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The Caribbean Investment Forum, a beacon for economic growth and innovation, concluded just last week with the Caribbean Export Development Agency committing to help create 400,000 jobs over the next ten years. This ambitious objective serves as a testament to the region’s dedication to driving economic growth and innovation. High-level participants from within the Region and out of the Caribbean, including those from institutions, all called for “A Bold New Caribbean” to create jobs and opportunities for Caribbean people.

During the Fireside Chat, between Dr. Brathwaite, Founding Managing Partner of Celesta Capital, and JoEllen Laryea, Manager of Communications, Partnerships, and Advocacy at Caribbean Export, Dr. Brathwaite provided valuable insights on unlocking innovation and investment in the Caribbean, playing a pivotal role in shaping this goal.

Dr. Brathwaite emphasized several key areas:

Collaborative Ecosystem: Dr. Brathwaite underscored the necessity of building a collaborative ecosystem in the Caribbean. Collaboration among governments, universities, corporations, and investors can create a supportive environment for startups and entrepreneurs.

Education and Talent Development: He highlighted the importance of investing in education and talent development, particularly in technology and entrepreneurship. Developing a skilled workforce is crucial for leveraging the opportunities presented by disruptive technologies.

Access to Capital: Dr. Brathwaite acknowledged that access to capital remains a challenge in the Caribbean. He encouraged the region to explore innovative funding mechanisms, including venture capital and angel investing, to support early-stage startups.

Building on Local Strengths: Dr. Brathwaite suggested leveraging local strengths and resources to drive innovation in the Caribbean. For example, the region’s proximity to the United States can be an advantage for tech startups looking to expand into North American markets.

Regulatory Environment: He stressed the need for a favorable regulatory environment that encourages innovation and entrepreneurship. Clear and supportive regulations can attract investment and foster business growth.

Caribbean Export’s commitment to creating 400,000 jobs aligns perfectly with the Caribbean Investment Forum 2023, emphasizing the multi-faceted approach required to unlock innovation and investment in the Caribbean. Collaboration, education, access to capital, leveraging local strengths, and a supportive regulatory framework all contribute to the region’s thriving innovation ecosystem.

This visionary goal sets a clear direction for the region, fostering a conducive environment for entrepreneurship, innovation, and job creation. Caribbean Export, with its unwavering commitment, is poised to be at the forefront of driving economic growth and transformation in the Caribbean.

To create 400,000 jobs in the next 10 years, Caribbean Export, together with its partners, will focus on key strategies that support the development of micro, small, and medium-sized enterprises (MSMEs) through financial assistance, training, and market access initiatives. Additionally, Caribbean Export will continue to promote investments in crucial sectors such as infrastructure, resilient agriculture and agribusiness, and the transition to green energy. Strategic collaboration with international partners and fostering regional trade will further boost export-oriented businesses and job creation. The projects featured in the Caribbean Investment Forum are at the core of this strategy, as these initiatives promote regional growth and development.

The Agency envisioned the Caribbean Investment Forum to serve as a catalyst for economic growth and innovation, bringing together entrepreneurs, investors, and industry experts to explore opportunities, showcase innovative ventures, and exchange ideas.

For more information, please visit the Caribbean Investment Forum’s official website at https://www.caribbeaninvestmentforum.com.

Caribbean Export, the pioneering regional trade and investment promotion agency representing the Caribbean, has cemented another strategic partnership to accelerate private sector growth in the Caribbean. The agency has teamed up with Business France, National Agency for the promotion and internationalization of the French economy. Together, they aim to create an environment conducive to growth and innovation, facilitating investment and trade flows between France and the Caribbean region. 

This landmark collaboration, officially sealed through a Memorandum of Understanding (MOU), sets the stage for a close and mutually beneficial partnership between Caribbean Export and Business France. The MOU outlines a range of areas of cooperation, each designed to drive progress and growth for the private sector in the Caribbean region. 

The key areas of cooperation are as follows: 

1. Exchange of Information: The Parties will share information and knowledge on training, capacity building, technology transfer, and business opportunities. This sharing of data will provide valuable insights and help bridge the gap between France and the Caribbean. 

• Technical Collaboration and Best Practices Exchange: The cooperation will extend to enhancing the ease of doing business and the effectiveness of their respective organizations. The exchange of technical expertise, knowledge, and training opportunities will foster growth and competitiveness in the region. 

• Effective Business Promotion: Both Caribbean Export and Business France will work together to support business delegations, encourage expert visits for fact-finding, and participation in events organized by each party. Follow-up and support for these activities are assured. 

• Investment and Trade Facilitation: This collaboration aims to encourage reciprocal investment and export of services, along with the provision of facilitation services to investors and exporters. Guidance and advice for potential investors and exporters will be a cornerstone of this cooperative effort. 

Deodat Maharaj, Executive Director of Caribbean Export, expressed his enthusiasm for this strategic partnership, saying, “We are thrilled to join forces with Business France to strengthen the private sector in the Caribbean. Our collaboration will unlock new opportunities for businesses in our region and foster economic growth. Together, we will build bridges that connect the Caribbean to France, creating a platform for innovation, trade, and investment.” 

Philippe Yvergniaux, Director for International Cooperation at Business France, outlined the importance of this new milestone for the French agency : “the Caribbean region clearly deserved a better place in Business France’s geographic priorities, as it offers many trade and investment opportunities for French SMEs; the partnership with Caribbean Export will help foster trade links between Caribbean and French SMEs, in particular from the Guadeloupe, Guyane and Martinique territories”.

Caribbean Export is known for its unwavering commitment to increasing market intelligence, fostering access to finance for export-ready SMEs, and advocating for an enabling environment for business growth. Business France, on the other hand, has an impressive track record of developing internationalization for French companies and attracting foreign investment into France. 

Through this partnership, both entities will leverage their strengths and experiences to facilitate the growth of the private sector in the Caribbean, leading to economic development and enhanced global competitiveness. This collaboration marks a significant milestone in the region’s business landscape and opens doors to opportunities that promise to benefit both the Caribbean and France. 

The Caribbean Investment Forum, a prestigious annual event dedicated to fostering economic growth and innovation, witnessed a spectacular showcase of entrepreneurial prowess at the ‘Survival of the Pitchest’ competition, held on October 24, 2023. This event was a highlight of the forum, offering a platform for startups from the Caribbean and beyond to pitch their groundbreaking ideas and compete for prestigious prizes.

Caribbean Export Development Agency, the driving force behind the Caribbean Investment Forum, is delighted to announce that the competition received a staggering 155 entries from 18 different countries. The remarkable turnout demonstrates the increasing enthusiasm and potential of startups in the Caribbean and the wider region.

Out of the talented pool of applicants, seven companies were selected to present their innovative ideas and business models on the grand stage. These budding entrepreneurs seized the opportunity to showcase their creativity, dedication, and vision, making it a night to remember.

The competition would not have been possible without the generous support of its sponsors, which included Draper Start Up House Caribbean, Access Accelerator Small Business Development Center – The Bahamas, Invest Turks and Caicos Islands, Mr. Zwede Hewitt, Virgin Atlantic, and Caribbean Airlines. These organizations played a pivotal role in making the event a resounding success, demonstrating their commitment to nurturing entrepreneurship and innovation.

“The SBDC’s partnership with Caribbean Export has produced many successful initiatives and programs, dating as far back as 2019. We are delighted to have partnered with Caribbean Export for the 2023 Caribbean Investment Forum, and our sponsorship commitment is a testament to such a fruitful collaborative partnership,” shared Samantha Rolle, Executive Director at SBDC.

“What we saw during the ‘Survival of the Pitchest’ competition was merely a snapshot of the fostering of Micro, Small and Medium-Sized Enterprises (MSMEs) that support regional transformation to a bold new Caribbean.

We are grateful to our partners at Caribbean Export, Draper Start Up House, and Invest TCI for executing a successful event and wish to congratulate all seven 7 finalists, especially the top 3 finishers from Rifbid, Limeade Bahamas & The Farmhouse Bistro.

It is my hope that these business owners continue to make a positive impact on the development and growth of MSMEs throughout the Caribbean,” added Samantha Rolle.

The ‘Survival of the Pitchest’ competition featured an array of prizes, including a top cash prize of $10,000 USD, along with non-cash prizes from Virgin Atlantic and Caribbean Airlines. These valuable incentives added an extra layer of excitement to the event, motivating participants to deliver their best pitches.

The results of the competition are as follows:

1st Place:

Keeghan Patrick – Rifbid – Saint Lucia

Rifbid is an AI-powered procurement platform that connects governments and suppliers, streamlining the procurement process and facilitating shorter pay cycles. Keeghan Patrick’s visionary approach earned him the coveted first-place position.

2nd Place:

Joshua Miller – Limeade Bahamas – The Bahamas

Joshua Miller’s journey began with a father teaching his son to sell limeade for profit, eventually leading to Limeade Bahamas becoming a successful wholesale business serving over 100 stores. Their diverse product line, including alcoholic and non-alcoholic options, has made a significant impact.

3rd Place:

Romero Dorsette – The FarmHouse Bistro – The Bahamas

The FarmHouse Bistro, under Romero Dorsette’s leadership, combines the charm of a farmhouse with a contemporary dining experience. Their commitment to the farm-to-table movement, sustainability, and culinary craftsmanship has earned them a well-deserved place in the top three.

Natasha Walcott, Senior Advisor for Competitiveness and Export Promotion at Caribbean Export, expressed her enthusiasm for the burgeoning startup ecosystem in the Caribbean, saying, “Caribbean Export is pleased to play its part in the burgeoning start-up ecosystem in the Caribbean. We work with MSMEs throughout the region, and we recognize the challenges that they face in establishing their businesses and expanding.”

Walcott went on to extend heartfelt congratulations to all the finalists and winners and recognized the invaluable support of the event’s sponsors. She stated, “Caribbean Export couldn’t have done this without the unwavering support of sponsors including the Small Business Development Centre Bahamas, Invest Turks and Caicos Islands, Mr. Zwede Hewitt, Virgin Atlantic, and Caribbean Airlines.”

The ‘Survival of the Pitchest’ competition at the Caribbean Investment Forum underscores the region’s commitment to innovation, entrepreneurship, and economic growth. As startups and innovative ideas continue to flourish, the Caribbean Investment Forum remains a beacon of opportunity and success.

For more information, please visit the Caribbean Investment Forum’s official website at https://www.caribbeaninvestmentforum.com.

• Highly successful Caribbean Investment Forum 2023 (CIF 2023) concludes in Nassau, Bahamas
• Day two of CIF 2023 included a ministerial roundtable, panel discussions, and country pitches
• Co-operative Republic of Guyana will host Caribbean Investment Forum in 2024

Innovation, transformation, diversification, and collaboration were the words for the day as the Caribbean Investment Forum 2023 (CIF 2023) came to a close in Nassau, Bahamas on Wednesday 25 October.

The influential regional conference which attracted over 500 business delegates representing 40 countries was staged at the Atlantis Resort by the Caribbean Export Development Agency (Caribbean Export) with the support of the Government of the Bahamas, CARICOM, the Caribbean Development Bank, and the European Union’s Global Gateway Initiative.

Day two of CIF 2023 began with a high-powered ministerial roundtable moderated by Caribbean Export’s Executive Director, Deodat Maharaj, and featuring the Deputy Prime Minister & Minister of Tourism, Investments and Aviation of the Bahamas, Chester Cooper; Minister of Tourism, Industry and Commerce in Guyana, Oneidge Walrond; and the Minister of Economy, Planning and Development in the Dominican Republic, Pavel Isa Contreras.

The hour-long discussion entitled ‘The Trade Investment Nexus Towards Creating a Bold New Caribbean’ touched on a wide range of issues impacting the Caribbean’s ability to do business and attract investment.

Deputy Prime Minister of the Bahamas, Chester Cooper, explained how the Bahamas has successfully attracted $8bn dollars (US) of foreign-direct investment over the past two years. He said: “Our international reputation of tourism and financial services, our God-given gift of location close to the USA has been helpful, along with a growing economy, stable political environment, and great international framework reputation has also been really helpful but there has to be a policy imperative upfront…

Mr Cooper added: “When the government came to office, the Prime Minister declared that the Bahamas is “open for business” and that simple declaration was an invitation to the world to participate in a very open economy, a welcoming environment where we have a framework that generally makes it easy to do business. That declaration, and the facilitation to get it done, has also been key.”

Ms Walrond spoke about ongoing efforts in Guyana to diversify the economy beyond oil. She outlined how oil resources are used to grow and support other sectors including agriculture and ICT and said the IMF, in a recent country report, praised Guyana for its efforts and “lauded it as a model for development”.

In the Dominican Republic, Mr Isa Contreras highlighted the country’s push to embrace green energy. He revealed that it is on track to generate a quarter of its electricity from renewables in 2025 which has been helped by the introduction of legislation which offers several incentives for individuals and businesses.

He also shared how the Dominican Republic is expecting to secure $4.5bn dollars (US) in foreign-direct investment in 2023. He stated: “The key is confidence. There is a lot of confidence from national and international investors…it is also about diversification. The Dominican economy, even though its most well known sector is tourism, has a strong domestic industrial sector, service and telecommunications sector, as well as agriculture. Foreign-direct Investment is happening in all those sectors.”

The thought-provoking agenda for the Forum’s second day also included a keynote presentation from the Founding Managing Partner of Celesta Capital, Dr Nicholas Brathwaite, on ‘Preparing the Caribbean’s Next Unicorn: Disruptive Technologies and the Venture Capital Ecosystem’.

Two lively panel discussions from Caribbean entrepreneurs and business leaders on ‘Unpacking the Bold New Caribbean – What it takes to Evolve and Become’ and ‘Ships May Even Fly: Promoting Investment in Logistics and Transportation’ were also on the schedule for day two, before the event concluded with business meetings and networking opportunities.

It was also announced that the Co-Operative Republic of Guyana will host next year’s Caribbean Investment Forum.

Visit the official CIF 2023 website for more information – www.caribbeaninvestmentforum.com.

Republic Bank Financial Holdings Limited and the Caribbean Export Development Agency have officially extended a Memorandum of Understanding (MOU) aimed at enhancing economic growth and creating jobs throughout the region.

The landmark MOU, which was originally signed in Trinidad in March 2022, combines the resources and expertise of these two major Caribbean business organisations to enhance the global competitiveness of Micro, Small, and Medium-Sized Enterprises (MSMEs) in CARIFORUM states through a referral system.
By extending this agreement, both entities have renewed their commitment to boosting commerce regionally and internationally, while offering MSMEs much-needed practical advice, training, and support on how to access export markets.

Executive Director of Caribbean Export, Deodat Maharaj, outlined the significant value of the ongoing strategic partnership. He said: “In today’s globalised and rapidly evolving business landscape, the importance of fostering robust public-private and private-private partnerships cannot be overstated. Collaborations like the one we’ve established with Republic Bank Financial Holdings Limited are pivotal in accelerating the growth of Caribbean businesses.

“These alliances facilitate knowledge sharing, resource pooling, and synergistic efforts that empower our local entrepreneurs and SMEs to tap into the vast potential of international markets.”

Unlocking Opportunities for Caribbean Businesses

The joint MOU unveils a comprehensive framework for continued cooperation and focuses on key areas that promise significant economic benefits for the region:

Building Export Potential: Caribbean Export will provide capacity-building programmes tailored to enhance the export potential of RFHL’s business customers, enabling local businesses to access international markets.

Sustainable Private Sector Development: The MOU establishes an operational partnership aimed at fostering sustainable private sector growth and regional integration in the Caribbean. This partnership seeks to bolster economic resilience by supporting entrepreneurship and regional trade initiatives.
Mutual Promotion of Services: Both parties will work hand in hand to promote their respective services among their clients, increasing awareness of their offerings and helping clients leverage a broader spectrum of resources.

President and CEO of Republic Bank, Nigel Baptiste, explained the value of exporting goods and services for the Caribbean. He stated: “Serving markets beyond our borders and region has not only become increasingly possible, but it has also transformed into a business imperative.”

Mr Baptiste added: “Today’s local and regional businesses of all sizes – including SMEs – should be exploring the expansion of export capacity as a progressive growth strategy. At Republic Bank, we seek to foster a mindset of exporting what we produce – whether goods, services, skills, or talent – to discover and satisfy demand in untapped markets, and positively impact the foreign currency earning capacity of the territories in which we operate. With this MOU, Republic Bank and Caribbean Export are solidifying a meaningful partnership that paves the way for eligible businesses across the Caribbean region to benefit from inspiration, guidance, and support to become export ready.”

Fostering Regional Economic Growth

Republic Bank, a leading Caribbean financial institution, and Caribbean Export, the regional trade and investment promotion agency, are dedicated to the ongoing development of Caribbean economies and equipping local businesses with the tools they need to learn, advance, and grow.

The extended MOU signed by these two vital Caribbean business organisations is further testament to the unwavering commitment of Republic Bank and Caribbean Export to accelerating Caribbean MSME expansion and improving the region’s export capabilities.

• Caribbean Investment Forum 2023 (CIF 2023) gets under way in Nassau, Bahamas
• Over 500 business delegates from 40 countries are at CIF 2023 to learn about regional projects
• Renewable Energy, ICT, AgTech, and Logistics and Transport are CIF’s main investment focus

Transforming the Caribbean into a region that leverages the talents of its people and attracts investment into innovative business projects is the aim of the Caribbean Investment Forum 2023 (CIF 2023), which officially got under way today (Tuesday 24 October) in Nassau, Bahamas.

CIF 2023 envisions “a bold new Caribbean” where key sectors such as Agriculture Technology, Renewable Energy, Information and Communication Technology, and Logistics and Transport lead the sustainable development of regional economies, create greener, smarter jobs, and secure a brighter future for the next generation.

Hosted by the Caribbean Export Development Agency (Caribbean Export) and its partners, CIF 2023 has attracted over 500 delegates from 40 countries. These attendees represent a wide cross section of global decision-makers from within the public and private sector who are looking to invest in the Caribbean as well as network and connect with regional innovators, business owners, and entrepreneurs.

In his feature address on the official opening day, entitled ‘Spotlighting the Caribbean for Investment’, Deputy Prime Minister of the Bahamas, Chester Cooper, told a packed conference room that the Forum was “a great opportunity” for the entire region to work better together.

Mr Cooper stated: “In a world marked by constant change and challenges, it is only by collaboration as a united Caribbean family, that we can realise our full potential…Economic development is at the heart of our collective aspirations. The Caribbean region is rich in resources both natural and human and we possess the ingredients for our further economic prosperity, however, our true potential can only be unlocked when we work together. By banding together we can form a formidable economic force.”

Mr Cooper shared the Bahamian government’s enthusiasm for the potential of the Forum to put the Caribbean at the forefront of the worldwide business community. He said: “Forum’s like this are critical to get us all on the same page of how to collaborate and how to engage cross-sector and cross-border investments throughout our region. We have the opportunity to leverage this initiative and work as a united front to create jobs, increase trade, and raise the standard of living for our people.”

One of the highlights of day one was the keynote presentation of Paul Ahlstrom, Managing Director of Alta Ventures on leveraging artificial intelligence for economic development. During his presentation he drew a striking parallel between data and oil, underscoring the immense value of data in today’s digital age. Just as oil fuelled the industrial revolution, data powers the information economy and offers substantial economic and societal benefits when effectively collected, processed, and analyzed. Further, Ahlstrom highlighted the pivotal role of data engineering in optimizing data utilization through processes like collection, cleaning, transformation, and integration. Ahlstrom stated “Innovation is the driving force behind economic growth. The Caribbean has the potential to be at the forefront of innovation, and this forum is a platform for exploring the possibilities.” He also provided ppractical examples that showcased data’s application in solving real-world challenges, emphasizing the essential role of imagination and creativity in leveraging its potential.

CIF 2023 is being held at the Atlantis Paradise Island Resort in Nassau. It features top-level presentations, panel discussions, ‘Investment Villages’, and exclusive side events. The Forum’s dynamic agenda covers various hot topics such as Artificial Intelligence, financing in the post-COVID Caribbean, and the Renewable Energy revolution.

Speakers include Managing Director, Goldman Sachs Sustainability Banking Group, John Eleoterio, Managing Director and Partner, Boston Consulting Group, Aaron Bielenburg, and Founding Managing Partner at Celesta Capital, Dr Nicholas Brathwaite.

This is the second staging of the Caribbean Investment Forum. This year’s event is organised by the Caribbean Export Development Agency in collaboration with the Government of the Bahamas, CARICOM, the Caribbean Development Bank, and with the support of several regional sponsors as well as the European Union’s Global Gateway Initiative.

Visit the CIF 2023 website for more information – www.caribbeaninvestmentforum.com

The Caribbean Investment Forum (CIF) 2023, kicked off with a grand launch event at Atlantis in the picturesque Bahamas, setting the stage for what is expected to be a transformative platform for businesses, investments, and strategic alliances across the Caribbean region. Moderated by Anastarcia Palacios, the launch event featured distinguished leaders, insightful presentations, and a clear vision for the future of Caribbean trade and investment.

Presented through the collaborative efforts of the Caribbean Export Development Agency, the European Union, the Government of the Bahamas, the CARICOM Secretariat, and the Caribbean Development Bank, CIF is a significant milestone for Caribbean businesses.

Under the theme “A Bold New Caribbean,” CIF has directed its focus toward critical areas to Caribbean development, including Agriculture Technology, renewable energy, digital business (e-commerce, innovation, and FinTech), and Logistics and Transport.

Deodat Maharaj, the Executive Director of the Caribbean Export Development Agency, set the tone for the event, emphasizing CIF as the preeminent gathering of businesses and investors in the Caribbean for this year. “The Caribbean Export mantra is less talk and more business, and this will be the basis of CIF 2023 as we seek to drive a truly transformational agenda for our region with business playing a central leadership role to create jobs and opportunity for our people.”

Mr. Maharaj delved into the crucial imperative of transitioning toward a green economy and the transformative possibilities it holds for a region grappling with climate vulnerabilities and significant debt. He expounded, “What is not spoken about enough are the potential opportunities for the growth of the private sector in a green economy transition…it was estimated that decarbonisation will help create approximately 400,000 jobs”

CIF was designed as a catalyst for change and opportunity; a vehicle to fast track Caribbean development and reshape the region’s future. Chair of the Caribbean Export Development Agency, Dr. Lynette Holder highlighted that the event “symbolizes a remarkable shift in our collective approach to securing the vital investments required for the economic development and diversification of our cherished region” in her remarks.

The Honorable Chester Cooper, Deputy Prime Minister and Minister of Tourism, Aviation, and Investments, introduced the distinguished Prime Minister of the Bahamas, The Honourable Philip Edward Brave Davis. As the head of state for the CIF Host Country, Prime Minister Davis extended a gracious welcome to the attendees and highlighted investment prospects in the Caribbean, with a particular spotlight on the Bahamas.

He applauded the potential in sectors such as tourism, energy, logistics, agriculture, and financial services, articulating what renders the Bahamas an attractive investment destination, including a skilled workforce, strategic proximity to the United States, and tax-neutral status.

Dr. Carla N. Barnett, Secretary General of the CARICOM Secretariat, underscored the monumental significance of CIF in forging strategic alliances and channeling investments for the Caribbean’s prosperity. Emphasizing the imperative of fostering a conducive business environment and attracting both intra-regional and foreign investments to fuel sustainable economic growth. Dr. Barnett urged attendees to harness the full spectrum of opportunities the Caribbean offers. “As we gather here on this momentous occasion, I implore each and every one of you to use this opportunity as the first step in a bigger plan. Build the relationships that will make lasting change. Network with intent. Ensure the full gamut of opportunities the Caribbean has to offer is on display.“

Her Excellency Marianne Van Steen, Ambassador to the Bahamas, Belize, Jamaica, the Cayman Islands, and the Turks and Caicos Islands, highlighted the robust partnership between the Caribbean and the European Union. In her Remarks, Her Excellency Van Steen, reinforced the critical importance of the European Union’s Global Gateway Strategy, aimed at bridging the investment divide and fortifying transformative investments, especially in clean and sustainable energy, transport infrastructure, and digital transformation. Further, the Amb shared that “the upcoming signature in Barbados, next month, of an agreement between the European Union and Caribbean Export, whereby the EU will provide a grant of EUR 8 million to support Caribbean businesses in their digital transformation, green transition, improve access to finance, and in supporting them navigate the EPA. This builds on the over EUR 50 million the EU has provided to Caribbean Export over the past decade.”

Director of Projects at the Caribbean Development Bank (CDB), Therese Turner-Jones, emphasized the need for partnerships, investment in infrastructure, and a new mindset for the Caribbean region. Referencing the impact of the COVID-19 Pandemic on the region she shared “…we need to think big—if we learned anything from the last three years living through a pandemic—the lesson must be that there is no more business as usual.”

Sessions, meetings and pitches for the 2023 Caribbean Investment Forum start tomorrow October 24th, 2023, where hundreds of attendees come together with an emphasis on action, collaboration, and the pursuit of transformative investments that will drive the Caribbean’s growth and prosperity.

Learn more about the 2023 Caribbean Investment Forum when you visit www.caribbeaninvestmentforum.com

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.