Some Like it Hot: Caribbean Pepper Sauces Growing in Popularity

Hot sauce (also known as pepper sauce) is a staple in restaurants and homes across the Caribbean – as essential as ketchup or brown sauce to British households, or barbeque sauce and mayonnaise to Americans.

Caribbean hot sauce goes with almost everything and there are several brands in the region that have taken this product to new heights and are now exporting it to eager international customers.

A growing appetite for innovative and bold flavours has led to a steady year-round interest in hot, spicy, and peppery sauces especially from younger consumers around the world.

In fact, at the recently held 66th Summer Fancy Food Show which is hosted by the American-based Specialty Food Association (SFA), a Trendspotter Panel labelled peppers a top trend for 2022 with peppers and traditional pepper sauces and condiments from around the world continuing to be prominent.

Research by the Imarc Group has projected the global hot sauce market will reach $6.4 billion (US) by 2027, with a compound annual growth rate of 5.4% (2022-2027).

In the UK alone, the Caribbean sauces and condiments market grew by 16.8% between 2019 and 2020 to be worth £1.12bn, according to Caribbean Export’s ‘Absolutely Caribbean’ report. The same report (quoting Euromonitor) found this demand for hot sauces continuing all over Europe with German, Spanish, and Dutch consumers also looking for similar products with a tangy bite.

The Caribbean is well known for its linkages to hot sauce as a long-time producer and exporter of fresh peppers.

Scotch Bonnet was originally cultivated by the Taino Indians and is now the Caribbean’s primary commercial pepper variety after going through a process of repeated refinement based on elements such as flavour, pungency, aroma, yield and disease and pest tolerance.

With a rating of 100,000-350,000 Scoville heat units, the scotch bonnet can be up to 40 times hotter than a typical jalapeño pepper. It has high levels of capsaicin, along with most B vitamins, vitamin A, vitamin C, vitamin K, copper, magnesium, iron, and potassium and has been touted as beneficial for pain relief, arthritis, congestion and even to combat migraines.

Many of the Caribbean’s small to medium-sized pepper sauce producers have been selling their hot sauces to the discerning local market for many years. In some cases, these manufacturers utilise highly prized, secret formulas that have been handed down from generation to generation.

Recipes traditionally feature Scotch Bonnet or Habanero peppers, salt, garlic, spices, mustard, and vinegar, along with various other additions.

Producers also take full advantage of the Caribbean’s tropical climate, which is ideal for growing the indigenous main ingredient, to experiment with other flavours which complement Scotch Bonnet peppers such as guava, pineapple, coconut, papaya, and mango.

‘Old Duppy’ pepper sauce is produced in Barbados by creator and chef Nick Bynoe. It’s a relatively new kind on the block when it comes to Caribbean pepper sauce brands but has already attracted attention because of its wide array of options which appeal to genuine heat lovers and those with slightly milder tastes. It is also small batch, organic, and free of preservatives.

“We wanted to bring something bold and innovative to the market which represented authentic Barbadian and Caribbean flavours. Sourcing ingredients from local farmers and producers, we enhance our sauces with real wood smoked peppers to provide a truly unique experience. We are burning with excitement to showcase our brand and hauntingly flavourful sauces to the UK market” shared Bynoe.

Old Duppy uses real wood smoked peppers as a base and then adds locally grown fresh fruits, herbs, and spices to elevate the flavour profile. From very mild to very hot, five pepper sauces form the permanent lineup – Zesty Jalapeno, Fiery Pineapple, Pepper Punch, The Traditional, and Fyahpooch, with the fan favourite, Mango Fever, released seasonally every summer.

Other products available under the ‘Old Duppy’ brand name include Tamarind Sauce, BBQ Sauce, Vex Vinegar, a Bajan Ganoush dip, and Chili Oil.

Old Duppy will be on show at the Speciality & Fine Food Fair from September 5th-6th 2022 at Olympia, London as part of the Absolutely Caribbean pavilion, a group of micro enterprises supported by the European Union and the Caribbean Export Development Agency, a regional trade and investment promotion organisation.

Attendees will get to sample the various hot sauces and see why Old Duppy has become so popular with locals and tourists looking for an authentic taste of the Caribbean.

Authenticity and originality are qualities that consumers admire and, along with the essence of a product, contribute to the long-term success and appeal of a brand.

Old Duppy has these attributes and more and that’s why many people are attracted to its versions of Caribbean pepper sauce.

Caribbean Flavours Delight Tastebuds and Spice Up the Global Food Market

‘Bold, impactful, fresh, diverse, colourful, hot, and spicy’ are just some of the words you could use to describe Caribbean cuisine, which is gaining international fans via supermarkets and street stalls and is also increasingly impacting the high-end restaurant scene.

Caribbean food has been on the cusp of worldwide recognition for a while and was recently identified as one of the top trends to watch in 2022 by the National Restaurant Association.

The highly respected annual hospitality trends report for 2022 from consulting firm af&co. and communications specialist Carbonate, went even further in labelling Caribbean cooking its ‘cuisine of the year’.

Now in its 14th year, the annual report (‘Through the Looking Glass: Finding Your Way in a New Era of Hospitality’) seeks to identify the trends and practices that will shape the hospitality industry in 2022 by identifying key influences in food, beverage, sustainability, and other areas.

The report stated: “Caribbean Cooking is Hot! – and we’re not talking about the chilis. Caribbean cuisine is taking the stage as chefs explore the diverse range of flavours, ingredients, and culinary influences of this region. “Caribbean” is a catch-all term for the islands of the West Indies and the Caribbean Sea, as well as coastal countries like Belize and Guyana. The area encompasses a melange of culinary traditions including African, Creole, Cajun, European, Latin American, and more.”

The Caribbean’s diversity is one of its strengths and the beauty of its appeal is that it draws from a wide range of backgrounds. Africa predominantly influences the combination of staple ingredients, India and Latin America bring the spice and tang, and Europe adds a touch of flair.

The history and heritage behind Caribbean cuisine is exciting and unique and adds to its appeal.
Another major aspect which makes Caribbean food so popular is the seasoning. Caribbean seasoning is the region’s ‘secret weapon’. It can be found on seafood, vegetables, or meat and has a special culinary twist from every island. In Jamaica, jerk seasoning is the go-to, while others simply call their blend ‘green seasoning’.

Most seasoning recipes contain garlic, onions, celery, green onions, scotch bonnet peppers, and herbs like thyme, marjoram, rosemary, or tarragon.

The exact combination of necessary herbs and spices in various Caribbean seasonings is usually classified information, contained in a memory muscle that has been passed down from generation to generation for decades. But whichever herbs and spices are used, in whatever quantities, and for however long they are left to marinade together, they all bring out the best in whatever food they accompany.

In St Vincent and the Grenadines, Pringa’s seasoning is a well-respected and long-established brand, known for using all natural herbs and spices along with seasonal fruits, and with no preservatives or unnecessary additives.

The business has been operating since 1997, after starting production from a small shop within the community. Pringa’s herbs are grown by local farmers and shortly after being freshly picked are transported to the nearby processing plant for bottling.

Pringa’s ‘Natural Flavour’ line of products consists of pepper sauces, green seasonings, jellies, and chips and its entire range will be on show at the Speciality and Fine Food which is taking place at Olympia in London on 5-6 September 2022.

Pringa’s is part of an ‘Absolutely Caribbean’ delegation of small Caribbean producers who are being supported by the Caribbean Export Development Agency and the European Union. Each company manufacturers food items that are healthy, well-balanced, natural, and flavourful.

The COVID-19 pandemic encouraged consumers to take a close look at the source of the foods they consume. Even though the worst of the pandemic seems to be over, many are still focused on eating products which are as healthy and authentic as possible, but they are also increasingly willing to explore new tastes, flavours, and foods again.

Most Caribbean recipes can be easily recreated at home, especially once you have a trusted brand of seasoning close to hand. But distributors, retailers, and restauranteurs can also capitalise on demand by finding a reliable Caribbean-based seasoning producer.

Caribbean food has continuously evolved but still has plenty of opportunity for growth so, unlike some other markets, Caribbean cuisine has space to move into and lots of new palettes to convert.

What Consumers Want: The Rise and Rise of Speciality Foods

Speciality foods ranging from cocoa to coffee, sauces to blended seasonings, and rice to fragrant breads, are being snapped up by consumers eager for new food experiences but who are also health conscious and selective about what they eat.

It’s no surprise that the rising interest in speciality foods is also being reflected on the high street with gourmet, health and natural food stores becoming increasingly popular, along with local farm shops and delicatessens.

But what exactly are speciality foods? Precise definitions vary but in general these are foods made in small batches with high-quality ingredients and usually cater to a specific audience.

Recent research has found that the global specialty foods market is expected to be worth $247.2 billion (US) in 2025 which is a compound annual growth rate of 11%, according to the “Specialty Foods Global Market Report 2021: COVID-19 Growth and Change to 2030” from ResearchandMarkets.com.

The report adds: “Specialty foods are made from high quality ingredients and have limited distribution with unique or beautiful packaging… The launch of high quality and innovative products such as plant-based, convenience, better-for-you, non-GMO products with authenticity, and products with unique attributes such as low fat, low calorie, low sodium, high protein, no dairy and organic is a major trend shaping the growth of the specialty foods industry.”

Finding suppliers of speciality foods is made easier through trade shows like the upcoming Speciality & Fine Food Fair which is due to take place at London’s Olympia from 5th-6th September 2022.

Over 700 fine food and drink producers will be at this event which is expected to attract over 10,000 members from the artisan food and drink sector.

This fair provides the perfect opportunity to interact with small, local producers from around the world who are creating products that tick all the boxes when it comes to health, flavour, and sustainability.

Ten emerging speciality food and drinks businesses based in the Caribbean will be exhibiting at the Absolutely Caribbean pavilion thanks to support from the European Union and the Caribbean Export Development Agency.

Naledo is a Belizean company that works with 300 small-scale farmers to produce its whole root ‘Truly Turmeric’ paste. Old Duppy is a Barbadian enterprise producing small batches of preservative-free hot pepper sauce, tamarind sauce, chili oil, and BBQ sauce, using indigenous ingredients.

Sugar Town Organics is a female-owned micro enterprise based in St Kitts. Its Flauriel food range is vegan and organic. Some of the ingredients used include coconut, sorrel, soursop, guava, hibiscus, and mango. Every single product is methodically handcrafted by an all-women team using traditional extraction and infusion techniques.

Pringa’s Natural Flavours has been operating in St Vincent and the Grenadines since 1997, after starting from a small shop within the community. Pringa’s seasonings and sauces are made from all natural herbs and spices and tropical fruits grown by local farmers.

Alcoholic beverages include Caribbean craft beer by Antillia Brewing Company from Saint Lucia.  They specialise in brewing with fresh, local ingredients, often with a significant link to the history and culture of the islands. All natural and free of chemicals these beers truly are a taste of the islands.

Also from Saint Lucia, Saint Lucia Distillers Group of Companies offers over 25 rums and rum products from premium rums and liqueurs to traditional pouring rums.

J&J Spirits SRL with their brand Kalembu brings a traditional Dominican drink mamajuana to the commercial market with its aphrodisiac properties.  A blend of rum, red wine, and honey infused with twigs, bark, leaves and herbs give a unique taste of woody and herbal flavours that is sweet to semi-sweet.

Pairing nicely with mamajuana is the fruity flavour of Hispaniola cocoa from the Dominican Republic.  Produced by three generations of women Chocolala have a range of indigenous cocoa products.

These brands together with Jamaican food and drink producer Shavuot and  CariBelle from Trinidad and Tobago will be exhibiting at Specialty Fine Foods within the Absolutely Caribbean pavilion. 

Be sure to check it out and get your chance to win a trip to Saint Lucia courtesy of Saint Lucia Distillers Group of Companies, the Saint Lucia Tourism Authority and Harbor Club Curio Collection by Hilton.

Bridging the Gap for Micro Small and Medium Enterprises (MSMEs) in Saint Lucia

The Caribbean Export Development Agency team met with Saint Lucia’s Minister for Commerce, Manufacturing, Business Development, Cooperatives and Consumer Affairs, the Honourable Emma Hippolyte, and stakeholders from Business Support Organisations on July 14, 2022. The in-depth discussions revolved around the execution of capacity-building and technical assistance initiatives Caribbean Export could immediately offer to meet the specific and pressing needs of Saint Lucian MSMEs.

Minister Hippolyte also stated her interest in working closely with Caribbean Export to identify capacity-building programmes to assist firms with export potential, particularly in the agro-processing sector, to bridge the gaps, making them export-ready.

The team recommended several innovative ways to address challenges experienced by firms in meeting the standards and regulatory requirements for exporting.

Minister Hippolyte welcomed the recommendations and expressed appreciation for support provided to the country’s priority sectors and Allyson Francis, Services Specialist at Caribbean Export, reiterated the Agency’s commitment to Saint Lucia’s private sector development.

The team led by Allyson Francis – Services Specialist, included Natasha Edwin-Walcott – Senior Advisor –  Competitiveness & Export Promotion; Mikaela Stoute – Research Officer- Market Intelligence; Marvin Baptiste– Consultant; Tonya Cummins– Programme Advisor- Grants and Deidre Brathwaite– Digital and Social Media Officer.

The Caribbean Export-Saint Lucia mission occurred from July 11-14, 2022.

Regional MSMEs Ready to Leverage CARIFORUM Trade Agreements

More Caribbean business owners are better equipped to leverage CARIFORUM Trade Agreements after an intensive 2-day workshop held by the Caribbean Export Development Agency (Caribbean Export) in collaboration with Export Saint Lucia.

Caribbean Export’s Services Specialist Allyson Francis and Sunita Daniel, CEO of Export Saint Lucia, implored the participants to take full advantage of the learning opportunity, which provides critical information to support their business’ access to the United Kingdom and European Union.

The workshop, which included presenters from both Agencies, also drew on the expertise of trade policy professionals from the Delegation of the European Union to Barbados, the Eastern Caribbean States, OECS, CARICOM and CARIFORUM and The Office of Trade Negotiations (OTN).

The participants remarked on the wealth of information shared over July 12 and 13, 2022, noting that the workshop allowed them to understand how the trade agreements work and the requirements to more effectively align their operations to access export opportunities and grow their businesses.

The Caribbean Export-Saint Lucia mission occurred from July 11-14, 2022.

The team led by Allyson Francis – Services Specialist, included Mikaela Stoute – Research Officer- Market Intelligence; Marvin Baptiste– Junior Consultant; Tonya Cummins– Programme Advisor- Grants and Deidre Brathwaite– Digital and Social Media Officer.

Caribbean Export Supports Research into the Development of Industrial Policy in the Caribbean

At the heart of the development of the Caribbean is the sustainable industrialisation of the region to achieve economic growth and transformation.  Sustainable Development Goal (SDG) 9, calls for inclusive and sustainable industrial development (ISID) and to realise many of the socioeconomic and environmental objectives identified in the 2030 Agenda from Sustainable Development the Caribbean Community (CARICOM) must be guided by an industrial policy framework.

Industrial policy falls under the portfolio of H.E. Chanderikapersad Santokhi, President of the Republic of Suriname and was a focal topic for discussion July’s Heads of Government meeting. 

At the request of the Government of Suriname, Caribbean Export rapidly assisted the facilitation of a study on the ‘Status of Industrialization across Key Export Sectors for CARICOM Countries’.  This study provided a full review of industrial policy implementation across CARICOM countries, explored the key export sectors, their level of industrialisation and impact on economic growth, employment and export earning; data analysis of current export products, export markets, labour and industrial productions and provided recommendations for regional and national industrial policy.  The findings of this study will assist CARICOM Governments and policy makers to develop strategies and further develop the industry policy framework for the Caribbean. 

The study showed that CARICOM economies are at a crossroad requiring a regional industrial policy that is designed in a manner that builds on the existing comparative advantages of the region.  Further it is recommended that the policy promotes greater intra-regional and extra-regional trade together with further diversification of the goods and services produced in the Caribbean.  Importantly, production of goods must be environmentally sustainable with the benefits from industrial policy being shared equally between countries.

The impact of climate change and COVID-19 has laid bare the need for drastic energy transition towards sustainable solutions and the rise of disruptive technologies are rapidly advancing manufacturing and digitalization in key sectors such as agriculture.

I AM CARICOM – Are You?

I am,

Je suis,

Ik ben

CARICOM!

The CARICOM identity and spirit of community are observed and celebrated each year on the 4th of July – CARICOM Day.

Over the next two weeks, we’ll be engaging and sharing with the community to bring greater awareness, visibility and understanding of the Caribbean Community (CARICOM) and the role of Caribbean Export within the CARICOM architecture and the benefits of the CARICOM Single Market and Economy (CSME) and regional trade.

Join us in the celebrations by downloading the ‘I AM CARICOM’ banner and sharing it on social media and within your community.

Remember to tag @caribxport @caribbeanexport @caricomorg and #IAMCARICOM

Read more about ‘I AM CARICOM’ on CARICOM TODAY

Supporting MSMEs in the Services Sector

Traditional agriculture and manufacturing economies of the Caribbean have slowly morphed into flexible fast paced service led economies which proliferate the region today. Services are crucial for further developing Caribbean countries, providing a strong economic dynamism and creating the source for job creation and welfare1 . In 2019, 60.2% of the total value added to GDP in Latin America and the Caribbean was generated by the services industry2 . Globally, services account for US$876 billion and in the Caribbean, services account for approximately 65% of our Gross Domestic Product. There is room for services to grow and become a better generator of jobs and foreign exchange in areas such as business and professional services, music, fashion, animation and film, and outsourcing to contribute towards the economic transformation of the Caribbean.

According to the Caribbean Development Bank, MSMEs represent between 70-85% of Caribbean businesses and contribute between 60-70% of Gross Domestic Product. Critically, they account for an estimated 50% of total employment. In view of this, innovation needs to be the driving force behind service industries in order to create jobs. Encouraging online and digital innovation will simultaneously contribute to the inclusion of, and employment for young people and economic diversification. The development of the services sector is a 21st century solution to an age-old problem and should be viewed as an instrument by which Caribbean countries can accelerate their development, providing a strong economic dynamism and creating the source for job creation and welfare.

One sector which has a wealth of MSMEs is tourism, and despite the quest for diversification, tourism as a service remains at the forefront of Caribbean economies. MSMEs providing services auxiliary to tourism, such as tour operators and tour guides, restaurants, taxi, photography, event planners etc., and contribute to the entire tourism product and experience and must be supported.

In addition, music and services surrounding music production generate a suite of employment opportunities by MSMEs. The global music industry is estimated to be valued at US$131 billion in 2030 (Goldman Sachs). Caribbean Export has supported this sector through our Business of Music training programme and music writing and production training. Both programmes offer emerging and established musicians the opportunity to enhance their technical capacity and integration into the global music industry, ultimately creating more jobs.

Another area that offers potential to create jobs by MSMEs is animation and film. Both sectors saw a steady boost in revenue over the past year, particularly during the continuous COVID-19 lockdowns. The animation industry in 2020 was worth approximately US$270 billion globally, while the film industry lies at US$ 34 billion. Additionally, streaming services grew by 37% with a global value of US$50 billion in 2020, therefore providing a great opportunity for Caribbean content creators to showcase our unique Caribbean culture in amination, games and films which can be a significant revenue earner for our region.

It is therefore imperative that we build the capacity of our regional content creators in these industries to harness all the opportunities available to them in the global market. In these areas, Caribbean Export has provided significant support, with the numerous animation accelerators which focused on 2D and 3D animation. Moreover, our recent support to the participation of 12 animators, gamers and film makers to the Annecy Animation Film Festival 2022 demonstrates Caribbean Export’s readiness to propel the region into non-tourism linked services. These actions have helped to develop the skills and content of our animators to accelerate into the international market. Emphasis was also placed on the film industry to help build the capacity of scriptwriters and film producers with a three-month training programme aimed at developing scripts and content for the global market. There will be opportunities to further showcase these developments and engage in B2B in an upcoming international film festival.

The region also seeks to develop its green economy, which is to a large extent led by the services sector in areas such as research and development, engineering, design and technology services, services auxiliary to electricity distribution, installation and maintenance and repair services amongst others. Whilst many of these services are delivered by larger technological companies, more often specific services are outsourced to MSMEs who may have local knowledge and specialized skills to provide the required support.

Finally, for the sustainable development of our services sector, digitalisation is key for small businesses to leverage the global online marketplace, as well as giving these MSMEs a greater chance to compete internationally. MSMEs in the ICT sector play a crucial role in supporting small business digitalisation.

In summary, the Caribbean must embrace services as a viable option and look to areas such as business, cultural and recreational services where we leverage the strengths of our MSMEs and the natural creativity of our people. Caribbean Export believes that Services is the next frontier for Caribbean business. We believe that goods and services that are Absolutely Caribbean will create excitement in the marketplace and opportunities for our people.

[1] Innovation and the New Service Economy in Latin America and the Caribbean. IADB (2013)

[2] The services industry comprises of tourism (including hotels and restaurants), financial, professional and personal services such as education, health care, and real estate Statista. (2021)

Greening the Economy – The Path to Sustainable Caribbean Private Sector Development

An inclusive green economy approach will offer a multitude of opportunities for Caribbean economies to achieve sustainable development.

To this end, opportunities in the green economy will be an area of major development focus of the Caribbean Export Development Agency (Caribbean Export) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH collaboration over the next 3-5 years.

The importance of the green sector was the central topic of the discussions during a hybrid meeting between GIZ and Caribbean Export at the Agency’s headquarters on June 15, 2022. The meeting sought to explore synergies and discuss future collaborations in private sector development and global projects.

During the discussions, Mrs Blickwede, the Regional Director of GIZ Caribbean, reiterated the importance of the CARIFORUM-EU Economic Partnership Agreement (EPA) “as a wonderful base for fostering private sector development, broadening and increasing market opportunities and creating employment for the private sector”. Mrs Blickwede continued by expressing her satisfaction with the many positive results created because of the focused nature of the Caribbean Export/GIZ collaboration.

Caribbean Export and GIZ have been working together for more than a decade, and Mr Maharaj praised the longstanding and fruitful partnership that has included several successful initiatives specifically the Business Forum in 2019, that sought to develop international partnerships for Caribbean exporters in key sectors of agro-processing, natural products, and the creative industries.

The GIZ is the governmental-owned German development agency and works in over 120 countries.

Results, Results, Results

2021 Annual Results Report European Launch

Following the successful regional launch of its 2021 Annual Results Report on May 5, 2022, Executive Director, Deodat Maharaj and Damie Sinanan, Manager of Competitiveness and Export Promotion travelled to Brussels to present the report. The team shared the results report with the CARIFORUM ambassadors, European Union counterparts and regional stakeholders in Brussels on May 12, 2022.

The report which presents the outcomes, results and the impact the Agency achieved during 2021 was well received by the audience in attendance.

Mr Maharaj extended thanks to Ambassador Joy-Ann Skinner and her team at the Embassy of Barbados for organizing the event which attracted a global audience. He stated, “We have received results, where they matter, on the ground improving the lives of Caribbean people thanks to the support and strong partnership of the European Union.”

Interview with Deodat Maharaj

During the mission, the team also had the opportunity to meet with HE Symone Betton-Nayo, the Jamaican ambassador to Belgium, to further discussions on support activities for the export of Blue Mountain Coffee.

Stakeholder Engagement in Trinidad & Tobago

During the week, May 9-13, 2022, a Caribbean Export team travelled to Trinidad to host a 3-day ProNET workshop focused on Export Marketing. This was the first in a series of capacity-building projects which will be held in partnership with Republic Bank Ltd. Due to its interactive nature, the workshop was limited to 16 participants and received excellent feedback from attendees.

The team also met and had fruitful discussions with Mr Harrypersad, exportTT General Manager Client Services and his team about potential joint capacity-building and trade promotion initiatives

Other highlights of the visit included meetings and site visits with several 2021 DSGP beneficiaries which were essential to fast track the review of documentation and expedite the disbursement process and meetings with the exportTT communications team.

The Caribbean Export team to Trinidad included: Natasha Edwin- Walcott- Senior Advisor- Competitiveness & Export Promotion, Tonya Cummins– Programme advisor- Grants and Deidre Brathwaite– Digital and Social Media Officer.

Opportunities to Invest in the Caribbean (Dubai, CIF22): Interview from Ms. Annette Mark, President of the Caribbean Association of Investment Promotion Agencies

The Caribbean Association of Investment Promotion Agencies (CAIPA) promotes investment in the Caribbean. CAIPA facilitates the development of studies, resources, and guides that can be used by investors, site selectors, business executives, and professionals.

CAIPA is 23 members strong and came to the Caribbean Investment Forum (March 2022 in Dubai) with several priority sectors that they were looking for investments such as Tourism, Agriculture, ICT, and the Creative sectors.

According to Annette Mark, President of the Caribbean Association of Investment Promotion Agencies, “Those are our main drivers for investment promotion throughout the Caribbean”.

At the Caribbean Investment Forum, Ms. Mark expressed her happiness to be in the UAE as she does believe that there has not been enough exposure of CAIPA members within the UAE, and the UAE itself is an untapped market for CAIPA.

“There’s a lot of liquidity after the covid pandemic and we believe that this conference together with Expo 20 Dubai has given us that opportunity to be on the ground and make contact with a number of agencies, high networked persons, and of course investing in the Caribbean.”

For Ms. Mark, the Caribbean is a safe destination with strong governments and laws protecting investors’ rights. The region is diversifying and growing industries. A growing demand for products and services has opened immense opportunities for investors to find an interest in growing or developing their business in the Caribbean. 

Watch the full interview from Ms. Annette Mark, President of the Caribbean Association of Investment Promotion Agencies.

Investment opportunities in the Caribbean – Ms. Racquel Moses

Caribbean Export came to Dubai because it recognized the importance of getting investments from nontraditional sources. Of course, it is important to consolidate the traditional sources of investments, but in these challenging and new times, different areas and different sources of investment are worth taking a look at.

One important factor that needs to be considered is that as the Caribbean seeks to transition from Covid 19 and to build a new and green economy, focus needs to be made on new areas.

That’s why Caribbean Export worked on a package of projects such as technology, E-commerce, agriculture, and renewables because these are priority areas for us in the Caribbean.

Caribbean Export was delighted to have over 250 participants and investors from across the United Arab Emirates joining us at the Caribbean Investment Forum in Dubai as the intention is to build on this foundation and continue to work closely, to be able to generate investment from places like the United Arab Emirates to create jobs and opportunities for our people.

When interviewed about the opportunities for investment in the Caribbean, Racquel Moses, CEO of the Caribbean Climate-Smart Accelerator answered:

“As a region, we have very ambitious goals related to the Paris commitment. Together we are at about 17% on average with outliers like Costa Rica, which can run almost exclusively on renewable energy. The rest of the region is eager to join Costa Rica in this race. We have opportunities for Geothermal, wasted energy, wave, wind, and certainly lots of solar. There are so many opportunities. We really hope that we get investors who want to be joint venture partners or who want to invest just money to be able to help us with this energy transition.”

Racquel Moses is CEO of the Caribbean Climate-Smart Accelerator. She has served in several executive-level positions at large multinational organizations and Caribbean leadership organizations including country head of Microsoft Trinidad and Tobago and the regional director of the public sector for Microsoft Caribbean, portfolio head Europe and Americas and Head of Caribbean and International projects for the Association of Chartered Certified Accountants (ACCA), president of InvesTT Trinidad and Tobago as well as leadership positions within JP Morgan Chase, Cable & Wireless and Fujitsu.