commerce Accelerator Programme (VEAP) started today, Thursday February 2, 2023.
Two Caribbean digital transformation specialists, Gilbert Williams and Leighton Campbell are facilitating the training and coaching. These master trainers met with representative from BSOs in 13 Member States over a period of five weeks to prepare them with core content and strategy that will allow each of the BSOs to work with at least 5 businesses throughout the rest of the programme. The BSOs will work together with the master trainers to guide the businesses to successfully adopt e-commerce leading to increased sales and expanded market reach.
“The VEAP is part of Caribbean Export’s wider digital transformation of business agenda. Key design elements of the programme include building the capacity of BSOs to deliver e-commerce adoption initiatives to their clients during and beyond the project’s life. I am confident that we have developed a unique and adequate methodology to achieve this outcome.” – stated Phillip Jackson, Programme Lead and Advisor for Innovation and Digital Business.
The VEAP is an 18-month Technical Cooperation (TC) supported by a grant from the French Development Agency through Expertise France, the French international technical cooperation agency and implemented by Caribbean Export Development Agency.
The current training will be followed by a second installment of the programme that will incorporate the lessons learnt from the first iteration. The second phase will target a new cohort of businesses.
For more information or to get involved contact Phillip Jackson at : pjackson[at]carib-export.com
Digital transformation, the green economy and the ease of doing business were the focus of discussion earlier this week, when Caribbean Export’s Executive Director Deodat Maharaj and Services Specialist Allyson Francis met with the Hon. Lennox Andrews, Hon. Andy Williams and senior government officials across several portfolios in Grenada.
During the extensive dialogue, Mr. Maharaj underscored the regional Agency’s commitment to strengthening its partnership with Grenada to drive the Government’s transformational agenda in key sectors.
The Caribbean Export executive team also met with several Business Support Organisations and other partners in the private sector to discuss concrete ways to support private sector investment and business development in 2023.
To address one of the pressing concerns raised during the meeting, Caribbean Export agreed to provide immediate technical support to the creative sector and capacity-building support to the country’s agro-processing sector. The proposed programming initiatives will better equip the MSMEs to use market intelligence tools, understand exporting requirements and the fundamental nuances of the export market.
Of the short but productive visit to Grenada, Mr. Maharaj expressed his delight in meeting with the government ministers and other partners to agree on concrete ways to strengthen the Agency’s support to private sector development and advance the country’s transformational agenda.
With an implementation rate of over 85%, Caribbean Export is pillar-assessed and focused on private sector development aligned to key Sustainable Development Goals. The Agency remains a credible implementing partner ready to help drive Caribbean transformation.
The Dominican Republic and Haiti were jointly present at the important international event Salon du Chocolat 2022 in Paris, France, which took place from October 28 to November 1, 2022. This is the largest event dedicated to the chocolate industry with more than 200 exhibitors from different countries filling the more than 20,000 square meters of Pavilion 5 at Porte de Versailles.
Participating companies from Haiti were AYITIKA SA, cocoa and chocolate producers, and the Federation of Cocoa Cooperatives of the North (FECCANO), a federation of eight cooperatives producing cocoa in northern Haiti. Participating from the Dominican Republic were Chocolala SRL, a cooperative of women cocoa and chocolate producers in Puerto Plata; Grupo CONACADO, one of the country’s largest cocoa producers and processors with more than 33 years of experience; ProAgro, a medium-sized company expanding into international markets with its production of chocolate powder and its La Criollita brand; and Recursos Globales, a family business noted for its CacaoMae brand that produces chocolate and other cocoa-derived products.
These six companies were just a few of the many that make up the Binational Cocoa/Chocolate Value Chain that Caribbean Export launched as part of the actions it implements within the framework of the Trade and Private Sector Support Component of the Binational Cooperation Program between Haiti and the Dominican Republic. This initiative is part of the actions of the expanded strategy that seeks to improve the private-private binational dialogue, as well as to improve the competitiveness of Haitian and Dominican companies with a view to consolidating institutional cooperation between the two countries. The actions of this program are supported technically and financially by the European Union through the 11th European Union Program. European Development Fund. Caribbean Export’s Deputy Chief Executive Officer, Mr. Leo Naut reported that: “The Binational Cocoa/Chocolate Value Chain covers the entire spectrum of the industry, with cocoa producers, cocoa processors and renowned chocolatiers among its beneficiaries. At the Salon du Chocolat, the participating companies received a great reception from the public present, and have also had the opportunity to establish ties with potential business partners in the European Union and other relevant markets”.
ITC and the Caribbean Export Development Agency (CEDA) organized a bootcamp on ‘Access to Green Finance’ on 22-24 November 2022 in Bridgetown, Barbados. The bootcamp included workshops and business matchmaking sessions targeting micro, small, and medium-sized enterprises (MSMEs) from Guyana, Barbados, and Saint Lucia. The workshop aimed to enhance MSMEs’ competitiveness by increasing their knowledge and readiness to access green finance, and resource efficiency and circularity practices with a focus on solar energy adoption.
Access to finance workshop
The first two days of the workshop were led by Access to Finance consultant Mr. Christopher McGann and it included a blend of interactive sessions.
On the first day, participants explored the challenges and opportunities of green/sustainable finance and the relevant UN SDG Goals and Environmental, Social, and Governance (ESG) criteria. They also learned about Credit Risk Abatement Facility (CRAF) facilitated by CARICOM Development Fund (CDF)’s Financial Controller, Mr. Wayne Vitalis. CRAF is a partial credit guarantee facility that provides an incentive for additional lending to MSMEs by financial institutions for renewable energy/energy efficiency initiatives in CARICOM. Lastly, they were introduced to ‘Project Viability and Financing Types’ by Ms. Debbie-Anne Jemmott, Investment Analyst of the Enterprise Growth Fund Ltd.
On the second day, key results of the regional landscape study on access to finance commissioned by the GreenToCompete Hub in the Caribbean was presented, followed by an interactive panel discussion on the risks and opportunities in green financing for MSMEs in the Caribbean with the following expert speakers:
Barbados Fund Access – Ms. Nadia Wilkie, Project Development Officer
CIBC First Caribbean International Bank – Mr. Ray Ward, Associate – Investment Banking
Enterprise Growth Fund – Ms. Debbie-Ann Jemmott, Investment Analyst
CARICOM Development Fund – Dr. Laverne MacFarlane, Senior Economist
Through this discussion, participants companies were able to gain deeper insight into the available services provided by these institutions and requirements to access funds to implement green projects.
Speed dating and matchmaking
To know more about green financing options, speed dating and matchmaking sessions were organized with financial institutions providing green services and products, such as Barbados Fund Access, Enterprise Growth Fund Limited, CIBC First Caribbean International Bank, Signia Globe Financial Inc, Republic Bank Barbados Limited, CARICOM Development Fund, and the Bloom Cleantech Cluster of Export Barbados. Participant companies and financiers discussed opportunities to get access to finance to implement resource-efficient and circular projects and get sustainability certifications since many of the businesses present have been coached by the Hub on these topics.
Visit to solar PV farm
On the last day of the workshop, company representatives visited a solar farm facility to witness firsthand the application of solar PV installed in a sheep farm and learned about its financial viability and sustainability. The visit provided an insight into the range of possibilities of solar farming. The installer also highlighted the type of crops that can be grown on-site and the alternative livelihood (e.g sheep farming) that can possibly be developed in parallel.
What do an Olympic athlete, a mathematician and a university dropout all have in common with each other and the unlimited potential of digital business in the Caribbean? They are all impressive and inspiring Caribbean founders of successful technology start-ups – living proof of what regional entrepreneurs and innovators can achieve.
Just their presence on the stage of the Caribbean Investment Forum earlier this month was an inspiration to the many aspiring and talented innovators from the region, who are trying to burst free of the constraints of the regional landscape, and rocket their digital businesses upwards.
Caribbean Export hopes that their advice, the story of their journey and even their frank views of the state of play in the region will resonate with aspiring entrepreneurs and policymakers alike, as we seek to harness the vast power of ICT to transform businesses, lives and socio-economic development in the region.
The technology entrepreneurs led the Fireside Chat on ICT & Digital Business: Transforming the Region One Gigabyte at a Time, on Day 2 of the Forum (November 10th 2022) at the Hyatt Regency Trinidad.
They were:
Moderator Kirk-Anthony Hamilton, Co-founder & Director of Tech Beach Retreat in Jamaica
Nicholas Rees, Co-Founder & Chairman of KANOO in the Bahamas, which has been authorised by the Bahamas Central Bank to build out and implement Sand Dollar, the world’s first Central Bank-issued digital currency.
Gordon Swaby, Co-Founder & CEO – EduFocal, an award-winning, learning technology platform
Larren Peart, Founder & CEO – Blue Dot Insights – a fast-growing data analytics firm that began in Jamaica, expanded to Trinidad and owns a company in the US.
Pascale Elie, Founder – Cell Pay, a digital wallet and e-payments network operating in Haiti. Her passion and focus is promoting financial inclusion.
As Moderator and technology player in his own right, Kirk-Anthony Hamilton, put it to the audience: “Today, everyone on stage has businesses in multi jurisdictions. We believe technology enables us to reach out more broadly and more quickly and this group, every person on this stage, is aggressively about driving transformation in the region…These are power players. Everyone has raised capital for their businesses and have robust platforms that are very new to the region that are starting to perform well.”
The technology CEOs all agreed that the way forward for the region to benefit from the incoming tidal wave of opportunity for digital business was through partnership, collaboration, bringing ideas together, creating synergies and sharing information. A rising tide raises all boats, they stressed.
It is also part of the positive culture shift Hamilton sees taking place. “We grew up in an era where the conversation wasn’t open and transparent,” you didn’t talk to everybody about what you were doing, and you feared that the bank would steal your concept rather than fund it.
Rees, the two-time Olympics swimming athlete who holds both an MBA and an Accounting degree, noted that when you go island hopping you see that each island has both advantages and disadvantages, you see the commonalities and the challenges. His conviction is: “We can connect the Caribbean through technology and collectively we can solve all our own problems. I really believe that…I see Kanoo as charting that course.”
What’s lacking in the market to more rapidly achieve his vision? “There is still that challenge about access to capital…the Caribbean still does not have an established venture capital firm focused on technology. There are different people trying things to fill the gap. That’s definitely something we need to see,” Rees said.
He is one of the persons trying to fill the gap. Kanoo has partnered with DraperStartup House out of Draper University to see how the Silicon Valley investment mindset can find, fund and facilitate the innovative ideas in the region. “We have launched the Kanoo Innovation Hub based in Bahamas. It is open to everyone in the Caribbean to come learn, participate and get your ideas funded,” Rees said. You have the opportunity to be funded up to US$3 million for your idea, and it will also enable you with access to coders, access to international networks and access to relationships, he added.
How was he able to enter the tech space and succeed? Rees said: “I was lucky in terms of my placement in life, the opportunities that I had, persons I would have met…I’m a two-time Olympian …so in terms of the training, the dedication, the sacrifice for long-term goals – a lot of those values align with success in the business world, the same principles are involved.”
His advice to other technology aspirants: “I would say focus on learning first. Find your purpose, understanding your work and your value. Luck is where preparation meets opportunity, so you have to be patient and walk that dream and follow your intuition and be positive above all things.”
EducFocal’s Gordon Swaby is the youngest entrepreneur so far (at age 32) to list on the Jamaica Stock Exchange. The 10-year old company is an education technology company that is redefining learning today for business tomorrow. The social learning website uses gamification to present its test material to students.
Ironically, Swaby dropped out of the University of Technology and started EducFocal, which has been powering schools and companies with its award-winning learning platform and e-courses.
He told the audience at CIF: “We don’t have a lack of innovators (in the Caribbean) but we have an innovation problem. I believe that young innovators are not being given wind beneath their wings to fly and to create solutions for problems that we have in common in the Caribbean.”
Nevertheless, he urged young people to look beyond traditional paths, which were no longer so rewarding, to achieve their bright future, saying: “A lot of people, within the context of wanting to educate themselves, stay with the tried and true path of becoming a doctor or lawyer when there are opportunities to become something else.” You go to medical school for 10 years and after you graduate you find you are earning less than what you expect to earn. You migrate to another country thinking that you have hit the jackpot and find that you are working harder than you worked in the Caribbean and you’re still not earning what you expected to earn, he pointed out.
Swaby wants to show young people that there is a different path via technology and how it can spur development in the Caribbean. But the ease of doing business has to be improved to encourage young entrepreneurs to live and work in the Caribbean, he added. He related that after purchasing a company in the US earlier this year, part of the process required that he had to register a subsidiary, which he did from his bedroom in Jamaica in two days while he noted that Larren had to come back to Trinidad to register his business.
What is still considered innovation in the Caribbean is not innovation anymore elsewhere, Swaby said. “Registering a company online shouldn’t be considered innovative. I can’t sit here on this stage (in Trinidad) and transfer money easily to Jamaica… I feel like we are having the same conversations for too long…a lot of things should be a no-brainer because they are a no-brainer in other parts of the world.”
Blue Dot Insights is a data company focused on data analytics, modelling, market research and consumer insights. CEO Larren Peart said he started the company eight years ago when no-one was talking about data but, now, data is recognised as an enabler of growth and companies are making decisions with data.
“We’re not short on talent in the Caribbean…What we’re doing now is leveraging the talent we have and exporting our services,” Peart said. “Our data services in Jamaica are cheaper than what a North American company would provide. From a nearshore outsourcing standpoint, that’s a significant advantage to North American companies,” he noted. Unfortunately, he added, “although there is some take up of what we do, now, (in the Caribbean) the North American companies understand the value of it even more.”
“We don’t have a healthy fear of disruption,” Peart said. That is why we can sit back and not innovate. “In the early days of Covid there was all this talk initially about digital transformation and the new normal…That didn’t happen at all in the Caribbean…We’ve gone back to how we were pre-Covid,” he said. There are still lines outside brick and mortar businesses that should frankly not be there, he added.
In the same vein, Peart said that although the most profitable companies in the world are technology companies, if a bank or investor in the Caribbean had to choose between funding a $20 million real estate development or a $20 million technology company, they are going to put their money in real estate. “That kind of thinking has to change,” he urged.
Peart encourages aspiring entrepreneurs to be part of a community and interact with each other. “Community is important. Having access to other entrepreneurs. When you interact with other entrepreneurs you have that shared experience. You learn so much from each other… and it creates a good energy. It is motivational,” he said.
Pascale Elie is the Chairwoman for HaitiPay S.A., whose focus is to develop and implement technological solutions to increase access to financial services for the Haitian communities living in country, in the Diaspora, and in urban and rural areas. She is also Founder and President of CellPay Corporation, an electronic payment solution focusing on connecting Diasporas with their families in underdeveloped economies by sending funds directly to eWallets and can be used within a payment ecosystem.
Believing that technology is the key to economic development and understanding that the larger the market, the more interested are investors, Elie said: “We are looking for viable partnerships in the Caribbean and even Latin America, at some point, to have a larger opportunity so the potential investor will look at us as a very interesting market.”
She urged the other panelists and all those frustrated with the slow pace of improving the ease of doing business in the Caribbean not to give up. “It is important to keep the conversation going and open when talking to regulators. Don’t leave the whole design to the regulators.” The Haitian Alliance for Financial Inclusion was established, she said, “just to ensure we have a seat at the table when talking about financial inclusion in Haiti.”
All the technology entrepreneurs have overcome challenges and obstacles to achieve success. So even as they seek to make the path smoother for the next generation, they noted that entrepreneurs who end up being the most prepared are “the ones who fight their way into a room like this…or drive for miles to find access to internet.” Rees added: “Government should provide infrastructure and enable fair play but the market should drive change. If we see something that needs to happen, we should go do it.”
The inaugural Caribbean Investment Forum took place at the Hyatt Regency in Trinidad and Tobago from November 8-11, 2022. The high-level, business-focused event connected key regional decision-makers, innovators, and entrepreneurs with the world’s most influential investors to explore the investment opportunities available throughout the region. It also served as a launching pad for thought leaders keen on accruing the benefits of first-mover advantages in this developing space.
Under the theme Building A SMARTer, GREENer Caribbean, stakeholders focused, in particular, on investment opportunities in technology and innovation, agriculture technology, renewable energy, and transport and logistics. Projects in these areas will improve the lives of over 30 million Caribbean people in the 23 member countries of CAIPA (Caribbean Association of Investment Promotion Agencies) across the Region.
The regional forum, was organized by the Caribbean Export Development Agency in collaboration with the Government of Trinidad and Tobago, CARICOM, the Caribbean Development Bank, the Caribbean Association of Investment Promotion Agencies and with the support of the European Union.
Visit the event website: www.caribbeaninvestmentforum.com
If the Caribbean region was cut off from the rest of the world, would its citizens starve? If global events disrupted supply chains, could the countries of the Caribbean continue to feed its some 30 million citizens? Could it afford to?
What about the food we do produce, how stable and secure is that supply? Could a climatic event suddenly or slowly, over time, wipe out or negatively impact production so prices skyrocket, people suffer or even riot?
It is these very real concerns that caused CARICOM Heads of Government to commit the region to reducing its food import bill by 25% by 2025. It is why Caribbean Export made Agro-Technology a focal topic at its inaugural Caribbean Investment Forum last week with the theme of the Roundtable discussion being: “Achieving 25 in 5: Reducing the Food Import Bill Through AgTech Investment.”
CARICOM Secretariat Secretary-General, Dr Carla Barnett, laid out the seriousness of the situation clearly during the Opening Ceremony. She said: “Generally, structural characteristics of our economies have meant that we import more than 60% of the food we eat, with some countries importing more than 80% of the food they eat. Over the period 2018-2020, the CARICOM food import bill was US$13.76 billion or approximately 5% of GDP.”
What is more, she added: “The challenge of sustainable agriculture is growing in severity given the exposure of our agriculture sector to climate change-related risk such as heat extremes, salination of ground water, flooding, drought and hurricanes.”
Also emphasising the point at the opening ceremony, Caribbean Export Executive Director Deodat Maharaj said: “We have singled out agriculture in particular given our keen awareness of food insecurity challenges in the region” and recognising that “business and additional investments are critical to achieve this (25 in 5) vision. He added: “This is especially so given the fact that apart from countries like Belize, Guyana, Dominican Republic and Suriname, we simply do not have land space to produce on the scale required to make us food secure. The answer is that we must look to technology.”
The highly dynamic and interactive Roundtable comprised:
Moderator Joseph Cox, Assistant Secretary General, Caricom Secretariat
Mezuo Nwuneli, Managing Partner, Sahel Consulting
Ralph Birkhoff, CEO & Founder, Alquimi Renewables LLC
Vassell Stewart, President, Caribbean Agri-Business Association
Mohindra Persaud, Chief Executive Officer, Nand Persaud & Co
Richard Sellers, Owner, Circular Fuels
Conference delegates, who included farmers, small agro-business entrepreneurs, potential investors and policy makers contributed to the intense discussion around technology in agriculture. There was clear agreement about the need for farmers and agro-processors to use technology more widely, noting that it was helpful along the entire value chain, including with the big problem of praedial larceny, accelerating production yields and quality, and reducing risks.
There was lively discussion on how to achieve more technology-intensive farming and acknowledgement that young farmers were quite open to using technology but often stymied by cost.
Overarching the discussion was a degree of confidence and optimism that there were solutions to all the problems currently suppressing greater agricultural production and a belief that, once there was a will, the food import bill could be slashed.
Mohindra Persaud, for example, had some pragmatic advice. He said: “Farmers on the whole do not like to adapt to new ideas…and are slow to adapt. My advice is to get technical people to tutor them and be patient so progress can be steady. Otherwise, five years would just move production in a very small way.” He also advised that five minutes of training at frequent intervals would be more effective than giving them a booklet or one day of training.
Highlighting the impact the application of technologies could have, and was already having, on agricultural production in the region, Birkhoff noted that it has already been proven that a hydroponics system does not require arable land, uses significantly less water and “could increase yields by 1,000%”.
One greenhouse farmer in the audience, frustrated in his attempts to grow strawberries, learnt there was an engineering solution and who he could approach for assistance. This highlighted the need for fora where farmers and agro-businesses could share experiences and problem solve to find solutions to their specific issues.
The value of anchor farms connected to a group of smaller, satellite farms was also forwarded as a proven solution, with one presenter explaining the anchor farm could provide the smaller farms with technology, training and better quality inputs such as seed stock and then provide a ready market for the output of those small farms. The overall result was an increased and more consistent supply of a better quality product, he said.
The panel of experts highlighted some of the resources available in and to the region, including service providers, funding, technical expertise to solve production and marketing issues, and consulting advice to match talent or funding with a particular project or business based on size, type of project and type of assistance needed.
Assistant Secretary General Cox put it succinctly. “Anyone who feels food security is a dream must wake up from their dream!”
The inaugural Caribbean Investment Forum took place at the Hyatt Regency in Trinidad and Tobago from November 8-11, 2022. The high-level, business-focused event connected key regional decision-makers, innovators, and entrepreneurs with the world’s most influential investors to explore the investment opportunities available throughout the region. It also served as a launching pad for thought leaders keen on accruing the benefits of first-mover advantages in this developing space.
Under the theme Building A SMARTer, GREENer Caribbean, stakeholders focused, in particular, on investment opportunities in technology and innovation, agriculture technology, renewable energy, and transport and logistics. Projects in these areas will improve the lives of over 30 million Caribbean people in the 23 member countries of CAIPA (Caribbean Association of Investment Promotion Agencies) across the Region.
The regional forum, set to become a flagship event on Caribbean Export’s calendar, was organized by the Caribbean Export Development Agency in collaboration with the Government of Trinidad and Tobago, CARICOM, the Caribbean Development Bank, the Caribbean Association of Investment Promotion Agencies and with the support of the European Union.
