News

• Eco-conscious Caribbean businesses exhibiting at world’s biggest food tradeshow – SIAL.
• ‘Absolutely Caribbean’ booth will highlight food from 26 innovative regional brands.
• SIAL Paris brings together global buyers, distributors, and producers for potential partnerships.

Cutting-edge Caribbean brands with fresh and exciting sustainable products are ready to explore potential new export opportunities at the world’s biggest food tradeshow – SIAL Paris 2024.

Exhibiting at the ‘Absolutely Caribbean’ booth from 19-23 October, with support from the Caribbean Export Development Agency (Caribbean Export) and the European Union, an exclusive group of 26 regional companies will showcase their flair, flavours, and innovation to thousands of SIAL attendees who are looking for the next big trend in the food industry.

Global buyers, distributors, and restaurateurs will interact with individual businesses from Barbados, Haiti, Jamaica, Saint Lucia, and Trinidad & Tobago as well as local Trade Promotion Organisations over the course of five days. All the companies taking part were chosen because their products represent the Caribbean’s unmatched access to local, organic ingredients while also demonstrating a strong commitment to sustainable processes and ethical manufacturing practices.

Trinidad and Tobago’s ‘Handmade by Jeanette’ will be on show at the ‘Absolutely Caribbean’ SIAL stand. This lifestyle company, founded in 2020 by Jeanette Marcelle, makes handmade, organic, and eco-friendly agri-food products using 75% locally sourced ingredients. Jeanette is also dedicated to reducing food waste by utilising imperfect or surplus produce that would typically be discarded.

Small batch coffee and chocolate producer ‘Noble Tree Speciality Coffee and Cocoa’ will also be showcasing its products in Paris. Established in 2017, this Saint Lucian brand sources 100% of its coffee and cocoa from local farmers. Nobel Tree prides itself on prioritising “social responsibility, corporate responsibility, environmental impact, and sustainability” and for every tree harvested, its best seedlings are replanted, to ensure ongoing production with minimal negative effects.

Consumer interest in sustainable food sources is undoubtedly a hot topic. In its 2023 Earth Day Survey , consulting firm Kearney found that “… consumers are considering the environmental impacts of their food choices more than ever”. It added: “Climavorism—defined as actively making food choices based on climate impacts with the intent to benefit the planet—is a growing concept and lifestyle.”

In 2022, Innova’s Lifestyle & Attitude Survey also found 90% of consumers claim to “at least sometimes consider the environment when choosing food” and “over 1 in 4 consumers want environmental considerations to be part of future new product development, with similar importance for flavour and naturalness.”

Natasha Edwin-Walcott, Manager (ag), Competitiveness & Export Development, Caribbean Export, said “Global demand for organic, eco-conscious food products continues to grow, and Caribbean agro-processors are uniquely positioned to meet this demand with authentic, planet-friendly offerings. Caribbean Export is dedicated to fostering innovation and sustainability in the region, and we’re proud to support these exceptional companies as they bring the vibrant flavors and rich culture of the Caribbean to the global stage.”

We invite you to visit the ‘Absolutely Caribbean’ stand at Booth 4 K 083 to interact with these unique regional brands which represent the perfect combination of bold invention and thoughtful innovation.

Caribbean Export Development Agency (Caribbean Export) and DHL, a global leader in logistics, have signed a Memorandum of Understanding (MOU) to formalize a strategic partnership aimed at enhancing the capabilities of micro, small, and medium enterprises (MSMEs) in the Caribbean. The MOU establishes a framework for collaboration between the two organizations in areas such as e-commerce, logistics., and professional development, supporting MSMEs’ growth in the global marketplace.

The MOU underscores Caribbean Export’s commitment to fostering economic growth in the region by enhancing the skills and knowledge of MSMEs. Through this partnership, Caribbean Export and DHL will launch a series of initiatives designed to help MSMEs navigate the complexities of global trade, particularly in logistics and e-commerce.

Dr. Damie Sinanan, Executive Director of Caribbean Export, stated:

“This partnership with DHL is a significant step forward in our efforts to empower Caribbean MSMEs and equip them with the tools and knowledge they need to compete effectively on the global stage. By combining Caribbean Export’s deep understanding of the region’s business landscape with DHL’s international expertise in logistics and e-commerce, we can create transformative opportunities for MSMEs to expand their market reach and thrive in the digital economy.”

“At DHL, we take pride in our partnership with Caribbean Export, as it signifies a notable achievement in our efforts to foster economic growth and create better opportunities for SMEs. This partnership holds great significance in our journey to make a real difference in the lives of businesses in the Caribbean region.” said Mario de Silva, Country Manager of DHL (Barbados) Ltd.

Partnership Objectives

The MOU between Caribbean Export and DHL focuses on several key areas, including:

1. Capacity Building for MSMEs: Through collaborative initiatives, Caribbean Export and DHL will provide training and resources to help MSMEs overcome logistical challenges and leverage e-commerce opportunities.
2. Professional Development for Caribbean Export Staff: DHL will offer technical assistance to enhance the skills of Caribbean Export staff in logistics and e-commerce, enabling the agency to better support the region’s MSMEs.
3. Strengthening Training Modules: DHL will contribute its expertise to update and strengthen Caribbean Export’s ProNET (Productivity Network) training modules, ensuring that MSMEs receive relevant and up-to-date guidance.
4. Ongoing Collaboration: The MOU lays the groundwork for future cooperation between Caribbean Export and DHL, with the flexibility to introduce new initiatives that further support MSMEs in the Caribbean region.

First Activities Announced: Workshops on E-Commerce and Logistics

As part of this collaboration, Caribbean Export and DHL are pleased to announce the first two workshops under the MOU framework. These workshops, based on DHL’s GoTrade program ‘are designed to provide Caribbean MSMEs with practical insights into e-commerce and logistics:

Introduction to E-Commerce:

Date: 30th October 2024

Time: 11am – 1pm (AST)

This workshop will introduce MSMEs to the fundamentals of e-commerce, covering topics such as digital sales strategies, payment gateways, and creating an effective online presence.

The Art of Logistics:

Date: 11th November 2024

Time: 11am – 1pm (AST)

Focused on the critical role logistics plays in global trade, this workshop will guide MSMEs through the essentials of supply chain management, international shipping, and customs processes, ensuring businesses are well-prepared to deliver their products efficiently to global markets.

Both workshops will be facilitated by experts from DHL’s GoTrade program and are designed to provide actionable knowledge that MSMEs can immediately apply to improve their competitiveness and operational efficiency.

Link to the Mou Signing: Watch Now

• ‘Absolutely Caribbean’ pavilion at SIAL Paris 2024 will feature 26 unique Caribbean brands.
• Companies from Barbados, Haiti, Jamaica, St Lucia, and Trinidad & Tobago are taking part.
• Caribbean products on show will include sauces, condiments, chocolate, coffee, and cakes.

Vibrant, original, exotic, and diverse Caribbean flavours are set to command attention at ‘SIAL Paris 2024’ when 26 regional businesses display their one-of-a-kind products at the world’s biggest food tradeshow from 19-23 October.

The carefully curated group of established and emerging Caribbean agro-processors will exhibit their products under the ‘Absolutely Caribbean’ umbrella supplied by the Caribbean Export Development Agency with financial support from the European Union.

“Caribbean Export is thrilled to be supporting 26 Caribbean brands at this year’s installation of SIAL Paris, one of the world’s premiere food expos, with thousands of visitors expected over the five-day period. Following a competitive process, we selected a diverse but quality range of products that we believe highlight the best of the Caribbean. We have worked closely with the brands, and together with European partners, provided a training series on export requirements to ensure firm capacity and expertise to access the European market. The brands will be represented by individual firms, but also Trade Promotion Organisations from across the region, a partnership we are proud of,” said Natasha Edwin-Walcott, Manager (ag), Competitiveness & Export Development, Caribbean Export.

Thousands of industry buyers and media who visit the ‘Absolutely Caribbean’ booth over the course of the show’s five days will get the chance to enjoy a tantalising variety of Caribbean food inspired by, and infused with, fresh, locally-sourced ingredients such as mango, pineapple, passion fruit, and coconut, and made using sustainable and ethical manufacturing practices.

Haitian chocolate producer Choko Lakay is one of the regional businesses set to share its story at SIAL Paris 2024. This company started in 2016 and now helps support over 200 female farmers grow organic, sustainable cacao for a range of premium products such as cocoa butter, cocoa nibs, cocoa tea, chocolate soap and massage oil.

Dark Seamoss from St Lucia will also present its suite of ocean-farmed, organic products at SIAL. Dark Seamoss’s range of healthy drinks and concentrated powders tap into the benefits of sea moss as a fibre-rich prebiotic that boosts good bacteria in the gut and helps to lower cholesterol.

All the ‘Absolutely Caribbean’ specialty food brands at SIAL plan to take full advantage of global interest in Caribbean cuisine which has continued to grow ever since it was identified in 2022 as one of the top food trends by the US National Restaurant Association.

In addition, research on the ‘Top Ten Trends for 2024’ in the global food and beverage market by Innova found that two-thirds of consumers are “open to trying new global cuisines” and these can include “authentic, adventurous foreign dishes, as well as globally-influenced dishes made with local ingredients”. This aptly demonstrates the export potential for Caribbean-based food around the world.

Adventurous customers are continually craving bold, innovative, naturally healthy flavours and Caribbean food ticks every single box, which makes the ‘Absolutely Caribbean’ booth at SIAL a must-visit area where attendees can expect delicious tastings, interesting interactions, and memorable stories.

We invite industry buyers and media to visit the ‘Absolutely Caribbean’ brand at Booth 4 K 083, and look forward to demonstrating exactly what makes Caribbean food truly exceptional.

In a prestigious ceremony, the Export and Investment Center of the Dominican Republic (ProDominicana) awarded Caribbean Export a special recognition for its vital support in executing projects that advance exports and investment in the country. This accolade acknowledges Caribbean Export as a crucial strategic partner in implementing programs that help exporting companies and small and medium-sized enterprises (SMEs) in the Dominican Republic reach international markets.

During the “Alianzas que Suman” (Alliances that Add Up) ceremony, Ms. Romily Thevenin, Communications and Research Officer, accepted the recognition on behalf of Caribbean Export. The award was presented by ProDominicana’s Executive Director, Ms. Biviana Riveiro.

ProDominicana praised Caribbean Export for its “exceptional contributions,” which have been instrumental to the organization’s success. Caribbean Export’s consistent support has been essential in boosting exports and investment in the Dominican Republic through comprehensive programs including capacity building, market intelligence, and technical assistance, enhancing significantly the competitiveness of Dominican businesses. Initiatives in export promotion, investment facilitation, and access to finance have opened new opportunities not only for local products and services but for the entire Caribbean region on the global stage. Additionally, the focus on sustainability, innovation, and sector-specific support, along with strategic partnerships and regional integration efforts, have fostered a robust and dynamic economic environment.

The recognition of Caribbean Export underscores its ongoing commitment and dedication to creating a favorable environment for trade and investment, which is commendable and pivotal for the Dominican Republic’s economic growth.

Other honorees at the event included the Ministry of Economy, Planning, and Development of the Dominican Republic, the Ministry of Foreign Affairs (MIREX), The Santo Domingo Chamber of Commerce and Production, the Dominican Agribusiness Board (JAD), the Development and Export Bank (BANDEX), Banreservas, DP World, INICIA, FERSAN, La Aurora, the Dominican Exporters Association (ADOEXPO), the Association of Foreign Investment Companies (ASIEX), businessman Evaristo Pérez Carrión, and businesswoman Ligia Bonetti.

We extend our heartfelt gratitude to ProDominicana for this recognition and look forward to continuing our collaborative efforts to drive economic growth and prosperity in the Dominican Republic and the entire Caribbean region.

• Partnership Agreement Facilitates Caribbean’s Access to African Market
• MoU Highlights Closer Partnership Between Africa and the Caribbean
• Unleashing New Opportunities for Growth and Collaboration in Africa

The Caribbean Export Development Agency (Caribbean Export) has inked a partnership with the African Export-Import Bank (Afreximbank) through the signing of a Memorandum of Understanding (MoU). This strategic alliance aims to drive collaboration in vital areas such as capacity building, information exchange, trade facilitation, and investment facilitation between Africa and the Caribbean region.

Dr. Damie Sinanan, Executive Director of Caribbean Export, highlighted the significance of this partnership during a joint press conference at the Caribbean Investment Forum. He stressed the Agency’s determination to explore new frontiers for export expansion, specifically focusing on promising markets such as Africa.

The MoU was signed on June 14, 2024, in the Bahamas. It marks a significant achievement following Caribbean Export’s missions to Ghana and Nigeria in 2023. These missions involved a delegation of companies and business support organizations from the Caribbean, uncovering substantial opportunities for enhanced trade and investment between Africa and the Caribbean.

“We found immense opportunities for trade and investment between Africa and the Caribbean,” added Dr. Sinanan. He told the media that Ghanaian firms’ eagerness to collaborate with counterparts in the Caribbean signals the vast potential for mutual growth and prosperity.

He emphasized the value of knowledge transfer from African partners in trade, investment, and technological advancements, thereby underlining the agency’s commitment to fostering enduring relationships and partnerships over the next “three to five years.”

In alignment with this vision, Okechukwu Ihejirika, Acting Chief Operating Officer of the Caribbean Office of Afreximbank, spoke about the bank’s unwavering commitment to standing as a robust partner for the Caribbean region. “There’s much value inherent in us working together as a team. We make ourselves a formidable force when we work together,” Ihejirika said.

Notably, this strategic alliance sets the stage for a concerted push to strengthen trade relations and foster a more resilient bond between Africa and the Caribbean.

The collaboration between Caribbean Export and Afreximbank represents a significant step forward in enhancing Caribbean firms’ capacity to harness the vast opportunities presented by the African market and forge indispensable partnerships critical for driving sustainable trade and investment growth.

• CIF 2024 successfully concludes in Georgetown, Guyana
• 200 business meetings facilitated
• Delegates discover impressive array of private sector projects totaling US$50 million

A clear vision for a transformed Caribbean and a roadmap to achieving it – that’s what attendees of the third edition of the Caribbean Investment Forum (CIF) 2024 came away with when the high level conference drew to a close on Friday, July 12, in Georgetown, Guyana.

Hosted by the Caribbean Export Development Agency (Caribbean Export), at the Arthur Chung Conference Centre, under the theme “Transforming Our Future, Empowering Growth”, the forum brought together over 450 delegates from 40 countries for three days of insightful presentations, strategic networking and intense negotiations.

Delegates explored the abundant investment opportunities and incentives in the Caribbean, particularly in the priority areas of green economy transition, the digitalization of Caribbean business, and sustainable agriculture.

Caribbean Export’s Manager (Ag), Competitiveness & Export Promotion, Natasha Edwin-Walcott, said, “The Caribbean Investment Forum delivered its promise to provide a platform for the public and private sector including investors, entrepreneurs and development partners to network and collaborate on ways to transform the region on the three focus areas. Feedback from attendees and partners have been overwhelmingly positive. The event attracted over 450 delegates and facilitated more than 200 business meetings. The CIF brand is growing and we are excited by the partnerships established and the encouraging discussions held with development partners and other stakeholders.”

During his opening speech, newly appointed Executive Director of Caribbean Export, Dr. Damie Sinanan, spoke of the trail of devastation left in the wake of Hurricane Beryl and how its aftermath further proves the importance of the conference’s priority areas.

“With this one catastrophic event we have to ask ourselves some serious questions. Once again, how do we mitigate and adapt to those climatic impacts? How does this affect our ability to feed our people and how do our Caribbean people exploit opportunities presented by new technologies, innovation and connectivity to continue to do business in times of peril? That is why since 2022 Caribbean Export has championed these core areas and it is no different this year. We believe these areas portend the greatest potential for a transformative and resilient Caribbean region.”

In his wide-ranging keynote address detailing his vision for a transformed Caribbean, President of the Co-operative Republic of Guyana, His Excellency Dr Mohamed Irfaan Ali, told the packed conference hall, “Sometimes we are captured by our own size, size of population and size of market but there is nothing bigger than an idea, than innovation, than driving ideas, that can change the narrative and position us as a region of excellence and that is what we have to do. We have to go after innovation that will position us as a region of excellence, and a region of excellence requires innovative thinking, it requires investing in a knowledge economy, investing in our human resources, building the right and strong partnerships. These are the things that matter.”

Over the two days of high level discussions and presentations, delegates learned about investment and partnership opportunities that are addressing the region’s biggest challenges and promising transformative results.

Conference highlights included the U.S. Agency for International Development (USAID) reaffirming its commitment to the Caribbean and an announcement of US$28 million in funding to the Caribbean, including an extra US$1.45 million to expand the Economic Development Activator programme in Guyana, Suriname and Trinidad and Tobago. The announcement came on day two during the keynote address from USAID’s Deputy Administrator for Policy and Programming, Isobel Coleman, titled ‘Building Resilience Through De-risking: Unleashing Catalytic Capital and Public-Private Collaborations in the Caribbean’.

Representatives from the Inter-American Development Bank (IDB), CAF Development Bank, Regional European Union Delegation from the Caribbean and others, also reaffirmed the commitment of their individual organisations to helping the region develop in the three priority areas. Delegates learned more about the EU’s Global Gateway Strategy, and the IDB’s One Caribbean strategy.

The first day of activities featured, among other things, a keynote fireside chat on Building Tomorrow: Harnessing the Power of Green featuring the Chairman of CAG, The Carlyle Group, Dr. Gerrard Bushell, as well as a CEO Leadership Roundtable titled Caribbean Titans Unite: Fueling Resilience Through Bold Investments featuring Vice President of Citi Environmental & Social Risk Management, Ryshelle McCadney; Managing Director of Farfan & Mendes Ltd, Andrew Mendes; COO – Caribbean Office (Ag.) of African Export-Import Bank, Okechukwu Ihejirika; and Director of Global Business Development of Global Integrated FinTech Solutions, Dave Sahadath.

During the opening of the CIF 2024 Investment Village and Blitz, Advisor for Investment Promotion at the Caribbean Export Development Agency, Tonya Cummins, told attendees, “This initiative underscores our commitment to facilitating meaningful connections and fostering an ecosystem where investment can thrive. It is designed to not only highlight the projects but also to demonstrate the immense potential and readiness of the Caribbean to attract and sustain FDI…. Our goal is to create a robust environment that supports business growth, fosters innovation, and enhances the economic well-being of our member states.”

The Investment Village featured an impressive array of private sector projects ranging from US$500,000 to US$16 million, collectively amounting to a total portfolio value of close to US$50 million. The projects all fell under the sustainable agriculture and digital transformation thematic areas and included Project Kiem based in Suriname, Crazy About Organics Sustainable Farms based in the Dominican Republic, Transforming Caribbean Agriculture through Innovation and Sustainability based in St. Vincent & The Grenadines, HUBU Aquafarm Phase 2/3 Development based in Guyana, Prosperina Agtech based in The Bahamas, HealthApp Solutions based in Guyana, Orbtronics Innovation Hub based in St. Lucia and GUYIMEX International based in Guyana.

Delegates also heard presentations from the Carib Equity and United Nations Capital Development Fund (UNCDF), EU funded projects.

On the final day of conference activities, Grenada’s Minister for Climate Resilience, the Environment and Renewable Energy Ministry for Climate Resilience, the Environment and Renewable Energy, Kerryne James, joined the conference virtually for a ministerial spotlight on Fostering Sustainable Development Through Innovative Investment Strategies in the Caribbean: Opportunities and Challenges.

Later, delegates received a much anticipated update on the Ferry Project from His Excellency Ambassador Dr. Andre Thomas, Chairman & CEO of Pleion Group Inc, Parent Group of Connect Caribe. They also heard country presentations from investment agencies representing the Dominican Republic, Turks & Caicos, Trinidad and Tobago, Barbados, St. Kitts, Grenada, and Dominica, which were also well received.

In her closing remarks, Guyana’s Minister of Tourism, Industry and Commerce, Oneidge Walrond, described CIF 2024 as a resounding success.

“The government of Guyana is fully aware of the importance of this forum for the sustainable development of our Caribbean region. CIF has once again provided a dedicated space for global and regional interactions, many of which we hope to evolve into long-lasting partnerships and business relationships,” she said.

• MOU solidifies the Caribbean Export and Pleion Group Inc. partnership, creating a framework for joint initiatives.
• CIF 2024 MOU signing ceremony emphasizing the significance of collaboration.
• By working together, Caribbean Export and Pleion Group seek to drive economic growth in the Caribbean region.

The Caribbean Export Development Agency (Caribbean Export) and Pleion Group Inc. inked an agreement to enhance regional transportation through the Connect Caribé initiative. This partnership, which centers on the exchange of vital information and expertise, is touted as a significant step towards boosting regional trade and logistics, driving economic growth and development across the Caribbean.

On Friday, June 12, 2024, the two partners signed a Memorandum of Understanding (MOU) at Guyana’s Arthur Chung Conference Centre on the final day of the 2024 Caribbean Investment Forum.
Dr. Damie Sinanan, Executive Director of Caribbean Export, highlighted the shared goals and positive impact of Connect Caribé, the private-sector-led Caribbean ferry project, and its effects on the future of regional commerce. He also expressed the full support of Caribbean Export for such a project led by Pleion Group Inc.

“This is one of the successes that have come out of the Caribbean Investment Forum. It’s not just about meetings, having a full room, or talks. It’s about actions, and this is a prime example,” Dr. Sinanan highlighted.

H.E. Ambassador Andre Thomas, Chairman and CEO of Pleion Global Group Inc., credited the partnership’s birth to participating in a roundtable on transportation and logistics forum at the CIF two years ago.

“Our project equation is about four parts, and all were found at CIF. So, I must say [Pleion Global Group Inc. is] excited to sign this much-needed initiative to move from concept to reality,” Ambassador Thomas explained.

The Pleion Global Group Inc.’s project, ‘Connect Caribe,’ was established to enhance regional trade and logistics within the Caribbean by facilitating the movement of people and cargo.

Initially, the project focused on transporting heavy and light cargo and agricultural produce. Over time, passenger movement was added with ferry routes to several regional destinations. This project will undoubtedly revolutionize transportation, with a ripple effect that, once fully operational, will boost economic growth in the Caribbean region.

• Priority areas identified for partnerships

• Collaborations with businesses will accelerate environmental solutions and innovation

July 11, 2024, Georgetown, Guyana—The third iteration of the Caribbean Export Development Agency’s (Caribbean Export) Caribbean Investment Forum (CIF) has received the support of several significant development partners, who aim to help the forum become a promoter for economic transformation in the Caribbean region. 

This was highlighted during a press conference held on the second day of the CIF, where the partners, the European Union, the U.S. Agency for International Development (USAID), the Inter-American Development Bank (IDB), and the CAF Development Bank, all underscored the importance of strategic partnerships to foster sustainable growth in the region.

Leo Naut, Deputy Executive Director of Caribbean Export, told the conference that by bringing together international development partners, the region can leverage their expertise, resources and networks to drive impactful projects forward.

The EU’s Head of Cooperation at the Regional European Union Delegation for the Caribbean, David Mogollon, said that the Union can use its tools and instruments to catalyze investments in the Caribbean.

Against this backdrop, Mogollon added that the European Union established the Global Gateway Strategy, which tries to leverage public funding to bridge the gap of investment and mobilise private sector capital.

As part of this strategy, he stated that the EU is trying to leverage $45 Billion Euros for the entire Latin American and Caribbean region. Giving a breakdown of how this works, he said that they have jointly identified several priorities with partners, ranging from maritime connectivity to renewable energy and digital transformation to building capacity.

Meanwhile, USAID Regional Representative for the Eastern and Southern Caribbean, Mervyn Farroe said that their goal is to support the creation of a safe, prosperous and resilient Caribbean region.

Mr. Farroe added that USAID’s strength lies in the partnerships with local government, international partners, regional organizations and the private sector.

“The Caribbean Investment Forum is taking place at an opportune time to foster more partnership because the record growth of private capital in the Caribbean and emerging economies around the world has created an unprecedented opportunity for governments and development partners to leverage their resources to enable investors to become the current driver of inclusive economic growth,” he said.

With this, he signalled that there is no better event than the CIF to make connections. As a result, the agency aims to partner with businesses to accelerate global environmental solutions and unlock innovative technology and research.

Furthermore, Lorena Solorzano-Salazar, Representative of the Inter-American Development Bank (IDB), said that in exploring partnerships in the Caribbean the bank has been focused on implementing its institutional strategy and its ‘One Caribbean’ strategy.

The ‘One Caribbean” strategy aims to promote integration and resilience in the region with the support of projects and partnerships.

At this year’s forum, she underscored the importance of partners like the IDB being present, exploring opportunities, and providing resources to the private sector across the region.

Meanwhile, CAF Development Bank Representative Bernardo Requena stated that staging the CIF showcases the Caribbean’s potential as a prime investment destination. “Our collaboration with the Caribbean Export Development Agency has been excellent, and we are committed to continuing this partnership with you,” Requena said.

• USAID reaffirms its commitment to the Caribbean with $28 million in funding, including an extra $1.45 million to expand its Economic Development Accelerator program in Guyana, Suriname, and Trinidad and Tobago.
• Exciting investment opportunities across the Caribbean were unveiled at the CIF 2024 Investment Village.
• Pitch for investment initiative creates a bridge to fill the gap between Caribbean businesses and international investors.

July 11, 2024, Georgetown, Guyana — The U.S. Agency for International Development (USAID) reaffirmed its dedication to the Caribbean on Thursday, announcing a substantial funding allocation of nearly US $28 million. This financial support, including US $1.45 million in new funding from USAID, will be crucial in advancing inclusive economic growth and climate adaptation in the Caribbean region.

During her keynote address at day-two of the 2024 Caribbean Investment Forum (CIF) titled ‘Building Resilience Through De-risking: Unleashing Catalytic Capital and Public-Private Collaborations in the Caribbean,’ Isobel Coleman, Deputy Administrator for Policy and Programming at USAID, emphasized the organization’s commitment to innovation and maximizing development impact through the strategic investment of private resources. She highlighted the positive effects of these efforts not only in the Caribbean but also around the world.

The announcement marks a significant milestone in USAID’s ongoing efforts to support and foster sustainable development in the Caribbean, further solidifying the organization’s pivotal role in driving positive change in the region.

She mentioned that while governments may not always have the resources for large-scale climate investments, they can allocate public funds to reduce investment risk, creating a more favourable environment for investors. Collaboration between the public and private sectors can yield excellent results, but it requires commitment and a willingness to take on more risk from all parties involved.

Lorena Solórzano-Salazar, the representative of the Inter-American Development Bank (IDB) at the Country Office in Guyana, addressed the numerous challenges the Caribbean faces across different sectors and emphasized the necessity for increased direct investment.

While underscoring the Bank’s supportive stance in the region, Ms. Solórzano-Salazar recognized that “the gaps in the region are significant.” She stressed that “one institution cannot address these issues alone” and pointed out the potential for bilateral and multilateral partners to collaborate in addressing the development gaps.

During the forum, the IDB representative shared information about the bank’s regional flagship program, “One Caribbean,” launched last year to promote sustainable development in the Caribbean. The program addresses climate adaptation, disaster risk management, private-sector engagement, and food security issues. These efforts aim to support regional integration and resilience through project and partnership support.

The representative also stressed the importance of this program in supporting long-term investment in the face of climate change and contributing to the development of Latin America and the Caribbean. She also mentioned that the IDB will continue to support the region.

Additionally, Dr Gerrard Bushell, Chairman of CAG, The Carlyle Group, joined the discussion as the keynote speaker for the Fireside Chat: Building Tomorrow: Harnessing The Power Of Green.

Dr. Bushell explained the methods he implied were the driving force behind his successful career in finance and investment.

He underscored the intersection between capital markets and green initiatives. “We have capacity and capital and need to build the bridge.”

During the CEO leadership roundtable panel discussion on ‘Fueling Resilience Through Bold Investments’, Ryshelle McCadney, Vice President of Citi Environmental & Social Risk Management; Andrew Mendes, Managing Director of Farfan & Mendes Ltd; Okechukwu Ihejirika, Acting Chief Operating Officer of the Caribbean Office of African Export-Import Bank; and Dave Sahadath, Director of Global Business Development at Global Integrated FinTech Solutions, discussed the challenges faced by prospective businesses in the Caribbean region while sharing their experiences.

The panel acknowledged that upfront investment was a significant hurdle and alluded to the impacts of climate change, referencing the devastation caused by Hurricane Beryl and the efficiency of public-private partnerships. Local labour, building capacity and digital infrastructure to be climate resilient were examined.

The forum also included a panel discussion on the theme “Fields of Fortune: Investing in Sustainable Agriculture for a Flourishing Caribbean” concerning the agriculture sector.

The panellists featured were Jody White, Executive of Sustainable Agriculture, Food & Innovation, Entrepreneur, Consultant; Patrick Starr, Director of Investments at US International Development Finance Corporation; Carlos Eduardo Narvaez, Head of Agribusiness at IDB Invest; and Dr Haimwant Persaud, Chief Executive Officer at Latitude Geospatial.

During a side event, Dr. Damie Sinanan, Executive Director of Caribbean Export, and Dr. Peter Ramsaroop, Chief Executive Officer of the Guyana Office for Investment (GO-INVEST), cut the ribbon to declare the investment village open. Dr. Sinanan noted that the village serves as a platform for showcasing various products and services and is ideal for connecting investors and businesses.

Meanwhile, Dr. Peter Ramsaroop believes that the region’s objective should be to ensure that “better products reach the right markets,” even if it means slightly adjusting the products or services offered in this part of the world. He also stated that “real opportunities exist, so investment-driven growth is achievable.”

To conclude the day’s activities, businesses from Guyana, Suriname, St Lucia, the Bahamas, the Dominican Republic, and Saint Vincent and the Grenadines participated in the investment project presentation and connected with four potential investors. This is a conversation that will continue beyond the 2024 Caribbean Investment Forum.

• The third edition of the Caribbean Investment Forum kicks off as the Caribbean Export Development Agency fosters stronger public-private partnerships in the Caribbean.
• Guyana, a key player, hosts the 2024 Caribbean Investment Forum, inviting delegates to explore the region’s investment opportunities and incentives.
• The CIF 2024 agenda is strategically designed to connect regional and international investors to opportunities across the Caribbean, fostering the growth of regional partnerships.

July 10, 2024, Georgetown, Guyana– At the opening ceremony of the 2024 Caribbean Investment Forum (CIF) at the Arthur Chung Conference Centre in Georgetown, Guyana, renewed calls were made for greater public-private partnerships to transform the Caribbean region, setting the tone for the next two days of discussions.

The Caribbean Export Development Agency (Caribbean Export) is hosting CIF 2024 under the theme ‘Transforming Our Future, Empowering Growth’, collaborating with the Government of the Co-operative Republic of Guyana, the European Union, the CARICOM Secretariat and the Caribbean Development Bank.

Dr Damie Sinanan, Executive Director of Caribbean Export, emphasized the importance of the forum, symbolizing a remarkable shift in the collective approach to securing the vital investments required for the region’s economic development and diversification.

“The Caribbean is ripe for investment opportunities in various sectors and the forum provides the platform to enable various public and private stakeholders to meet and advance this cause,” Dr Sinanan said.

Dr. Sinanan stressed the importance of sustained economic growth in the Caribbean region and the need for regional and international partnerships beyond national borders.

“We must come together as a single Caribbean to bring the required skills and market size needed to attract the high level of capital investment needed to achieve transformational growth. In other words, it can’t be business as usual. [We] must act with alacrity and unity while embracing the ever-changing environment.”

Meanwhile, His Excellency Dr. Mohamed Irfaan Ali, President of the Co-operative Republic of Guyana, also shared similar sentiments of a greater need for more regional partnerships. The head of state reminded delegates, “Guyana is open to investment and has a very friendly investment environment.”

He also highlighted the many opportunities in his country, stating, “Guyana offers generous and favourable fiscal investment incentives. Guyana is an open foreign currency market with low inflation and a stable financial system. In every single sector, we have outlined the investment opportunities that exist here in Guyana.”

In addition, Dr. Carla Barnett, Secretary-General of the CARICOM Secretariat, used her remarks to underscore the urgent need for action regarding the region’s vulnerabilities to climate change, evidenced by Hurricane Beryl.

Dr. Barnett is calling for increased private-sector investment in sustainable agriculture. She described this investment as crucial for enhancing advantages and addressing challenges. The CARICOM Secretary-General also emphasizes the importance of channeling investments into sustainable agricultural projects that modernize farming, introduce technological innovations, and improve market access for existing and new agricultural products.

“[CARICOM] is prioritizing investments that are climate resilient, those investments which integrate improved farming techniques to address the region’s vulnerability to hurricanes, floods, droughts and rising sea levels that cause salination and loss of arable lands.”

His Excellency Rene Van Nes, Ambassador of the Delegation of the European Union (EU) to Guyana, praised EU investors for their involvement in this year’s forum. He mentioned that the EU has a longstanding partnership with the region, based on mutual interests and strong economic, social, cultural, and historical ties.

“The Caribbean [is] a significant investment opportunity, and we aspire to be the business partner of choice for the Caribbean, and for that, we are putting at your disposal the comprehensive global gateway strategy and its associated investment agenda. The global gateway investment agenda is the EU’s offer to bridge the investment gap and leverage private capital to boost innovative, sustainable, and transformative investments.”

Ms. Lisa Harding, Acting Head of the Private Sector Division at the Caribbean Development Bank (CDB), reiterated the bank’s commitment to supporting such a forum. The Caribbean Investment Forum serves as a strategic platform not only to showcase investment opportunities, but also to facilitate networking and partnerships, and foster much-needed dialogue among stakeholders.

“The Caribbean Investment Forum has successfully attracted investment capital into the region. The Caribbean is open to investment. CDB plays a critical role in supporting investment and sustainable development across its client countries. We take a holistic view of development, ensuring that it is resilient, inclusive and equitable.”

After the formal opening, the delegates were treated to a vibrant cultural presentation titled “One Guyana,” which showcased a fusion of dances performed by Guyanese dance groups Riverside Angels, Jorro, and Berbice Delights Dance Troupes. Additionally, during the cocktail reception, a cultural presentation titled “A Taste of Guyana” was demonstrated, featuring traditional Guyanese food, drinks, and arts.

Over the next two days, over 450 participants at CIF 2024 will discuss sustainable agriculture, the transition to a green economy, the digitalization of businesses, and sustainable development.

Bridgetown, Barbados – Caribbean Export is delighted to announce the renewal of the partnership with CAF – Development Bank of Latin America and the Caribbean for the upcoming Caribbean Investment Forum (CIF) 2024. Scheduled to take place from July 10th to 12th, 2024, in Georgetown, Guyana, CIF 2024 promises to be a pivotal event in the region’s economic landscape and is hosted in collaboration with the Cooperative Republic of Guyana, the European Union, CARICOM, the Caribbean Development Bank (CDB) and the Guyana Office for Investment (Go-Invest).

CAF and Caribbean Export further solidified their collaboration by signing a Memorandum of Understanding (MOU) in February 2023, underscoring their shared commitment to advancing the region’s development agenda. Recognizing the forum’s crucial role in driving investment and fostering sustainable development across the Caribbean CAF have continued to support the event for the 3^rd consecutive occasion.  

Leo Naut, Deputy Executive Director of Caribbean Export, emphasized the significance of this support, stating, “CIF represents a collaborative effort among key stakeholders to promote economic resilience and prosperity in the Caribbean. We are grateful for the continued support of partners like CAF, whose commitment to sustainable development aligns seamlessly with our mission. Together, we are working towards creating a more vibrant and resilient Caribbean economy.”

In expressing the bank’s commitment to the event, Bernardo Requena, Trinidad and Tobago Representative for CAF remarked, “CAF is proud to collaborate once again with Caribbean Export for the Caribbean Investment Forum 2024. This event provides a vital platform for showcasing investment opportunities and facilitating partnerships that drive sustainable development in the region. Through our collaboration, we aim to foster innovation, resilience, and inclusive growth, ultimately creating a brighter future for the Caribbean.”

CIF 2024 promises to be a dynamic gathering of thought leaders, investors, government officials, and industry experts, united in their pursuit of a prosperous and sustainable Caribbean. The partnership between Caribbean Export and CAF underscores the importance of collaboration in advancing the region’s development agenda and unlocking its full potential. Caribbean Export is grateful for the continued support of private sector partners such as Republic Bank and other development partners including the USAID, the Inter-American Development Bank (IDB) and the International Finance Corporation (IFC/World Bank), whose commitment to sustainable development aligns seamlessly with our mission.

• Dr. Damie Sinanan appointed as new Executive Director of Caribbean Export Development Agency.
• Dr. Sinanan brings over 20 years of experience in export development and promotion across the Caribbean region.
• His leadership will focus on transforming Caribbean Export into the leading project executing agency for private sector development in the region.

Bridgetown, Barbados – July 1, 2024 – The Caribbean Export Development Agency (Caribbean Export) is pleased to announce the appointment of Dr. Damie Sinanan as its new Executive Director, effective immediately. Dr. Sinanan brings a wealth of experience and a deep understanding of the region’s economic landscape to his new role.

Dr. Sinanan, a national of Trinidad and Tobago, has served for the past ten years at Caribbean Export, where he has excelled as the Manager of Competitiveness and Export Promotion. His leadership has been instrumental in driving private sector development, enhancing trade and export promotion, investment attraction and advancing economic resilience across the Caribbean.

With over 20 years of experience in export development and promotion, Dr. Sinanan’s career includes significant roles at exporTT, the official trade promotion agency of Trinidad and Tobago, Republic Bank Limited and the Inter-American Development Bank.

Dr. Sinanan holds a B.Sc., M.Sc., and Ph.D. in Economics from the University of the West Indies.

Expressing his enthusiasm for his new role, Dr. Sinanan stated, “I am honoured to lead Caribbean Export and will continue working towards our mission of building stronger businesses in the region. I look forward to continued collaboration with our existing partners while building new partnerships to drive innovation, sustainability, and economic resilience in our region. My vision is to transform Caribbean Export into the leading project executing agency for private sector development in the Caribbean”

Under Dr. Sinanan’s leadership, Caribbean Export aims to expand its impact by enhancing trade and attracting investment within the region, creating new jobs and improving the livelihoods of Caribbean people.