Caribbean Export is the regional trade and investment promotion agency focused on building a resilient Caribbean by providing cutting-edge and high-impact support to the private sector.
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 11th European Development Fund (EDF).
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.
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.
It is good to see movement to deepen the trade and investment partnership between Africa and the Caribbean. Indeed, just recently, the Africa Export Import Bank announced that they would be opening an office in Barbados and have committed USD1.5 billion to help advance a trade partnership with the Caribbean. This follows the AfriCaribbean Trade and Investment Forum that took place last September in the Caribbean. We need to maintain this momentum since it is high time that we build on our inextricable and deeply intertwined history and bonds with Africa for the benefit of both the people of Africa and the Caribbean.
However, to achieve concrete progress, a lot of work must be done. According to the International Trade Centre’s (ITC) Trade Map, in 2021, Africa’s exports to CARICOM countries and the Dominican Republic represented a mere 0.001% of Africa’s total exports. For us in the Region, our exports as a percentage of total exports, just 1.4% go to Africa, with petroleum products being the main trade between CARICOM and West Africa, particularly with Gabon and Ghana. . In essence, the limited trade we have with Africa is dominated by just a few products and a small number of countries. The question then arises, how do we take our trade and investment relationship with Africa to the next level leveraging on our excellent people-to-people, historical and cultural ties given the existing patterns and size of trade?
To begin with, in redefining this relationship, the Caribbean must have a forensic focus. Firstly, we must recognise that Africa is not a monolith. There are 54 countries on this vast continent with acute differences in terms of regions and subregions. Just in terms of language and in addition to the multiplicity of local, national, and regional variants, large swathes of Africa speak English, French and Portuguese. Just take one country like Tanzania where I served and lived in my first stint on the continent, it has over 120 ethnic groups and dialects. Nigeria, the largest country on the continent is even more complex as is South Africa, one of the twenty richest economies on the planet. Therefore, for us in the Caribbean as a small region dealing with a vast continent, it is important to recognise that whilst politically we want a greater relationship with Africa, on the economic front, we need to focus on fewer countries in the first instance.
Secondly, we should therefore start where our strengths lay, we need to build on the existing foundation we have in West Africa. Some businesses such as Republic Bank Ltd have a well-established presence. Similarly, in the area of Financial Technology, a partnership was formed among Barbados Global Integrated FinTech Solutions (GIFTS), iPay Anywhere (iPay) and TelNet, a Nigerian digital transformation company, which will ultimately give access to 200 million customers through the TelNet database. On the flip side, GIFTS has partnered with Ghana-based fintech firm Zeepay to offer Barbadians- Zeemoney, the mobile wallet which gives users the ability to transfer funds to other users of the Zeemoney platform. This is the perfect example of the reciprocal opportunities that exist between the two regions and the benefit of a clear focus reinforced by concrete action. Success begets success and lays the strongest foundation for an expanding partnership.
Thirdly, we need to transition from a traditional representation approach to diplomacy to one that is commercial, building on existing diplomatic relationships and creating new ones. A few Caribbean countries have already started on this path. However, it cannot be individual and ad-hoc, it has to be part of a coherent and systematic approach to commercial diplomacy. Related to this is building relationships with countries in Africa akin to our size and share common concerns on issues such as climate vulnerability and the need for concessional financing. Island countries and small states on the continent such as Seychelles, Mauritius, Botswana, Sierra Leone, and Namibia will be natural allies and champions for us in the inner sanctum of African decision making at the African Union and elsewhere.
Looking ahead we have the option of proceeding with business as usual and proceeding incrementally which will see yet another opportunity lost. Alternatively, we can advance a transformational agenda that can reset and reshape the trade and investment relationship with Africa. Having lived, served and travelled extensively across Africa, I have seen first-hand the massive opportunities for us in this time of Rising Africa. To take our relationship to this next level, we need a sustained focus to build on existing relationships and forge key partnerships on the continent.
Deodat Maharaj is the Executive Director of the Caribbean Export Development Agency and can be reached at: dmaharaj@carib-export.com
Green economy transition can create 400,000 jobs in Caribbean region
Investors need political stability and policy continuity to invest in long-term renewable energy projects
Trinidad and Tobago will soon have hydrogen road map (end of November) to a fully decarbonised energy industry over the next 40 years
Consultant says societies must recognise that energy transition is ongoing – it will never stop
From kindergarten onward – education about climate change is critical
Small business owner says not financially viable to go green without incentives
CARICOM member states have committed to a target of 47% electricity generation from renewables by 2027. This will require billions of investment dollars. So how can the region make renewables attractive to investors? And why should the Caribbean take on this burden when CARICOM’s total contribution to global greenhouse gas emissions is extremely small?
A compelling case was made at the recently held Caribbean Investment Forum (CIF) on the enormous economic benefits the region would reap from transitioning to renewable energy usage.
CARICOM Secretary-General Dr Carla Barnett warned that climate change was an existential threat to island nations. “To combat it we are required to build environmental and economic resilience urgently.” Building a robust renewable energy sector also presents an opportunity for economic transformation, she said, and noted that the cross-sectoral impact of energy transition within the Caribbean will:
liberate the region from energy dependency and lessen its exposure to energy price shocks;
create fiscal space and lessen the burden on countries’ foreign exchange reserves;
provide new and more flexible energy, and other environmental services to commercial and industrial consumers;
provide new avenues for investors to receive stable returns on infrastructure development? investments; and
create new energy services companies and in the process create new employment.
Echoing her sentiments, Caribbean Export Executive Director Deodat Maharaj said: “A green economy transition presents the ideal opportunity to lessen pressure on foreign exchange reserves as well as limit exposure to price volatility in international energy markets, which we are seeing now. Equally as important, the transition has the potential to spur economic growth by lowering the marginal cost of energy for the private sector as well as lowering overall energy intensity.”
In addition, he noted that a 2020 report jointly published by the International Labour Organization and the Inter-American Development Bank, “estimated that a green economy transition will help create approximately 400,000 jobs, a big boost to our economies.”
The International Renewable Energy Agency has also estimated that for every US dollar invested in energy transition, an additional US93 cents of GDP growth will occur above the business-as-usual scenario in the region, Maharaj said.
But how will the region finance the billions of dollars needed to undertake the necessary projects? This was the focus of the Renewable Energy Roundtable, entitled Energy transition: Making renewables attractive for private sector investment, on Day 3 (November 11th 2022) of the Caribbean Investment Forum, which was held at the Hyatt Regency in Trinidad, and organized by the Caribbean Export Development Agency (Caribbean Export) in collaboration with the Government of Trinidad and Tobago, CARICOM, the Caribbean Development Bank, and the Caribbean Association of Investment Promotion Agencies with the support of the European Union.
Speakers comprised:
Moderator – Dr Damie Sinanan, Manager – Competitiveness & Export Promotion, Caribbean Export
Vernon Paltoo, President – National Energy Corporation T&T (NEC)
Federico Fische, Regional Co-ordinator, PFAN: Latin America & The Caribbean Private Financing Advisory Network
Jari Aaltonen, Manager – Bloom Cluster
Michael McQuilkin, Manager-Investment Banking, Republic Bank
“NEC has been working with the IDB and by the end of this month (November) we will launch T&T’s hydrogen road map, which would lay the framework for how it would achieve a decarbonised energy industry over the next 40 years”, Paltoo said. “This is a long-term plan starting with energy efficiency, then renewable energy and ultimately decarbonisation and calls for partnership between the private and public sectors”, Paltoo continued.
Predicting that Trinidad and Tobago would be a producer and exporter of hydrogen in the foreseeable future, he disclosed that, an estimated 25 gigawatts of power would be required by the country’s petrochemical, energy and power industries: “we have determined that offshore winds are the most reasonable option,” to achieve this. Further studies are still to be done, he added.
Republic Bank’s McQuilkin said the returns on renewable energy projects “are attractive and very long-term.” but the projects were very costly so an investor must have the confidence that the overall financial structure will be long-term and that needs political stability to ensure the investment decisions would not be reversed. He also hoped to see regional manufacturing have opportunities and he suggested the need for training and coaching for the local population to participate in the benefits from renewable energy investment.
One small business owner in the audience pointed out the capital cost to transition might be too much for a small business. He estimated that to convert his fleet of delivery vehicles to CNG would cost upwards of TT$70,000. “Are there incentives being considered for small, hyper localised businesses like mine? he asked Paltoo.
Fische said societies needed to understand that energy transition was not only necessary, it would never stop. The culture needs to change to support that notion, he said. “The technology is going to move the transition forever,” he said.
Endorsing the view that populations needed to understand that energy transition was needed “to ensure continuity of life as we know it,” Paltoo advised that education was critical, from early childhood to university, to achieve this.
The inaugural Caribbean Investment Forum, set to become a flagship event on Caribbean Exports’ calendar, took place in Port of Spain, Trinidad from November 8-11, 2022. The high-level, business-focused event connected key regional decision-makers, innovators, and entrepreneurs with the world’s most influential investors to explore the investment opportunities available throughout the region. It also served as a launch pad for thought leaders keen on accruing the benefits of first-mover advantages in this developing space. Under the theme Building A SMARTer, GREENer Caribbean, stakeholders focused, in particular, on investment opportunities in technology, agriculture, renewable energy, transport and logistics and innovation. These projects will improve the lives of over 30 million Caribbean people in the countries across the Region
Caribbean Export signs MOUs with the World Trade Center Miami (WCTM) and Canning House to bolster the Caribbean’s investment promotion.
Businesses across the region are set to benefit from partnerships.
The Caribbean Investment Forum set the backdrop for the MOU signing in Trinidad and Tobago.
The Caribbean Export Development Agency (Caribbean Export) has signed a Memorandum of Understanding (MOU) with the World Trade Center Miami (WTCM) and Canning House agreeing on a framework to sustain trade and investment promotion efforts in the Caribbean.
The official signing took place at the landmark Caribbean Investment Forum, which was held 8-11 November 2022 in Port of Spain, Trinidad & Tobago.
Addressing the media Deputy Executive Director of Caribbean Export, Mr. Leo Naut noted “the new business paradigm calls for increased partnerships. This means that CARIFORUM businesses, workers, and producers will need to collaborate and work smarter to successfully compete globally and enter new markets for trade and the attraction of investment. Caribbean Export, alongside our partners, stand as a united front to support and enable business growth, expansion, and collaboration. In this new age of partnership, we are happy to onboard two new partners to bring forth prosperity and development to the Caribbean region”.
Canning House based in London, UK has the objective of building understanding and relationships between the UK, Latin America and Iberia. In his remarks Juan Teran Jurado, Corporate Affairs Manager at Canning House, expressed his gratitude at being part of the Caribbean Investment Forum and for the opportunity to “deepen the economic trade and investment relationships between the UK and Latin America”. Canning House is a global forum for thought-leadership and pragmatic debate on the region’s political, economic, social, health and environmental trends and issues – and their implications for business risks and opportunities.
Florida, for many reasons, logistically and with a large Caribbean diaspora, is an important gateway for Caribbean investment and trade and home to the WTCM.
Ivan Barrios, President of the World Trade Center Miami, shared that the Caribbean was very important to the South Florida community and that the signing of the MOU was timely given a new series of seminars being planned for the Caribbean titled “How to export your products to the United States using Miami as a platform”.
The World Trade Center Miami is a powerful driver for business growth and economic prosperity of Florida and as a non-profit stimulates trade and investment opportunities for commercial property developers, economic development agencies, and international businesses looking to connect globally and prosper locally.
The two MOUs come after more than two years of uncertainty and tepid business activity, and signals that the Caribbean is open for business.
Caribbean Export, supported by the European Union, as the regional investment and trade promotion agency, whose mandate, is to help build a resilient Caribbean, views support and partnerships vital to sustain and create business opportunities particularly when the world and small states are confronted with immense economic challenges.
The Caribbean Investment Forum placed strategic focus on sectors such as the digital economy, renewable energy, agriculture technology (AgTech) and logistics and transportation; all sectors deemed critical for the sustainable development of our economies. The Caribbean Investment Forum was hosted by the Caribbean Export Development Agency, the European Union, The CARICOM Secretariat, Ministry of Trade and Industry Trinidad and Tobago and the Caribbean Development Bank.
The Caribbean Export Development Agency (Caribbean Export), the region’s foremost investment and trade promotion agency, has launched a brand-new publication in collaboration with Export-Import Bank of India (Exim Bank India). The publication, entitled “Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation”, which explores trade opportunities between Caribbean countries and India was introduced to more than 400 attendees present at the Caribbean Investment Forum in Trinidad and Tobago.
Caribbean Export is committed to facilitating growth of the regional private sector through economic development and integration programming. The Agency partnered with Exim Bank India to produce this study to unlock the investment and export opportunities for entrepreneurs on both sides.
The study expands on the key features of India – CARIFORUM economic relations and explores the mutual benefits to be derived from trade. Notably it states that “India has potential to expand exports in product categories such as mineral fuels and oils, electronics, transport vehicles, cereals, optical instruments, meat and edible meat offal, and animal or vegetable fats and oils etc”.
Speaking at the Caribbean Investment Forum via video link, Mr. N Ramesh, Deputy Managing Director of India Exim Bank, opened Day 2 of the Caribbean Investment Forum with a speech centered on the publication’s areas of significance. Mr. Ramesh drew the audience’s attention to the fact that “for the Export-Import Bank of India, the Latin America and the Caribbean region has always been a region of focus, to promote and support two-way trade and investment” and that trade between India and the Caribbean region had seen robust growth, “from a meagre level of US$ 52.4 million in 2001, India and Caribbean trade was recorded at US$ 1.7 billion in 2021.”
He went on to share “As a partner institution to promote economic development in LAC, India Exim Bank has set in place various activities and programs, which contribute to sharing India’s development experience through capacity building and skill transfer, trade, and infrastructure development.”
Caribbean Export’s Deputy Executive Director, Leo Naut, presented the publication to High Commission of India in Trinidad and Tobago’s Charge d’affaires Mr. Raju Sharma at the event. Naut expressed that the joint research report was an important contribution to not only serve as a valuable reference for policy makers and academia but also for businesses to discover new opportunities for trade.
The Caribbean’s investment opportunities were strategically spotlighted at the Caribbean Investment Forum, namely: AgTech, digital business including e- commerce, innovation, and technology; Green economy transition, and transport and logistics. In collaboration with Caribbean Export, the new study is part of India Exim Bank’s Working Paper Series which serves to enrich the knowledge of Indian exporters to improve India’s competitiveness overall.
European Union Ambassador Peter Cavendish believes that Africa and the Caribbean can be the green hydrogen producers of the future. In addition, Secretary-General of the African Continental Free Trade Area (AFCFTA), Wamkele Mene, says the Democratic Republic of Congo (DRC) and Zambia could potentially control the market for lithium-ion batteries.
These revelations were made at a Press Conference that followed the Opening Ceremony of the inaugural Caribbean Investment Forum organized by the Caribbean Export Development Agency (Caribbean Export) being held from November 8 – 11, 2022 in Trinidad and Tobago.
Ambassador Cavendish believes sustainable energy is an area in which both the Caribbean and Africa have significant competitive advantage and could significantly impact the world. He spoke of the fundamental shift that has taken place in Europe that historically believed it was energy secure and energy independent. We realise now we are energy dependent and he spoke of how recently “the Middle East, the Norwegians, the Americans and the Nigerians stepped in to help us with our energy needs in time of crisis.” This heralded a gigantic change that has taken place in European psychology and I think both the Caribbean and African nations will be able to benefit from that, he said.
The Caribbean has solar, wind, wave, river water, and 19 volcanos from which it can generate energy, he said. “The Caribbean and Africa together have the potential to be the major green hydrogen supplier for Europe in the future,” he said. “You have a gigantic energy advantage” that will last through the lifetimes of you, your children and your grandchildren, he assured.
Both in his Keynote Address and at the press conference, Ambassador Mene highlighted a common obstacle blocking growth and development in both the Caribbean and Africa. He said both regions needed to retain a much greater percentage of the value created from their primary resources. While those resources could, for example, be sun and sea, cocoa, spices, oxide or gold, Mene highlighted the example of lithium cobalt oxide. He noted that while the DRC and Zambia were the leading producers in the world of this key input into the lithium-ion batteries that power electric vehicles, they historically have never produced batteries. Similarly, Ghana and Cote d’Ivoire are major producers of cocoa but do not make chocolates. “Value-added is very important…there must be a shift of investment to the production sector,” Mene said.
Caribbean Export Executive Director Deodat Maharaj also pointed out that studies have shown that less than 10 cents of every tourism dollar spent in the Caribbean is retained in the Caribbean.
In Africa, change has begun. Last year, the governments of DRC and Zambia agreed to stop the export of unprocessed oxide and work together to produce lithium batteries. In addition, the governments of Ghana and Cote d’Ivoire have agreed there will be no more exporting unprocessed cocoa. “The DRC and Zambia could potentially control the market for lithium batteries,” Mene told the media. He also predicted that “in 10-15 years, Ghana and Cote d’Ivoire would be major producers of coffee and chocolate.
Mene hopes that Africa and the Caribbean will work together to align their export and investment strategies, to increase trade and investment between both regions. He said he already regarded the Caribbean as “the sixth region” in AFCFTA and discussions have already begun for direct airlift between West Africa and the Caribbean. The African EXIM Bank has also made US$900 million available to the region to further advance engagement between Africa and the Caribbean.
Trinidad and Tobago’s Trade & Industry Minister, Paula Gopee-Scoon, revealed that Trinidad and Tobago “will open a commercial office in South Africa in the first quarter of 2023 to facilitate trade and investment.”
