News

• 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.

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