News

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

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

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

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

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

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

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

Visit caribbeaninvestmentforum.com to find out more.

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

Santo Domingo, DOMINICAN REPUBLIC –   

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

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

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

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

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

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

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

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

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

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

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[1] CARICOM countries and the Dominican Republic

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

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

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

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

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

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

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

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

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

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

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

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

• Caribbean Export and key Nigerian private sector organizations sign MOU to enhance economic cooperation
• Agreement focuses on trade promotion, investment facilitation, and knowledge exchange
• Partnership aims to unlock new business opportunities, strengthen MSMEs, and increase exports between the Caribbean and Nigeria

The Caribbean Export Development Agency (Caribbean Export) and key private sector organizations in Nigeria have signed a Memorandum of Understanding (MOU) aimed at fostering increased economic cooperation between the Caribbean region and Nigeria. The signing ceremony took place on Tuesday, June 13th, 2023, on the 2nd leg of the Agency’s trade mission under the theme ‘Advancing Trade & Investment Between the Caribbean and West Africa’.

The MOU outlines a framework for collaboration in various sectors, including trade promotion, investment facilitation, and the exchange of knowledge and expertise. The agreement reflects the shared commitment of both parties to explore and maximize the vast potential for economic growth and development through mutually beneficial partnerships.

Caribbean Export, the regional trade and investment promotion agency for the Caribbean, brings extensive experience in facilitating market access, building capacity, and supporting entrepreneurship across the region. With a rich history of promoting regional integration and driving trade diversification, the Agency is well-positioned to leverage this partnership to unlock new opportunities for Caribbean businesses in Nigeria.

Speaking at the event, Deodat Maharaj, Executive Director of Caribbean Export, emphasized the goal of creating opportunities for Nigerian businesses in the Caribbean region and vice versa. The majority of businesses in both regions are Micro, Small, and Medium Scale Enterprises (MSMEs), which account for a significant portion of total employment. The MOU aims to strengthen these enterprises and foster job creation.

Nigeria, Africa’s largest economy and a key player in the continent’s trade landscape, presents immense potential for Caribbean exporters and investors. The signing of the MOU signifies Nigeria’s recognition of the Caribbean region’s strengths in key areas. By collaborating closely with Caribbean Export, Nigeria aims to establish stronger trade ties, opening doors for increased investment and business opportunities.

Femi Egbesola, president of the Association of Small Business Owners in Nigeria, expressed excitement about the agreement, noting the potential it holds for Nigerian entrepreneurs to engage in businesses with Caribbean countries. He highlighted the lack of awareness about Caribbean trade among many Nigerian entrepreneurs and expressed optimism that the partnership would provide new doors and opportunities.

Commenting on the signing of the MOU, Deodat Maharaj, expressed his enthusiasm about the collaboration: “This partnership with Nigeria holds tremendous potential for both regions. We look forward to leveraging our collective strengths to facilitate increased trade and investment flows, ultimately driving sustainable economic growth and prosperity for businesses and individuals in the Caribbean and Nigeria.” Maharaj also emphasized the goal of significantly increasing exports from the Caribbean to Nigeria within the next 18 months.

Moving forward, Caribbean Export and Nigeria will work diligently to implement the objectives outlined in the MOU, fostering collaboration between the public and private sectors and facilitating meaningful connections between businesses from both regions.

• Caribbean-West Africa Trade mission to Ghana aimed at fostering collaboration and exploring trade opportunities between Ghana and the Caribbean.
• MoUs signed between Caribbean Export and key Ghanaian organizations to enhance collaboration and trade relations.
• Government officials, business leaders, and trade experts engaged in networking and business-to-business meetings to facilitate connections and exchange ideas for mutual growth.

Last Tuesday, June 6, 2023, witnessed a significant gathering of government officials, business leaders, and trade experts at first leg of the Caribbean-West Africa Trade mission to Ghana. Hosted by the Caribbean Export Development Agency (Caribbean Export), the mission aimed to foster collaboration and explore emerging areas for trade and investment opportunities between Ghana and the Caribbean.

The opening session welcomed the Hon. Stephen Amoah, the Deputy Minister of Trade from the Government of Ghana, who delivered remarks, expressing the government’s commitment to fostering trade relations with the Caribbean. Benjamin Dzoboku, Managing Director of Republic Bank Ghana PLC, and Mr Gerald Nsomba, Specialist Trade and Corporate Finance with AfriExim Bank, also shared their perspectives on the significance of the Ghana-Caribbean partnership and their efforts to support SME development along with trade and business opportunities between the regions.

The signing of Memoranda of Understanding (MoUs) took place between Caribbean Export and prominent Ghanaian organizations, including the Private Enterprise Federation, Ghana Union of Traders Association, and Ghana National Chamber of Commerce and Industry (GNCCI). These MoUs aim to foster closer collaboration and enhance trade relations between the Caribbean and Ghana, exploring potential partnerships for joint activities and facilitate businesses in key sectors such as renewable energy, agriculture technology and ICT.

Mr Deodat Maharaj, Executive Director of Caribbean Export, speaking at the event emphasized the importance of forging strong partnerships and highlighted the potential for economic growth through collaboration between Ghana and the Caribbean. 

“The decision to mount this mission to Ghana was in line with Barbados’ commitment to strengthen its bilateral relationship with Ghana and the continent of Africa, particularly in relation to the green and orange economies” he shared.

Furthermore, Hon Ginger Moxey, Minister for Grand Bahama from the Government of the Bahamas, and Hon. Sandra Husbands, Minister of State in the Ministry of Foreign Affairs and Foreign Trade, added their voices to the conversation, emphasizing the potential for mutually beneficial cooperation between Ghana and the Caribbean.

Mr Clement Osei-Amoako, President of GNCCI, speaking at the signing ceremony said it was only through trade that the private sector could harness their full potential and grow together with the Caribbean given the similarities their share.

“So, I see this as an opportunity for us to see our counterparts from the Caribbean and trade with them” he added.

Following the signing ceremony, participants had the opportunity to network and engage in business-to-business meetings which provided a conducive environment for fostering concrete connections and exchanging ideas.

The showcase transcends geographical boundaries to present the work of 16 artisans in the field of handmade jewelry, with the aim of highlighting the design potential and craftsmanship of the island.

SANTO DOMINGO – “Symbiosis,” an exhibition and design brand, has been created within the Trade and Private Sector component of the Haiti-Dominican Republic Bilateral Cooperation Program, financed by the European Union under the 11th European Development Fund (EDF). This component is executed by the Caribbean Export Development Agency, the only trade and investment promotion agency for CARIFORUM countries.

With the objective of strengthening the production capacity of the craft value chain, as well as fostering creative and cultural diversity on the island through the design of new value-added products to enhance export offerings and contribute to the economic development of the sector, Caribbean Export announced “Symbiosis,” a binational exhibition featuring artisans from the Dominican Republic and Haiti.

Comprised of 16 artists and designers from both countries, the exhibition will include a jewelry collection, enriching the project and highlighting the cultural expression of the Caribbean. It will take place from June 23rd to 25th, 2023, at Quinta Dominica in Santo Dominigo, Dominican Republic, showcasing 125 unique pieces.

In this first edition, the emphasis is on the creation of handmade jewelry, primarily fashion accessories, in various shapes and colors, using raw materials shared by the Dominican Republic and Haiti, with a particular focus on vegetation (coconut palm), minerals (semiprecious stones such as jasper, malachite, azurite, amber, and larimar), and animal byproducts (horn and bone).

It is worth noting that all these natural objects have been transformed and designed to become an original collection of goldsmithing, promoting responsible practices in terms of natural resource use, environmental respect, and appreciation of culture and tradition. The collection is made with the skill of Dominican and Haitian artisans, which the public will be able to appreciate during the exhibition.

“This production is intended for export. The marketing channel selected to commercialize the products will cater to the demands of the niche market in the English-speaking Caribbean, Europe, and North America. Similarly, this collection promotes binational dialogue between both countries through the collaborative spirit with which these pieces were created. We aim to position craftsmanship, as well as all creative industries, as an engine for economic development, aiming towards the internationalization of the art and culture industry and thus harnessing the economic potential of this value chain,” emphasized Leonel Naut, Deputy Executive Director of Caribbean Export Agency.

• Over 15 Caribbean Businesses, Business Support Organisations and Investment Promotion Agencies to participate in landmark mission
• Contingent to engage with counterparts in Ghana and Nigeria
• Sectors of focus include renewable energy, agriculture and AgTech, and Information Communications Technology (ICT) and Fintech

Over the period of June 5-15, 2023, the Caribbean Export Development Agency (Caribbean Export), is embarking on a historic mission to selected African markets, with a primary focus on Ghana and Nigeria. This ground-breaking mission aims to deepen cooperation, boost trade and investment, and establish partnerships in the renewable energy, agriculture and AgTech, ICT and Fintech sectors.

Commencing in Accra, Ghana, the two-week mission sets out to achieve two primary objectives. Firstly, Caribbean Export will facilitate meaningful business matchmaking between private companies in Ghana and a group of Caribbean enterprises carefully selected following an open call for expression of interest and evaluation process. Participating Caribbean companies include Baron Foods (Saint Lucia), CELLPAY Corporation (Haiti), Global Integrated FinTech Solutions (Barbados), GMcEnergy Ltd. (Jamaica), Sonover Inc. (Grenada), Tijule Company Ltd (Jamaica), and Williams Solar (Barbados). To ensure the success of this endeavour, the Agency has enlisted the support of experienced in-market consultants with extensive knowledge of the local market and business ecosystem.

Secondly, Caribbean Export recognises the significance of fostering comprehensive business engagement. In addition to facilitating trade and investment between the CARIFORUM private sector and their African counterparts, the Agency expects fruitful outcomes from dialogues between the region’s public sector agencies and their African counterparts. To facilitate this, Business Support Organisations, including Trade Promotion Organizations and Investment Promotion Agencies will play a vital role in the mission.

Deodat Maharaj, Executive Director at Caribbean Export Development Agency, emphasized the immense potential for trade between the Caribbean and Africa across multiple sectors such as agriculture and AgTech, FinTech, renewable energy, tourism, and creative industries. He stated, “Our countries possess valuable commodities, unique products, and services that can cater to the demands of discerning consumers in both regions. Through systematic business-to-business engagement, we can establish robust value chains that optimize our resources, expand market share, and create new opportunities for our people.”

This ground-breaking mission signifies the dawning of a new era of trade and investment cooperation between the Caribbean and Africa. Caribbean Export eagerly anticipates strengthening ties, expanding market access, and supporting the creation of a prosperous future for both regions.

Business leaders from Haitian and Dominican business supporting organizations (BSOs) participated in a trade and best practices mission to Europe to reactivate business opportunities for MSMEs from both countries that are and have the potential to export to the European Union (EU). This mission took place on April 17 – 28, 2023, and covered Paris, France; Madrid, Spain and Berlin Germany. In addition to reactivating business ties, these BSOs were also exploring best practices to support their respective private sector development efforts in Haiti and the Dominican Republic in a time of economic downturn.

This mission was organized by Caribbean Export as part of its work to improve private sector dialogue under the implementation of the Trade and Private Sector of the Haiti-Dominican Republic Binational Cooperation Programme financed by the European Union under the 11^th European Development Fund (EDF).

This binational delegation was comprised by representatives from various organizations such the Chambre Franco-Haïtienne de Commerce et d’Industrie-CFHCI (French-Haitian Chamber of Commerce and Industry), the Federación Dominicana de Cámaras de Comercio-FEDOCAMARAS (Dominican Federation of Chambers of Commerce), Cámara de Comercio y Producción de Santo Domingo-CCPSD (Chamber of Commerce and Production of Santo Domingo), Asociación Dominicana de Exportadores-ADOEXPO (Dominican Exporters’ Association) and the Centro de Resolución Alternativa de Controversias de la República Dominicana-CRC (Dominican Republic’s Center for Alternative Dispute Resolution).

The delegation visited prominent organizations such as the International Chamber of Commerce (ICC), the International Court of Arbitration (ICA), Business France, Fundación de Estudios Estratégicos e Internacionales, and the chambers of industry and commerce in Germany. These organizations provided valuable insight and expertise on how to improve the services offered by the chambers of commerce in Haiti and the Dominican Republic.

The initiative provided the Haitian and Dominican Business Support Organizations the opportunity to explore new services to increase the quality and quantity of the services to be offered to their members, which will assist them with their functionality and sustainability in the long term. The improved access to the EU market is another benefit of the trade mission as it is one of the largest and most lucrative markets in the world.

This trade mission is a critical step in the development and growth of the Haitian and Dominican private sectors. It will enhance the ability of the chambers of commerce to provide essential services to their members, support their development and performance, and create a favorable environment for investment, ultimately contributing to the national economic development of both countries.

The initiative also provided an opportunity to generate binational synergy among the chambers of commerce from both Haiti and the Dominican Republic. By exploring and sharing the best practices of successful businesses in Europe, the chambers of commerce can improve their services, network, and contacts with international organizations.

The participating BSOs in this mission have taken an essential step towards strengthening the collaboration between their countries’ private sectors. By exploring the best practices of successful businesses in Europe, they can enhance the services provided to their members, support their development and performance, and create a favorable environment for investment, ultimately contributing to the national economic development of both countries.

Competitiveness in manufacturing came under the microscope when Export Barbados (BIDC) and the Caribbean Export Development Agency (Caribbean Export) co-hosted a free ProNET Workshop from April 20 to 21. The focus of the workshop, the second of its kind targeted at small and medium-sized enterprises (SMEs), was product development.

The two-day workshop, which came on the heels of the ProNET Export Marketing Workshop held in March, was fully subscribed. It sought to help SMEs improve their products and expand their markets.

During the workshop’s opening at Bagnall’s Point Gallery, Pelican Centre, Export Barbados’ Chief Executive Officer, Mark Hill, noted Barbados was lagging behind the rest of the Caribbean in innovation and therefore workshops like this are extremely critical to help turn things around.

“We have a vision of becoming the most innovative island in the whole world, but the gap between our capacity to innovate and our capacity to do product development is very big. So, workshops of this nature are critical to helping us close the gap, particularly for our economy. I want to urge everybody to be open-minded and receptive to the ideas and solutions that you are exposed to. We’re a society that is risk averse, but innovation and product development as a building block is the only sure way to grow our economy and the only sure way to grow your business,” Hill said.

During her remarks, Senior Advisor, Competitiveness and Export Promotion with Caribbean Export, Natasha Walcott, said Caribbean Export is committed to building capacity among SMEs. Referring specifically to Barbados, she revealed that between 2017 and 2022, there were 1,461 participants in Caribbean Export programming.

“Of the in-person activities, there were nine training and certification programmes. Sixty-four companies participated in activities under the export promotion rubric, and that represents trade missions and expos. In our flagship grants programs, we have assisted 35 firms to the tune of US $860,000 in grant assistance,” Walcott said.

ProNET master trainer, Dr. Ramesh Ramdeen, who conducted the workshop, said that regional companies need to master exporting among themselves before looking at making any meaningful impact extra-regionally:

“What we need to do is ensure that the products we produce within the region meet the standards of quality to be able to penetrate the regional markets. We need to understand what our competitive and comparative advantages are. We can’t sell clothes to China. We can’t sell things people are producing better than us or more efficiently than us. So, we need to understand what our niches are. But we need to understand, as well, how to regionally move goods among ourselves. We need to get the CSME [CARICOM Single Market and Economy] working up to scratch.”

Dr. Ramdeen also said there was a captive market in the region with 7 million people between Guyana, Jamaica, and Trinidad and Tobago and 30 to 40 million once the Dominican Republic and Cuba were included. He suggested regional leaders should carefully examine the existing laws and frameworks that curtail trade and agriculture from developing as they should.

ProNET is a training program offered by Caribbean Export for SMEs looking to grow their businesses and make them more competitive and export ready.

This release was originally published on Export Barbados’ website.

• Caribbean Export’s Annual Results Report 2022 released to stakeholders at event in Barbados.
• Results Report shows 1,000 regional business professionals took part in 30 interventions.
• Agency received highest ever  implementation rate of 89%

Over 135 regional micro- small- and medium-sized enterprises (MSMEs) received over $2.1m (US) in funding to boost their businesses last year, the Caribbean Export Development Agency (Caribbean Export) has revealed in its Annual Results Report – 2022.

Caribbean Export released its ‘Annual Results Report – 2022’ at the Hilton Barbados on Thursday 20 April in front of an audience consisting of local, regional and international stakeholders, diplomats, beneficiaries, Caribbean Export employees, and the media.

The report outlined how the regional trade and investment promotion agency has focused on a transformational agenda to build a ‘GREENer, SMARTer, and more resilient Caribbean’ by empowering over 1,000 business professionals through 30 interventions such as training, workshops, investment forums, and access to international tradeshows.

Caribbean Export’s Executive Director, Deodat Maharaj, said he was particularly proud of the agency’s 89% implementation rate which he believed was making “a real difference on the ground” to MSMEs which account for 70% of the region’s Gross Domestic Product and 75% of its total employment.

He thanked the European Union (EU) for its “long and enduring” support while revealing efforts to bring more financial partners onboard such as the CAF-development bank of Latin America and Republic Bank.

Mr Maharaj stated: “We are at a critical crossroads and we have the option of focusing on business as usual or advancing a truly transformational agenda for our region, giving jobs and opportunity for our people… At Caribbean Export we will continue to strive for excellence and value for money with a forensic focus on results, results, results.”

Barbados’ Minister of State in the Ministry of Foreign Trade and Business Development, Sandra Husbands, congratulated Caribbean Export on “a year of work that was very well done”. She emphasised how important the private sector is to the region for its overall stability, growth, and development before calling on MSMEs to “take full advantage” of the funding and programmes offered by Caribbean Export and its financial partners.

During the event, guests also heard impactful video testimonials from entrepreneurs based in Belize, the Dominican Republic, Jamaica, and Barbados who have partnered with Caribbean Export. In person, Sabrina Walcott from O’s Incorporated, which produces gluten-free flours and mixes made from breadfruit, sweet potato, and cassava in Barbados, was full of praise for the agency’s help which she said had given the business “knowledge and experience, and encouragement to venture into new areas”. She credited Caribbean Export with moving the Barbadian brand from “her mother’s kitchen to a tailor-made factory”.

Head of Cooperation, Delegation of the EU to Barbados, the Eastern Caribbean, OECS, and CARICOM / CARIFORUM, David Mogollon, reiterated the bloc’s unwavering commitment to Caribbean Export’s work.

Since 2017, the EU has invested over €27.5m (EUROS) in grants into the Regional Private Sector Programme to support the implementation of the CARIFORUM-EU Economic Partnership Agreement (EPA) which represents around 90% of Caribbean Export’s budget. Mr Mogollon confirmed the EU will continue to partner with Caribbean Export to improve economic growth in the region especially in terms of digital transformation.

Chairperson of Caribbean Export’s Board of Directors, Dr Lynette Holder, underscored the range and reach of Caribbean Export’s projects and programmes in 2022, including the highly-successful Caribbean Investment Forum (CIF) held in Trinidad and Tobago in October which attracted 535 delegates from 46 countries.

She revealed that CIF 2023 will take place in the Bahamas later this year. Ms Holder added: “It has been a transformative year for the agency. A strong foundation has been built and Caribbean Export has a bright future ahead. I am sure it will remain a key partner of choice in the region and continue to address the present and future needs of its members.”

Several local businesses became better equipped with skills to sell their products and services abroad when Export Barbados (BIDC) and the Caribbean Export Development Agency (Caribbean Export) joined forces to host a free ProNET Export Marketing Workshop from March 22 to 24, 2023.

Nearly 40 participants registered for the ProNET workshop geared toward building and streamlining their export capabilities. Participants included established manufacturers and small businesses from across the productive sectors. The sessions covered topics such as export readiness, export strategies, market research, export pricing and financing, regulatory compliance and developing an export plan. ProNET trainer Maxine Harris facilitated the workshop.

During the opening ceremony, participants were encouraged to take advantage of the opportunities highlighted for export within the Caribbean and beyond. Deputy Chief Executive Officer of Export Barbados (BIDC) Andrea Burgess noted that the workshop aimed to transform the approach to exporting goods and services from Barbados.

“Networking is key to establishing meaningful connections within your individual industries and within the export arena. During this workshop, we also encourage you to engage in open discussions, share experiences and forge bonds with fellow attendees that will help your businesses to be stronger in the long run. These connections could lead to future collaborations and partnerships. Through this ProNET training workshop, we also aim to empower you with the skills and knowledge necessary to excel in the export market,” Burgess said.

ProNET is a training program offered by Caribbean Export for small and medium-sized enterprises looking to grow their businesses and make them more competitive and export ready. Ms. JoEllen Laryea, Manager (Ag) – Partnerships, Advocacy & Reporting with Caribbean Export, explained the thinking behind the initiative:

“What we do is that we look at the business service organizations, and we ask them to identify training that they think is necessary for their sectors, knowing their sectors best. For this particular iteration, Export Barbados identified export marketing and product development as two areas they felt would be important for the country right now. So, as such, we chose to start with our Export Marketing program first, and follow up with Product Development next month.”

The ProNET Product Development Workshop is scheduled for April 20-21, 2023, and will cover the steps needed to bring a product from concept to market.

This release was originally published on Export Barbados’ website