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Over the past decade, the Caribbean region has faced the fury of some of the most devastating hurricanes in recent memory, leaving a trail of destruction and heartache. Hurricanes like Irma, Maria, and the Dorian have devastated many islands and island economies, underscoring the urgent need to address the escalating threats posed by climate change.

While accounting for only a small fraction of global greenhouse gas emissions, the Caribbean islands have emerged as fervent champions of the global effort to reduce emissions and combat climate change. Despite their relatively small contribution to the problem, they are taking bold steps to be a part of the solution. The Region’s commitment to environmental sustainability and resilience has ignited a revolution in energy production and consumption.

A number of transformative projects are sprouting across the Caribbean, driving innovation, fostering economic growth, and showcasing the remarkable potential of renewable energy sources to support a sustainable future.

The CIF Showcase: Lessons from the Frontlines of the Renewable Energy Revolution with Aaron Bielenberg, Managing Director & Partner – Boston Consulting Group at the 2023 Caribbean Investment Forum in Nassau Bahamas is exploring valuable insights from renewable energy projects across the region.

Developed by The Caribbean Export Development Agency (Caribbean Export), in collaboration with the European Union, the Government of the Bahamas, the CARICOM Secretariat and the Caribbean Development Bank, the conference focuses on development and investment opportunities in AgTech, green economy transition, ICT, logistics and shipping.

So, why green energy?

Energy Security & Independence
Many Caribbean islands rely heavily on imported fossil fuels for their energy needs, making them susceptible to fluctuations in global oil prices and supply disruptions. Transitioning to green energy sources such as solar, wind, and geothermal enhance energy security by reducing dependence on fossil fuels and promoting local energy production. Importantly, the shift reduces the need for energy imports, providing Caribbean nations with greater control over their energy supply and reduces their vulnerability to geopolitical tensions affecting energy markets.

Cost Savings
Green energy technologies, such as solar and wind power, have become increasingly cost-competitive in recent years. Investing in these technologies creates long-term cost savings for Caribbean countries by reducing their reliance on expensive imported fossil fuels.

Economic Diversification
The burgeoning Caribbean green energy sector has made tremendous strides in stimulating economic growth and diversification. In recent years the region has seen the growth of jobs in manufacturing, installation, maintenance, and research and development of renewable energy technologies.

Environmental Preservation
The Caribbean is globally known for its stunning natural beauty, a key driver of tourism. Transitioning to green energy helps to maintain this brand by preserving the environment, reducing air and water pollution, and protecting fragile ecosystems, ensuring the long-term sustainability of tourism as an economic driver.

Energy Access and Reliability
Many remote or underserved communities in the region struggle to access reliable energy sources. Green energy solutions like microgrids and distributed solar power improve energy access and reliability in these areas, promoting social and economic development.

The “Portland Plantation Hybrid Wind & Solar Farm” project in Barbados represents an excellent example of a pioneering effort in renewable energy. With a 1MW wind component, 2MW of solar power, and a 1MW battery system, the project is designed for climate resilience and environmental sustainability. This project is an important step in moving the Barbados National Energy Policy goal forward. Portland Plantation contributes to the local power supply by combining wind and solar energy. It addresses energy security, cost savings, and economic diversification, making it a significant step towards a greener and more sustainable future for the region.

Learn more about projects like these at the Caribbean Investment Forum in Atlantis, Nassau the Bahamas.

With an investor lineup valued at over $150 Billion USD and an anticipated audience of over 800 attendees, CIF is a nexus of opportunities and investment deals that support the regional transformation to A Bold New Caribbean.

Visit caribbeaninvestmentforum.com to learn more.

The Caribbean, characterized by its diverse geography, presents unique logistical challenges that have for years impeded the region’s economic growth. High transportation costs, amplified by rising fuel prices and operational inefficiencies, hinder the competitiveness of Caribbean goods and services in the global marketplace. Inadequate inter-island connectivity and the geographic dispersal of the islands make establishing efficient transportation networks difficult, further disrupting the seamless movement of goods and people and constraining trade and economic expansion.

In addition to these challenges, many islands struggle with inadequate transportation infrastructure, often delayed or halted in their development due to the impact of natural disasters on transportation networks and vital infrastructure.

The Caribbean Investment Forum (CIF) is emerging as a driving force and source for solutions to the region’s logistics and transportation challenges. As these challenges are explored by the businesses in attendance, so are the opportunities for catalytic change and economic advancement through the development of innovative solutions.

Led by the Caribbean Export Development Agency (Caribbean Export), in partnership with the European Union, the Government of the Bahamas, the CARICOM Secretariat, and the Caribbean Development Bank, the conference focuses on exploring development opportunities in AgTech, transitioning towards a green economy, embracing ICT, and enhancing transportation, logistics, and shipping in the Region.

The Caribbean undeniably faces an array of logistical and transportation obstacles. For those with forward-thinking vision, these setbacks present compelling opportunities for transformation and progress. Infrastructure enhancements have the ability to invigorate economic development in the region.

Improving port facilities, as in the case of the Freeport Container Port in the Bahamas, has a ripple effect on the entire Caribbean region. With better port infrastructure, international shipping companies are enticed to operate in the Caribbean. This not only reduces transportation costs but also enhances the competitiveness of Caribbean goods and services on the global stage. Businesses can import and export goods more efficiently, facilitating economic growth and job creation.

Investment in road infrastructure, as seen with the Autopista Juan Pablo II in the Dominican Republic, is a game-changer for supply chains. Efficient road networks connect major production centers to ports, streamlining the movement of goods. This optimization leads to reduced logistics costs, making Caribbean products more cost-competitive in both regional and international markets.

Ambitious projects like Jamaica’s logistics hub initiative are transformative for industrial growth. By positioning the country as a regional logistics and manufacturing hub, these initiatives attract global companies. Resulting in increased job opportunities and economic diversification as industries such as manufacturing and logistics expand.

A noteworthy achievement coming out of CIF2022 spotlights UpTurn Funds and its Co-Founder/ CEO, H.E. Ambassador Dr. Andre Thomas. Ambassador Thomas attended CIF last year with a focus on exploring investment opportunities within the region. Subsequently, he successfully initiated a joint venture project aimed at establishing a ferry service connecting Barbados, Trinidad, St. Lucia, St. Vincent, Antigua, and Grenada, contributing to enhanced regional connectivity and transportation options.

Commenting on CIF he shared…“If you are considering attending the Caribbean Investment Forum, it is not just a talk shop. It’s a place where you can meet people who have ideas that are on the same wavelength as your ideas, and they may have another piece, another part of the idea, the puzzle that you have….Great projects are like puzzles…[at CIF] we found pieces that were missing in our puzzle to deliver a transport and logistics maritime project to the Caribbean.”

With an expected audience of over 800 attendees, CIF serves as the central hub and premier platform for the exchange of ideas, knowledge sharing, business preparations, and the culmination of vital business and investment agreements that underpin the ongoing regional transformation toward A Bold New Caribbean.

Improvements in the Caribbean logistics and transportation ecosystem holds immense potential to drive economic development and ROI for investors. These investments not only address specific challenges but also create a ripple effect, fostering growth across various sectors and contributing to the overall prosperity of the region.

By investing in infrastructure and embracing innovation, the Caribbean can unlock its full potential and position itself as a competitive player in the global economy.

Visit caribbeaninvestmentforum.com to learn more.

• Caribbean Digital Transformation Institute (CDTI) officially launched by Caribbean Export
• CDTI will offer regional businesses personalised online courses to enhance ‘digital maturity’
• Three-year CDTI project funded by Inter-American Development Bank and Compete Caribbean

A new digital transformation project aimed at helping Caribbean businesses fully utilise modern technology and compete globally, has been announced by the Caribbean Export Development Agency (Caribbean Export).

The newly-launched Caribbean Digital Transformation Institute (CDTI), will provide regional micro, small, and medium-sized enterprises (MSMEs) with access to a self-assessed Digital Check-Up tool to gage their ‘digital maturity’ and then produce a tailored e-learning plan to improve their technological capabilities.

The three-year project, funded by the Inter-American Development Bank (IDB) and Compete Caribbean, will also analyse the data gathered by the digital check-up and make it publicly available to various business support organisations and other interested parties to inform policy decisions affecting MSMEs.

Speaking during the official launch of the CDTI on Thursday 5 October 2023, Caribbean Export’s Executive Director, Deodat Maharaj, promised participating Caribbean businesses “clear results and actionable recommendations” to enhance digitalisation, leading to “growth, profits, and opportunities.”

Mr Maharaj said the CDTI will offer businesses invaluable support and insight, stating “Innovation and digitalisation are absolutely critical to help our businesses compete and become fit for purpose in a hyper-competitive world. This digital transformation institute will establish a programme using a data and knowledge-driven approach to first help our Caribbean businesses understand, and then check, their level of adoption of digital technologies, practices, and processes.”

“I encourage every business to dedicate the time to complete the check-up,” Mr Maharaj added. “The combined data generated by widespread use will create a treasure trove of data analysis, producing actionable insight for all partners working to support our private sector in becoming more competitive.”

Private Sector Lead Specialist at the IDB, Sylvia Dohnert, revealed that the Digital Check-Up tool was initially rolled out in Chile in 2019 and is now running in 17 Latin American countries. She suggested that the tool’s data analysis would be even more effective in the Caribbean, working alongside the CDTI’s E-Learning Management platform which will identify knowledge gaps, and recommend a range of customised IT courses for businesses.

Ms Dohnert added: “This project is the result of thinking how to bring this tool to the Caribbean but taking it a step further by building a curriculum online to support the upgrading of businesses…

“We wanted to be able to direct businesses to the right resources for their status in terms of digital transformation, and we wanted to strengthen the ecosystem that supports them in their digital journey and innovation journey.”

Francisca Araya Lopez from the IDB’s Digital Check-Up Development Team, demonstrated the Digital Check-Up tool’s user-friendly interface. She stated that “any business, from any sector” can use the tool to find out their ‘digital maturity’ status and get a complete overview of where they are in terms of their technological usage. The check-up can also be repeated in three and six months so the business can track its digital progress.

Caribbean Export’s Advisor for Innovation and Digital Business, Phillip Jackson, explained that while the Digital Check-Up tool is at the core of the CDTI, the project has various other components including the development of a marketplace for digital service providers to make finding the relevant specialist quicker and easier.

“This is a comprehensive programme providing a 360-degree look at the digitalisation ecosystem in the region,” Mr Jackson stated. “The actionable data will drive policy interventions and drive knowledge products on the E-Learning Management platform and allow all of our private sector development organisations and agencies to interact and help businesses along their digitalisation journey.”

InstaCart, a prominent US-based grocery delivery application, made its much-anticipated debut in the public market last week with an Initial Public Offering (IPO) valued at a staggering $10 billion USD. This move catapults the company into the league of tech giants such as Facebook, Uber, AirBnB, and SpaceX, all of which have executed multi-billion-dollar IPOs within the past decade.

Globally, founders and startup teams pursue audacious ideas with the goal of effecting revolutionary change and achieving financial success. But what are the essential ingredients for birthing a unicorn company? And does the Caribbean have what it takes to foster such success?

Dr. Nicholas Brathwaite, Founding Managing Partner of Celesta Capital, a US and Indian-based firm renowned for nurturing promising global companies, will explore these questions with JoEllen Laryea, Manager (ag) from Caribbean Export, as part of the Fireside Keynote session titled “Preparing the Caribbean’s Next Unicorn: Disruptive Technologies and the Venture Capital Ecosystem” at the Caribbean Investment Forum (CIF2023). CIF2023 is scheduled from October 23rd to 25th in Nassau, The Bahamas.

“Participating in the Caribbean Investment Forum is an exciting opportunity to explore the potential for creating the next unicorn in the Caribbean. But the question is, do we really need a unicorn in the Caribbean or simply sound business practices coupled with a supported entrepreneurial ecosystem? Beyond financial investment, it’s about fostering support, forging key relationships, and understanding the unique dynamics of the region. I’m honored and looking forward to discussing this at CIF2023” – Dr. Nicholas Brathwaite, Founding Managing Partner of Celesta Capital

So what makes a unicorn?

Sky High Valuation

The hallmark feature of unicorn companies is their commanding valuation, typically above the one-billion-dollar mark. This valuation is primarily hinged on the anticipation of their future growth and profitability prospects, rather than their current financial performance.

Investors are usually inclined to assign such lofty valuations due to their unwavering belief in these companies’ potential to revolutionize industries, conquer substantial market segments, and deliver substantial returns down the road.

Accelerated Growth

Unicorn companies distinguish themselves with their propensity for rapid expansion, diverging from the gradual trajectory often seen in conventional businesses. These entities frequently experience meteoric growth rates, attributable to their innovative concepts, products, or services that effectively address significant market gaps or problems. These factors, combined with effective execution, empower unicorns to quickly amass sizable user bases.

Revolutionary Innovation

The final defining characteristic of unicorn companies lies in their capacity to disrupt established markets or even establish entirely new ones through groundbreaking innovation. They are the catalysts of change, challenging conventional practices and norms while propelling industry-wide transformations by presenting unique solutions to existing challenges.

This disruption often finds its roots in technology. A multitude of unicorns leverage technological advancements to craft superior products or services or to provide existing offerings in an innovative, more efficient, or user-centric manner. This innovation generates significant value for users and typically serves as a linchpin driving the rapid growth and lofty valuations associated with unicorn companies.

Resources Drive Returns

The complex issues currently confronting the Caribbean region have given rise to substantial prospects for growth and advancement. These include challenges such as the restricted availability of affordable food, the upward trajectory of gas and energy costs, limitations stemming from inadequate digitization, and the intricate web of logistical hurdles.

These distinctive challenges offer enterprising innovators a unique canvas upon which to craft a dynamic and transformative landscape for the region’s future.

Yet, the realization of these opportunities necessitates a substantial commitment of resources, encompassing both financial investments and an infusion of human capital. For Caribbean entrepreneurs, these resources are seldom accessible within the region.

Unicorn companies typically undergo multiple rounds of financing as they advance and expand. These funding phases are typically categorized into stages such as seed, Series A, B, C, and beyond. With each successive round, fresh investors often join the fold, injecting additional capital into the enterprise.

As a company traverses these funding stages, its valuation generally experiences an upward trajectory, mirroring its growth, potential, and the amount of capital it has successfully secured.

So, can the Caribbean Birth the Next Unicorn?

The answer isn’t so black and white. Beyond financial investment, building a successful business in the Caribbean requires support, relationships, and an understanding of the social and political climate in the islands where a business may be operating.

The Caribbean Investment Forum has set out on a mission to support businesses and start-ups in this regard; Connecting founders and startups with the highest level decision makers to help establish and expand their Caribbean footprint.

Championed by the Caribbean Export Development Agency (Caribbean Export), in collaboration with the European Union, the Government of the Bahamas, the CARICOM Secretariat, and the Caribbean Development Bank, the conference focuses on development opportunities in AgTech, green economy transition, ICT, logistics and shipping.

Commenting on the Fireside Keynote session, JoEllen Laryea shared, “We’re thrilled to have Dr. Nicholas Brathwaite once more join our esteemed speaker programme at the Caribbean Investment Forum. His insights and perspectives promise an engaging exploration of the Caribbean’s quest for the next unicorn business and how to nurture a venture capital ecosystem that supports Caribbean transformation”

With an anticipated audience of over 800 attendees, CIF is the marketplace and nerve center for sharing, learning, preparing, and finalizing business and investment deals that support the regional transformation to A Bold New Caribbean.

Visit www.caribbeaninvestmentforum.com to learn more

The Caribbean Investment Forum 2023 (CIF 2023) stands poised to usher in a transformative era for the Caribbean region, driven by digital transformation and strategic investments in Information and Communication Technology (ICT). With CIF 2023 scheduled to take place from October 23 to 25 in The Bahamas, the spotlight is on exciting opportunities for Digital Transformation.

In today’s evolving technological landscape, one undeniable force has emerged as a true catalyst for change: Artificial Intelligence (AI). Its profound influence is reshaping not only the way we live and work but also the very fabric of our society. Yet, we are only beginning to witness its potential.

For Anguilla, the tiny British overseas territory of 15,000 people, in the northeastern Caribbean, the rapid developments in AI technology is expected to generate over $30 Million USD in revenue this year alone. That’s almost 10% of the island’s total GDP. What is the driving force behind this remarkable growth? Sales of Anguilla’s wildly popular domain extension, .AI.

The significance of Anguilla’s .AI domain goes beyond its monetary value; it represents a game-changing opportunity to shift global business attention toward this small but promising island and the Caribbean region as a whole. In a world where every Caribbean nation faces pivotal decisions regarding resource utilization and economic growth, Anguilla’s .AI domain stands as a prime example of the potential within the Caribbean’s grasp.

The Caribbean Investment Forum 2023 is set to host the “Captains of Industry Fireside Chat: Unpacking the Bold New Caribbean – What it Takes to Evolve and Become.” The session will confront the very decisions and opportunities countries like Anguilla, and others across the region will encounter; emphasizing the need for strategic partnerships and investment vehicles that support building out the region’s digital ecosystem in ways that utilize the resources available.

Championed by The Caribbean Export Development Agency (Caribbean Export), in collaboration with esteemed partners such as the European Union, the Government of the Bahamas, the CARICOM Secretariat and the Caribbean Development Bank, the Caribbean Investment Forum focuses on development opportunities in AgTech, green economy transition, ICT, logistics and Shipping.

CIF envisions a transformative path forward, leveraging technology to bolster regional growth and development. The potential applications of AI are vast and impactful across various sectors:

In healthcare, we have the potential to enhance lives through technology with:

• Early Disease Detection: Using AI algorithms to analyze extensive medical records and diagnostic images, facilitating early disease detection, including cancer and diabetes. This translates to swifter treatments and improved patient outcomes.
• Personalized Treatment: Using AI to craft individualized treatment plans, considering genetic factors, medical histories, and lifestyle choices. This tailored approach enhances treatment effectiveness and minimizes side effects.
• Telemedicine: In regions with remote access challenges, AI-powered telemedicine solutions can bridge the gap, connecting patients with healthcare professionals and offering consultations even in remote areas.

In Agriculture, technology can pioneer sustainable growth:

• Crop Management: Today, AI-driven systems have the ability to monitor crop health, detect diseases, and optimize irrigation, resulting in increased yields and reduced resource consumption.
• Weather Predictions: AI delivers precise weather forecasts, assisting farmers in planning activities and mitigating climate change’s impact.
• Supply Chain Optimization: AI streamlines the agricultural supply chain, curbing waste and ensuring efficient delivery of fresh produce to consumers.

“Embracing technology, including AI, is not just a choice; it’s a necessity for the Caribbean’s economic development. We envision a future where technology empowers our region, enhances innovation, and fosters sustainable growth, ensuring that the Caribbean remains globally competitive and resilient.” – Deodat Maharaj, Executive Director, Caribbean Export Development Agency

While today, Anguilla is experiencing her return on the .AI domain investment, every other Caribbean island has the opportunity to create its own vehicle for economic growth through digital transformation.

As the countdown to CIF 2023 begins, the Caribbean Investment Forum (CIF) stands poised to nurture viable investments, catalyze regional expansion, and foster connections among change-makers dedicated to creating meaningful impact.

CIF, a dynamic and multi-stakeholder platform, has a core mission: to bridge investment gaps and stimulate economic growth across the Caribbean. It was designed to underpin the transformation of the Caribbean’s economy, creating job opportunities, and bridging crucial investment divides.

CIF 2023 will focus on four key investment sectors: Agriculture Technology, green economy transition including renewable energy, digital business (e-commerce, innovation, and FinTech), and logistics and transport. With an expected audience of over 800 participants, the event aims to attract investments that will accelerate the region’s transition to a smarter and greener economy while elevating the Caribbean’s profile as a prime investment destination.

Committed to translating ideas into actionable projects, forging strategic alliances, and driving economic prosperity, CIF 2023 is poised to carve out a path toward a Bold New Caribbean.

The Caribbean Investment Forum 2023, a premier event focused on promoting investment opportunities in the Caribbean region, is set to take place from October 23rd to 25th at the luxurious Royal Atlantis Hotel in Nassau, The Bahamas. The event aims to showcase the Caribbean’s potential as a hub for sustainable development, innovation, and economic growth. 

Hosted by the award-winning trade promotions organisation – Caribbean Export Development Agency, the forum will gather heads of government, industry leaders, ministers, and investors from across the world to discuss and explore investment prospects in the Caribbean. With the theme “A Bold New Caribbean,” the forum will shed light on the region’s efforts to attract foreign investment and foster economic transformation. 

Executive Director of Caribbean Export, Deodat Maharaj, highlighted the immense investment opportunities available in the Caribbean during a recent interview with The European. Maharaj emphasized three key sectors as prime investment priorities: agriculture with a focus on technology, green economy transition, and innovation and digitalization. He stressed that the Caribbean’s rich potential for agricultural innovation could significantly reduce the region’s food import bill, promoting self-sufficiency and economic growth. 

Maharaj further highlighted the Caribbean’s readiness to embrace the digital age, making it a welcoming destination for businesses in the field of technology and innovation. He also pointed out the region’s commitment to building a green economy to combat climate change, offering incentives for investors interested in sustainable initiatives. 

“The Caribbean is a sea of stability in a world of uncertainty,” Maharaj said, highlighting the region’s political stability, good governance, and well-educated workforce as key factors that make it an attractive investment destination. He noted that the Caribbean’s literacy rate of around 96% and its emphasis on education create a strong foundation for business growth and development. 

The Caribbean Investment Forum 2023 will provide a platform for attendees to learn more about the Caribbean’s potential for growth, investment incentives, and business-friendly environment. It will serve as an opportunity for networking, knowledge exchange, and collaboration between local and international stakeholders. 

With a goal to achieve a consistent 15% to 20% growth in foreign direct investment over the next several years, the Caribbean Export Development Agency is focused on building a strong foundation for economic resilience and development. 

Investors, policymakers, and industry leaders interested in exploring the investment opportunities in the Caribbean are encouraged to participate in the Caribbean Investment Forum 2023. For more information and to register for the event, please visit the official website at http://www.caribbeaninvestmentforum.com 

*Note : The Caribbean Investment Forum 2023 is organized by the Caribbean Export Development Agency to promote investment opportunities and economic growth in the Caribbean region. The event will take place from October 23rd to 25th at the Royal Atlantis Hotel in Nassau, The Bahamas.* 

Caribbean Export is delighted to announce that on Friday, September 8th, the Agency was honoured by Selecta for its outstanding contributions to the development and enhancement of the Handicraft sector in the Dominican Republic. This recognition comes as a result of our unwavering commitment to nurturing and elevating the competitiveness of the handicraft industry across the Caribbean.

The prestigious accolade was bestowed upon us during the Selecta exhibition, a collaborative effort between the Dominican Development Foundation (FDD), the COOPERA Program of the Banco de Reservas, and the Fundación Reservas of the Dominican Republic. This event celebrated the remarkable journeys of 25 artisans from various craft disciplines, shining a spotlight on the exceptional accomplishments of three artisans who have earned the coveted UNESCO Seal of Excellence for Latin America and the Caribbean.

The distinguished recipients of the UNESCO Seal of Excellence include “Los Santos de Palo” from the Bonao province, crafted from ancient tree trunks; “Las Mariposas de Coco” by Arteco, hailing from the Moca province, created from dried coconut shells; and “El Gallo de Madera” by Artesanía Puello, originating from the San Cristóbal province, very near Santo Domingo. These artisans have not only preserved traditional craftsmanship but have also elevated it to a global standard.

The curator of this remarkable exhibition, Mr. Valentin Guerrero, is a long-time collaborator and partner of our Agency. His passion for creative industries has been instrumental in showcasing the exceptional talents within the Dominican Republic.

The Selecta exhibition also included seasoned artisans from throughout the Dominican Republic; many of them beneficiaries from past Caribbean Export interventions. These artisans conveyed their heartfelt appreciation for the pivotal role this Agency  has played in their business growth journey. They fondly remember how our support facilitated their entry into international markets, recalling the success for the Caribbean Gift and Craft Show and Design Caribbean. These initiatives were part of the Regional Private Sector Development Programme which this Agency implemented with the support of the European Union under the 10^th European Development Fund.

Caribbean Export has been a driving force in transforming the handicraft sector in the Dominican Republic, in Haiti and the rest of the Caribbean region. In this year alone, the Agency successfully established the first-ever Handicraft Cluster in the Dominican Republic, boasting a membership of over 115 artisans, companies, and universities. Furthermore, in June 2023, we launched the Haitian Handicraft Cluster, aimed at empowering underserved communities to develop productive capacities for export generation.

In an exemplary display of cross-border collaboration, Caribbean Export developed a Handicraft Value Chain initiative that brought together Dominican and Haitian companies along different subsectors, such as fashion, jewellery and housewares. This Binational Value Chain launched a joint jewellery collection brand named “Symbiosis” in June 2023, which highlights the remarkable talent and tangible outcomes of true binational cooperation.

All these interventions were part of Caribbean Export’s implementation of the Trade and Private Sector Development Component of the Haiti-Dominican Republic Binational Cooperation Programme, generously funded by the European Union under the 11th European Development Fund.

Caribbean Export is proud to receive the recognition from Selecta, and we remain steadfast in our mission to empower artisans, promote creative industries, and foster economic growth for the Caribbean region.

The Caribbean Export Development Agency proudly announces its receipt of prestigious awards in recognition of its unwavering commitment to driving economic growth, sustainable business practices, and trade development in the Caribbean region.

Bestowed “Best Investment Promotions and Trade Agency 2023” by The European

The Caribbean Export Development Agency has been honoured with the esteemed title of “Best Investment Promotions and Trade Agency 2023” by The European, a highly regarded publication. This accolade commends the agency’s exceptional devotion and proficiency in catalysing business transformation and fostering investment growth through strategic alliances. The agency has consistently demonstrated its unwavering dedication to fostering economic progress and development throughout the Caribbean by actively seeking innovative solutions and attracting substantial investments to fortify local enterprises.

Deodat Maharaj, Executive Director at Caribbean Export, expressed his gratitude for the award, affirming, “This recognition reaffirms our commitment to driving investment and trade within the Caribbean region. We take immense pride in our achievements and remain resolute in our mission to nurture sustainable economic advancement and prosperity.”

Honoured for “Outstanding Contribution to Sustainable Business and Economic Growth”

In addition, the agency has been bestowed the award for “Outstanding Contribution to Sustainable Business and Economic Growth.” This accolade acknowledges the agency’s pivotal role in advocating, implementing, and prioritizing Sustainable Development Goals (SDGs), Corporate Social Responsibility (CSR), and Environmental, Social, and Governance (ESG) practices. The agency’s unwavering focus on developing an Investor Map grounded in responsible and sustainable principles has yielded favourable outcomes in areas such as environmental preservation, climate action, sustainable investments, and the well-being of local communities.

Caribbean Export’s Ongoing Commitment

These prestigious awards arrive at a pivotal moment as Caribbean Export prepares to host the Caribbean Investment Forum in Nassau, The Bahamas, in collaboration with the European Union, the Government of the Bahamas and CARICOM. The primary objective of this forum is to expedite the economic transformation of the Caribbean by attracting foreign direct investment into key sectors, including the green economy, technology, agricultural technology, and logistics and shipping.

“The European has been celebrating accomplishments, innovation, and excellence over the past decade through its annual awards program. These prestigious awards honour exceptional organizations and individuals who distinguish themselves and propel their industries toward progress. The criteria for recognition encompass crucial factors such as good governance, innovation, expertise, and exceptional service quality,” shared the European Awards Team.

• The Caribbean Investment Forum 2023 to take place in The Bahamas from October 23-25.
• CIF is the catalyst for transformative agreements; a cornerstone of regional economic growth.
• CIF is forging a path to a brighter, more prosperous future for the Caribbean

The Caribbean Investment Forum (CIF) 2023’s launch event, hosted yesterday at Atlantis in Nassau, The Bahamas, heralded the introduction of a transformative platform poised to reshape the economic landscape of the Caribbean.

As a precursor to the upcoming CIF2023, scheduled for October 23-25, under the theme “A Bold New Caribbean,” the Caribbean Investment Forum 2023 launch event marks a noteworthy milestone in propelling economic growth across the Caribbean and Latin American regions. Distinguished stakeholders and industry leaders gathered to provide insights into the potential partnerships and pathways that CIF2023 promises, aimed at forging a Bold New Caribbean.

Championed by The Caribbean Export Development Agency (Caribbean Export), in collaboration with esteemed partners such as the European Union, the Government of the Bahamas, and the CARICOM Secretariat, the 2023 Caribbean Investment Forum serves as a captivating sequel to the Caribbean’s premier investment event in 2022.

Mr. Deodat Maharaj, Executive Director of the Caribbean Export Development Agency, underscored the trajectory toward generating job opportunities through business development and the international promotion of Caribbean products. Reflecting on the previous year’s success, Mr. Maharaj conveyed, “Our vision is to create a platform for businesses to engage in transformative actions. Caribbean Export is resolutely committed to driving this agenda alongside partners such as the Government of the Bahamas.”

He disclosed that out of the 600 participants attending last year’s event, 96% were businesspeople from 46 countries worldwide, emphasizing the shift towards tangible outcomes in this year’s CIF. “The Caribbean Export mantra is ‘less talk and more business,’ and this will underpin CIF 2023. We’re striving for less talk and more business as we endeavor to advance a truly transformative agenda for our region, with businesses taking a central leadership role in creating jobs and opportunities.”

Honorable Isaac Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments, and Aviation, shared vital sentiments on empowering Bahamian youth for employability and entrepreneurship, propelling growth for micro, small, and medium-sized enterprises (MSMEs), and cultivating investment paradigms that extend to the broader Caribbean. His vision for CIF’s future resonated with progress and prosperity. He envisaged CIF evolving into “the catalyst for transformative agreements and a cornerstone of regional economic growth.”

• The launch event on Monday also unveiled more of what attendees can anticipate from the Caribbean Investment Forum 2023:
• Investment Villages offering insights into high-value investment projects poised to reshape the economic landscape.
• Dedicated Business Opportunity Centers for impactful business meetings, nurturing alliances that propel businesses forward.
• A Conference App to facilitate engagement among participants, maximizing networking opportunities and idea exchange.
• A Ministerial Panel featuring distinguished ministers from nations such as the Bahamas, Trinidad and Tobago, the Dominican Republic, and St. Kitts and Nevis discussing collaborative efforts for regional progress.
• Demonstrations and prototypes from partners and stakeholders who are currently implementing innovative projects.

Ambassador Marianne Van Steen, of the European Union, a pivotal partner for CIF 2023, highlighted that the CIF initiative was an important part of the Global Gateway Investment Agenda. Referencing the July summit with the United Nations and countries from Latin America and the Caribbean, Ambassador Van Steen reiterated, “The shared determination to collectively address global challenges, which are no longer surmountable individually, yielded tangible outcomes in the form of our Global Gateway Investment Agenda. This agenda aims to invigorate crucial investments in Latin America and the Caribbean, aligning with their pursuit of sustainable development goals.”

A prime instance of how CIF drives sustainable development was the announcement of the partnership between Ramp Logistics of Trinidad and Tobago, and Flying Ship Technologies of the United States. The signed letter of intent between these companies will introduce unmanned autonomous, eco-friendly, wing-in-ground-effect vessels, or “Flying Ships,” to the Caribbean and South America. This pioneering collaboration is poised to revolutionize shipping in the region by reducing vessel costs, significantly shortening shipping times, and diminishing the carbon footprint.

CIF attendees in the Bahamas this October will be treated to a demonstration of this technology and other initiatives that are revolutionizing the region.

Speaking passionately about CIF and Caribbean Export, Mr. Maharaj expressed, “…we are not solely charting a course for investments; we are forging a path to a brighter, more prosperous future for the Caribbean. The synergy between innovation, business, and collaboration is what will genuinely propel us to unlock our region’s potential.”

As anticipation heightens for the CIF 2023 event in October, the Caribbean Investment Forum is ready to cultivate viable investments, regional expansion, and connections among change-makers committed to making a meaningful impact.

The Caribbean Investment Forum (CIF) serves as a dynamic, multi-stakeholder platform aimed at closing investment gaps and fostering economic growth throughout the Caribbean. This multi-disciplinary platform aims to support the transformation of the Caribbean’s economy, create job opportunities, and bridge investment gaps.

CIF 2023 will focus on four key investment sectors: Agriculture Technology, renewable energy, digital business (e-commerce, innovation, and FinTech), and logistics and transport. With an expected audience of over 800 participants, the event aims to attract investments that will accelerate the region’s transition to a smarter and greener economy while elevating the Caribbean’s profile as a prime investment destination.

Committed to actionable projects, strategic partnerships, and economic growth, CIF 2023 is poised to pave the way for a Bold New Caribbean.

View the recording of the CIF 2023 launch event here: https://youtu.be/W4_Qha9Id4I

• The Caribbean Investment Forum 2023 to take place in The Bahamas from October 23-25.
• The region’s premier business event, set to attract international investors to the Caribbean.
• CIF2023 will focus on accelerating investments into agriculture technology, renewable energy, digital business and logistics.

The Caribbean Export Development Agency (Caribbean Export) together with its partners, the European Union, the Government of The Bahamas and the CARICOM Secretariat is to host the highly anticipated 2nd staging of the Caribbean Investment Forum (CIF). The region’s premier business event scheduled for October 23-25, 2023, in The Bahamas, aims to support the transformation of the Caribbean’s economy, create job opportunities, and bridge investment gaps. This multi-stakeholder, multi-disciplinary platform, is set to accelerate the region’s development through strategic private investments into key priority sectors.

CIF 2023 will focus on four key investment sectors: Agriculture Technology, renewable energy, digital business (e-commerce, innovation, and FinTech), and logistics and transport. With an expected audience of over 800 participants, the event seeks to attract investments that will fast-track the region’s transition to a smarter and greener economy while raising the visibility of the Caribbean as a prime investment destination.

“We extend a warm invitation to strategic investors, pension funds, sovereign wealth funds, insurance companies, and other institutional investors to explore the vast investment opportunities in the Caribbean,” said Deodat Maharaj, Executive Director at Caribbean Export. “From agriculture and agribusiness to energy, ICT, infrastructure, and financial services, CIF 2023 is committed to advancing your investment prospects as we continue on an exciting journey to shape a Bold New Caribbean.”

The Honourable I. Chester Cooper, Bahamas Deputy Prime Minister and Minister of Tourism, Investments & Aviation said, “The Bahamas is honoured to host Caribbean Investment Forum, the region’s premier investment conference, at a time when, we, nations of the Caribbean, are seeking to leverage our investment opportunities to strengthen our economies.”

“For us in The Bahamas, this Forum is a singular opportunity to showcase the myriad of investment opportunities that are available across our 16-island destination, across sectors, from tourism and agriculture to renewable energy, wellness and digital.”

Distinguished as the premier investment attraction platform for the Caribbean region, CIF 2023 offers a highly interactive and focused environment where participants engage in concrete discussions, critically examine investment dossiers and meticulously evaluate proposals prepared by industry experts and professionals. The Forum will serve as the marketplace and nerve center for sharing, learning, and discussing business and investment deals that come together to create A Bold New Caribbean.

Visit caribbeaninvestmentforum.com to find out more.

• Caribbean Export signs a Headquarters Agreement with the Government of the Dominican Republic.
• The signing marks a milestone in a new era of collaboration and progress for the Caribbean.
• Caribbean Export is committed to fostering greater regional trade and attracting foreign direct investment to the Caribbean.

Santo Domingo, DOMINICAN REPUBLIC –   

The Caribbean Export Development Agency (Caribbean Export) took a significant step forward in strengthening trade and cooperation with the Dominican Republic as Minister of Foreign Affairs, Roberto Álvarez, and Caribbean Export’s Executive Director, Deodat Maharaj, gathered for the momentous signing of a Headquarters Agreement formalizing the operations of the Subregional Office of the agency in the Dominican Republic (DR).

After signing the agreement, Minister Álvarez highlighted that Dominican companies will now enjoy the distinct advantage of having the agency’s Subregional Office formally established within the country. Caribbean Export’s primary objective is to boost trade and investment between the Caribbean Forum (CARIFORUM) group of countries[1], the European Union, other parts of the world.

“For over 20 years, Caribbean Export Development Agency has implemented innovative initiatives designed to facilitate the expansion of Caribbean companies at the national, regional, and international levels, taking advantage of special access to the European market. With the establishment of this office, a great opportunity opens up for the Dominican Republic to support export-capable companies, enhance their capacity and competitiveness, boost export earnings, and create more jobs, as outlined in the second pillar of our foreign policy,” stated Minister Roberto Álvarez.

Caribbean Export’s Executive Director, Deodat Maharaj, highlighted the significance of this agreement, as it marks the formal establishment of the agency’s subregional office in the Dominican Republic. Moreover, it demonstrates the Dominican Republic’s commitment to working jointly with the agency to promote regional trade and attract foreign direct investment to the Caribbean.

“For Caribbean Export, the Dominican Republic holds significant relevance in the context of trade integration, and we will work together to create a bridge between Latin America and the rest of the Caribbean,” expressed Maharaj.

With conviction, he confirmed that this agreement firmly establishes the Subregional Office of the agency in the country. In light of this, Maharaj seized the opportunity to urge the Dominican private sector to regard Caribbean Export as a crucial ally in their individual growth strategies, particularly those geared towards bolstering exports and attracting foreign investments. He emphasized, “Only together can we pave the way for a smarter, greener, and more resilient Caribbean.”

The signing of the Headquarters Protocol represents a collaborative effort between the Vice Ministry of Economic Affairs and International Cooperation, the Legal Department of the Ministry of Foreign Affairs, and Caribbean Export. Recognizing Caribbean Export as an international organization headquartered in Barbados, this protocol solidifies the agency’s purpose of promoting trade, export development, and investments among CARIFORUM countries to drive socioeconomic development and regional integration.

Under this agreement, the Dominican Government has committed to providing the necessary facilities to ensure the seamless functioning of Caribbean Export’s Subregional Office and to uphold the commitments made by the 15 CARIFORUM countries upon the agency’s inception in 1995.

The momentous event was attended by distinguished representatives, including Minister of Economy, Planning, and Development, Pável Isa Contreras, and Deputy Minister of International Cooperation of the Ministry of Economy, Planning, and Development (MEPYD), Olaya Dotel. Also present were Vice Ministers Opinio Díaz and Carlos de la Mota from the Ministry of Foreign Affairs (MIREX), and Hugo Fco. Rivera, the director of the National Commission on Trade Negotiations, representing the Deputy Minister for Economic Affairs and International Cooperation. Additionally, Leonel Naut, Deputy Executive Director of Caribbean Export Development Agency, played a key role in the event.

Caribbean Export Development Agency looks forward to further enhancing its ties with the Dominican Republic and working together to drive economic growth, regional trade, and prosperity for all nations in the Caribbean. This milestone marks a new era of collaboration and progress for the entire region.

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[1] CARICOM countries and the Dominican Republic

SANTO DOMINGO – The Caribbean Export Development Agency presented its 2022 annual results report with the theme “Transforming Towards a Smarter, Greener, and More Resilient Caribbean.”

Deodat Maharaj, Executive Director of Caribbean Export, explained that this report provides a comprehensive and structured overview of the work carried out by Caribbean Export during 2022, highlighting collaboration with key partners, positive impact on beneficiaries and communities, involvement with regional institutions, and the implementation of various activities in their offices in Barbados, the Dominican Republic, and Haiti. He also emphasized the valuable contributions of their teams in different countries.

He highlighted that this is the second edition of the report, which will continue to be presented annually to showcase the efforts made to promote economic development in the Caribbean and, particularly, in the Dominican Republic. “We want to highlight all the results that Caribbean Export achieved last year for the benefit of the regional private sector.”

Maharaj reaffirmed the agency’s commitment to providing access to financing for the private sector. “In a recovery environment, it is essential that private sector companies have equitable access to financing tools, as these help them develop, redefine, upgrade, and optimize their operations and processes as they work towards their export development goals.”

He also mentioned that Caribbean Export has one of the highest program implementation rates in the region. In 2022, over 140 companies from the 15 member states benefited from all the programs implemented by the agency, with support from partners and donors at the regional level. Through the Regional Private Sector Support Program, which Caribbean Export implements under the 11th European Development Fund (EDF) funded by the European Union, they managed to address the difficulty of accessing financing through a grant program, disbursing more than 2 million euros. This is a testimony to the direct impact and work that the agency carries out for small businesses throughout the region.

Maharaj invited support for the initiatives presented in the report to achieve a smarter, greener, and more resilient Caribbean. “In this sense, we seek to foster collaboration and engagement from all stakeholders, including governments, non-governmental organizations, local communities, and businesses, to achieve a more prosperous and resilient Caribbean in the face of future challenges.”

He emphasized that focusing on a greener economy is vital for the Caribbean’s sustainability. “This region is one of the most vulnerable areas in the world to the effects of climate change, so it is essential to promote sustainable business practices and responsible use of natural resources. At the same time, new trade opportunities must be developed in eco-friendly sectors, such as renewable energy generation and technology-optimized sustainable agriculture.”

He pointed out that resilience is crucial due to the recurring threats the region faces, such as hurricanes, earthquakes, and other natural disasters. “By building a more resilient economy, strategies can be implemented to anticipate and mitigate the impacts of these events. This includes investments in more robust infrastructures, early warning systems, emergency plans, and greater economic diversification.”

Maharaj explained that economic resilience ensures that, despite challenges, businesses can recover more quickly and continue their operations, thus avoiding significant losses.

During the event, the overall results of the Trade and Private Sector Component, implemented by Caribbean Export under the Bilateral Cooperation Program between Haiti and the Dominican Republic, were also communicated. This program is also financed by the European Union under the 11th EDF. This component achieved synergy in co-promotion and co-production between the Dominican Republic and Haiti through the creation of three value chains: cacao/chocolate, essential oils/cosmetics, and crafts/fashion/accessories. The program also promoted higher quality standards, advances in trade policy, and the establishment of better dialogue between the public and private sectors.

The report concluded with an invitation from Deputy Executive Director of the Agency, Leonel Naut, to the entire Dominican private sector to participate in the 2023 Caribbean Investment Forum in The Bahamas from October 23 to 25 of the current year. This forum will be the largest business event in the region with an expected audience of more than 800 entrepreneurs from around the world.

In addition to Deodat Maharaj, Executive Director of Caribbean Export, and Leonel Naut, Deputy Executive Director of the Agency, the event was attended by Alba Díaz, Senior Advisory Officer; Alexandra Chía, Operations Officer; Paul Charles, Operations Officer, and Romily Thevenin, Research and Communications Officer, among other executives.