News

Ten Caribbean food producers will boost their chances of expanding into the lucrative European market when they take part in the upcoming Speciality & Fine Food Fair (SFFF) at Olympia in London from 5-6 September 2022.

The regional companies set to exhibit at the SFFF under the ‘Absolutely Caribbean Pavilion’ are Naledo (Belize), CariBelle Foods (Trinidad and Tobago), Old Duppy (Barbados), Flauriel (St Kitts and Nevis), Chocolala (The Dominican Republic), Pringa’s (St Vincent and the Grenadines), Shavuot (Jamaica), St Lucia Distillers (St Lucia), Kalembu (The Dominican Republic) and the Antillia Brewing Company (St Lucia).

Supported by the European Union and the Caribbean Export Development Agency, these businesses will aim to attract leading European buyers and distributors when they exhibit a range of traditional products made from indigenous ingredients including hot pepper sauce, turmeric paste, jellies and jams, cocoa, tea, beer and rum.

The SFFF is described as “the go-to showcase for emerging and established brands within the artisan, fine food and drink industry”. It is renowned for uncovering ground-breaking and inspiring products as well as predicting emerging trends and this year over 10,000 visitors from around the world are expected to attend the annual event.

“We are extremely excited to exhibit our tropically inspired Caribbean ales at SFF22. It is a great way to reboot our exports to the UK after two long years of pandemic disruption. We look forward to meeting new distributors, importers and retailers and sharing a taste of St Lucia with them” shared Andrew Hashey, Founder, Antillia Brewing Co.

SFFF exhibitors are given direct access to hundreds of decision makers who represent established retailers and brands around Europe, allowing them to network and learn, while sharing their unique products and individual business stories.

In order to give the 10 Caribbean participants the best chance of success at the SFFF, Caribbean Export has also been assisting some of them with preparing to export via a ‘Launch to Market’ programme which ran from September 2021 to June 2022.

This readiness programme focused on issues such as market compliance, regulations and labelling, as well as marketing and branding with the aim of capitalising on increasing consumer demand in Europe and the UK for Caribbean food which is worth upwards of £100m, according to research commissioned by Caribbean Export. Now these Caribbean companies will take all that they have learned from the ‘Launch to Market’ programme, and combine it with the unparalleled exposure provided by the SFFF platform, to demonstrate why their products should be on menus and shelves throughout Europe.

• Caribbean Export and the CCREEE sign an MOU
• Caribbean Export and CCREEE to cooperate on key areas to promote energy efficiency and renewable energy capacity building for the private sector
• Decarbonisation can lead to the creation of 400,000 jobs in the Caribbean

The Caribbean Export Development Agency and the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) have agreed on a framework to cooperate on growing businesses through sustainable energy.  The two organisations have signed a Cooperation Agreement to officiate their relationship given their symbiotic mandates.

“Caribbean Export is excited to be working with CCREEE to tackle the immense challenges which our region must confront – firstly, global climate change; second, building sustainable and affordable energy systems and third, poverty reduction through private sector development.”, shared Deodat Maharaj, Executive Director of Caribbean Export.

Mr. Maharaj highlighted that according to the International Labour Organization and the Inter-American Development Bank, it is estimated that decarbonisation will lead to the net increase of jobs in the Caribbean by 3.1%, that is, the creation of approximately 400,000 jobs. 

Echoing Mr. Maharaj’s sentiments, Dr. Gary Jackson – Executive Director of the CCREEE – remarked, “Energy is one of the most pressing development challenges of our time; a challenge that is best addressed, especially within the Caribbean context, through cooperation. We are resilient collectively, not separately”, he said. Dr Jackson further noted: “it is our human capacity which defines our resilience. “As we cement our partnership today, our hope is that the CCREEE and Caribbean Export can adequately set an example of what can be accomplished with the coalition of the willing.”

The agreement outlines areas of cooperation including technical assistance projects to promote energy efficiency and renewable energy capacity building for the private sector.  These initiatives will assist businesses to enhance their climate resilience, increase energy access, develop sustainable buildings and promises to ensure knowledge management and transfer, promote sustainable industry and business growth.  Together the organisations are supporting businesses capacity to provide a suite of renewable energy and energy efficient products and services.

In addition, Caribbean Export and the CCREEE highlighted that today’s signing is merely a formalisation of the already functional partnership. The two organisations have partnered previously on the development of capacity building initiatives and eagerly anticipate enhancing and increasing these and, supporting small and medium-sized businesses, with three projects having already been identified.

• The Caribbean Rhythm Showcase is looking for talented artistes
• Caribbean Export and Headline Entertainment partner to produce the 2022 live staging of the Caribbean Rhythm Showcase in Kingston, Jamaica
• Caribbean Export is supporting artistes gain greater exposure with international music executives.

The Caribbean Export Development Agency (Caribbean Export) in cooperation with the European Union and Headline Entertainment (Jamaica) is supporting Caribbean artistes gain greater exposure to international music executives with the 2^nd staging of the Caribbean Rhythm Showcase.  The event producers are looking for 25 acts to perform live to an audience including music scouts in September 2022.

“We are looking for artistes from all genres to perform at this Showcase.  From zouk, soca, calypso, reggae rap, dancehall and pop, we want to support our artistes.” Shared Allyson Francis, Services Specialist at Caribbean Export.

“Music is a critical industry for us in the region, and we are committed to supporting the development of our practitioners with our Business of Music courses to leverage digital platforms and to give them the exposure needed to be discovered” she continued.

The Caribbean Rhythm Showcase aims to unearth and display more of the region’s talent.  The organisers are inviting new and emerging artistes to register and submit a performance video for assessment, for a chance to participate in a dynamic event that will also include follow-up meetings with interested music executives.

Unlike previous editions which were held online, this years’ staging will be in person in Kingston, Jamaica and aims to give artistes the opportunity to showcase, gain exposure and create opportunity to collaborate with other regional musicians and generate international interest. 

“This year is different; it allows us to bring the talent together in one space (so) it’s not just us seeing a video but interacting with live talent, seeing the way they operate and understanding things about them,” says Jerome Hamilton, Managing Director of Headline Entertainment.

He added that, “The same applies to the buyers, which includes producers, distributors, publishers, company executives and artiste representatives assembled from around the world, (so) no longer will it be about if – or will – the respective persons log on. The buyers will be present and will be here actively looking to interact and find talent and with everything up-close-and-personal continuously over a couple of days, we expect to reach solid results.”

Artistes are encouraged to visit the website for details and are required to submit two original songs.

The live showcase will take place on September 17, 2022 in Kingston, Jamaica and the selected artistes will participate in a number of activities designed to provide them with career development including workshops, and tours in partnership with the Ministry of Tourism and the Ministry of Culture, Entertainment, Gender and Sport.

In consultation with the Organisation of African, Caribbean and Pacific States (OACPS), the European Union (EU) is funding the DIRECCT (DIgital REsponse Connecting CiTizens) programme to strengthen the resilience of the health, education and small business sectors in the Caribbean to cope with current and future crises.

A press conference was held virtually on May 18, 2022, bringing together the funding and implementing partners to launch the programme in the Caribbean region. Coordinated by the Agence Française de Développement (French Development Agency or AFD) Atlantic Regional Directorate, the bi-lingual event acknowledged the challenges to global and regional human development presented by the COVID-19 pandemic and highlighted the critical role of digital services to allow people to stay connected with their public health partners, educational institutions and essential businesses.

H.E. Mr. Georges Rebelo Pinto Chikoti, Secretary-General of the Organisation of African, Caribbean and Pacific States (OACPS) opened the floor by stating that “through this timely collaboration, we will finance 10 projects which will benefit more than 50 states throughout the OACPS in the areas of health, education and small businesses. By prioritizing the needs of NGOs and reducing gender inequality which are still very present in the digital world, we can transform this COVID-19 crisis into an opportunity to develop our countries.”

It is clear that the availability of digital services mitigated the impact of the pandemic for citizens, patients, students and businesses in the region. In future crises, the ability to stay connected with institutions and partners will be an essential and an effective response that has been severely tested in the last 2 years.

“The EU has set a new ambition: to support and increase access to digital services and tools in developing countries”, affirmed Mr. Luís Maia, Head of Cooperation of the Delegation of the European Union to Barbados, the Eastern Caribbean States, the OECS and CARICOM / CARIFORUM. “Digital transformation and innovation are key priority areas in the EU’s engagement with the Caribbean, and the EU plans to step up its digital engagement with Latin America and the Caribbean through a Digital Alliance. The aim is to combine both regions’ interests, strengths and capacities, to jointly address the digital divide and achieve inclusive digital transformation.”

The responsibility to implement this 15.4-million-euro program, which is funded by the European Union, is that of Agence Francaise de Developpement and Enabel, the Belgian development agency. “The ACP-DIRECCT program is fully in line with AFD’s digital strategy” reminded Mr Philippe La Cognata, Regional Director in the Atlantic Ocean of the French Development Agency, “the digital transition is one of the six priority transitions of AFD’s Strategic Orientation Plan. We will use digital technology as a lever to accelerate the achievement of the SDGs. AFD is thus positioning itself as a digital donor in order to become a reference partner for developing countries to accelerate their digital transition for sustainable development.”

“The Caribbean region will benefit from this programme through strengthened health information systems and increased capacity for early detection, response, monitoring, and reporting of public health threats and emerging diseases,” stated Dr. Joy St. John, Executive Director of the Caribbean Public Health Agency (CARPHA) as she presented a synopsis of the project Improving Digital Integrated Public Health Surveillance in the Caribbean. The initiative aims to increase capacity for real time access of Caribbean Ministries of Health to public health surveillance data from a variety of sources using a digital integrated information platform (One Health approach). CARPHA’s 26 Member States, many of which depend on tourism, will use this digital system to inform early and appropriate interventions to track and mitigate disease spread, and act as an evidence base for policy-makers to address local environmental and social determinants of health.

Ms. Seliatou Kayode-Anglade, Project Officer, Economy Private Sector and Trade division, Financial and Economic Governance Department of Expertise France presented the Digital transformation project for Micro Small and Medium Entreprises (MSMEs) in West Africa and the Caribbean. The objective of the project is to strengthen the resilience of off-line formal and informal MSMEs by improving their digital skills. Activities are implemented by partners in West Africa and in the Caribbean. “Caribbean Export is one of our partners in the Digital transformation project for MSMEs and we are glad to collaborate with them on such an important topic for Caribbean private sector development and economic resilience” reaffirmed Ms. Kayode-Anglade.

Mr. Deodat Maharaj, Executive Director, Caribbean Export Development Agency in his remarks welcomed the cooperation with Expertise France and praised the conception and design of the Virtual eCommerce Accelerator Programme (VEAP) that the Agency will be implementing. Maharaj affirmed the Agency’s commitment to working with relevant stakeholders to ultimately help Caribbean businesses and entrepreneurs take advantage of digital technologies to build their resilience and sustainability. “Under the rubric of the Virtual Ecommerce Accelerator Programme, we will engage Caribbean firms, Business Supports Organisations (BSOs) and ecommerce related private sector firms (such as website developers and drop shipment partners), over a 6-month period, utilising a learning by doing approach aimed at enhancing their knowledge of ecommerce and implementation of ecommerce strategies.” The accelerator will include a maximum of 2 BSOs in each country with 5 firms assigned to each BSO for support across the 15 CARIFORUM countries. These BSOs and firms will be supervised by a team of Master trainers and coaches in the areas of ecommerce website development, product development, marketing, analytics and general ecommerce operations.

Mr. Frédéric Murat, International Operations Manager of Bibliothèques Sans Frontières (Libraries without borders or BSF) presented the Offline Internet initiative launched by BSF in Haïti. While half of the world’s population does not have access to a quality internet, the need for the dissemination of digital content for training, education, information or leisure has never been greater in order to create stronger and more resilient societies in the face of contemporary challenges (education, employment, global warming, migration, risk and epidemic prevention…). In this project, BSF aims at promoting access to information and education in 15 Haïtian schools, libraries and local organisations for the most vulnerable through offline internet solutions.

DIRECCT projects aim to improve access to digital infrastructure in more than 55 African, Caribbean and Pacific (ACP) countries by increasing connectivity, support the development of sector-specific digital services (education, health and business) according to their particular needs and then train people to use them. In the health sector, the main objective is to enable public bodies to quickly collect reliable data on the status of the current pandemic and possible future health crises, which are essential tools for institutions to provide immediate and relevant responses. The €15.4 million programme is mainly implemented by the AFD in coordination with the Belgian development agency, Enabel.

Press contacts:

DIRECCT Program – Eric MOUNIER – mouniere.ext@afd.fr

Press contact for the Caribbean region – Camille GUIGONNET – guigonnetc@afd.fr

The Caribbean Export Development Agency (Caribbean Export) in partnership with Republic Bank Ltd hosted the first workshop for small businesses in Trinidad and Tobago following the signing of a landmark MOU between the two organisations, to build the capacity of small businesses using a referral system, ensuring businesses receive assistance to develop, grow and create jobs. 

The 3-day ProNet workshop focused on Export Marketing and welcomed in-person participation at the bank’s headquarters for the first-time since the COVID-19 pandemic and the lifting of restrictions.  Led by ProNET trainer Ms. Maxine Harris, the workshop focused on preparing the participants’ businesses for export, increasing knowledge in market research, marketing & promotion and the development of export plans.

A key feature of this programme was the experiential learning and tuition that was received from external experts from the Export-Import Bank of Trinidad and Tobago, a local freight forwarder Cargo Consolidators Agency Ltd, Trinidad & Tobago Bureau of Standards, ExporTT and a leading agro-processor RHS Limited. The Trinidad and Tobago Manufacturers’ Association was a key partner in mobilising participation of its members.

ProNet is a modular training programme for small owners who want to grow their business and become more competitive.  Other modules in the programme include Business Strategy, Quality Management, Production Management, Resource Management, Product Development, Information Management, Human Resource Management, Cost & Financial Management and Energy Management.

The Caribbean Export Development Agency is playing a key role in helping regional small businesses emerge from the economic onslaught of the COVID-19 pandemic by preparing them for the export market.

Delivering a video message at the launch of Caribbean Export’s 2021 Annual Results Report at the Barbados Hilton Hotel on Thursday, CARICOM Secretary General Dr. Carla Barnett congratulated Caribbean Export – the agency tasked with supporting private sector development in the Caribbean – for focusing on delivering practical results. “Our region is at a critical crossroads where the imperative for all of us is to help to build a resilient Caribbean in which our people can have sustainable livelihoods at constantly improving standards of living,” she stated.

“These are challenging times financially and therefore our regional institutions and agencies must continue to demonstrate value for money and the delivery of clear and quantifiable results for our people,” added the native Belizean, stating that “we must also have the highest standards of accountability and transparency in our operations and reporting.”

She saluted pioneers working across the green economy, creative industries, and agriculture, which she described as a critical area where investment is needed to build food security. 

During the presentation, attendees heard testimonials from entrepreneurs from Belize, Dominican Republic, Haiti and Jamaica (working in the areas of chocolate, food, spirits, arts, business process outsourcing, and management consulting) describe how their engagement with Caribbean Export helped them to build capacity, increase production and gain access to new markets.

Chairman of Caribbean Export, Senator Dr. Lynette Holder, who also serves as the CEO of the Small Business Association of Barbados, lauded the agency for its action-oriented steps to provide direct, concrete support for mico-, small- and medium-sized enterprises (MSME) in areas ranging from capacity building for e-commerce to direct grants funded by the European Union.

In 2021, there were three calls for grants totalling more than US$3.5 million, which benefited 157 firms across the region, and four virtual global investment forums helped to raise the profile of the Caribbean as a favourable location for potential investors on the world stage.

Citing statistics which point to 80 percent of employment and more than 75 percent of GDP generated by MSMEs, Deodat Maharaj, Executive Director of the Caribbean Export Development Agency, made it unequivocally clear that the region must focus on these entities.

He declared that Caribbean Export has a “forensic focus” on delivering results: “It’s not only about the workshops, but it’s about creating measurable impact where it matters on the ground … we are essentially a one-stop nonstop shop providing key and concrete and practical, supportive support to businesses across the CARIFORUM Caribbean to generate jobs and opportunity for people.”

Advancing exports, securing foreign direct investment and building partnerships with financial institutions were important areas for Caribbean Export, noted Maharaj, who underscored the importance of commoditizing “our creativity, our culture, our music, our fashion, to generate jobs and opportunity for our people.”

Malgorzata Wasilewska, European Union (EU) Ambassador to Barbados, the Eastern Caribbean States, OECS and CARICOM/CARIFORUM, told attendees that for more than two decades, the EU has provided substantial amounts of grant funding and technical assistance to support the development of the Caribbean’s MSMEs. “Today’s event is an important milestone since it provides an opportunity to demonstrate how the initiatives implemented by Caribbean Export have made a difference in the lives of Caribbean people. It highlights how our latest investment of 27.6 million Euros (USD$29 million) has supported economic, job creation, social inclusion, and reached a broader community impact.”

Sandra Husbands, Barbados’ Minister of State in Foreign Trade and Business Development in the Ministry of Foreign Affairs and Foreign Trade, stated that it was paramount for the region to place emphasis in developing its own productive capacities in an effort to reduce vulnerabilities. “We must strengthen our productive resources, our entrepreneurial capabilities and our production linkages, which together determine the capacity of our countries to produce goods and services and enable (them) to grow and develop,” she said, adding that “access to finance remains key in unlocking the potential of our mandates and more so in the absence of a national indicative program, which were critical in funding gaps, which we experienced.”

The post-pandemic economic response to the COVID-19 experience has also underpinned the importance of financing key areas, which include aligning science, technology, and innovation policies with industrial policies; strengthening social protection and safety nets; continuing to invest in research and development; investing in green, eco-friendly business practices; and influencing consumer behavior towards more sustainable and healthier foods, the minister stated.

“The success of our regional businesses is at the forefront of the economic stability of our countries. Thus, it’s encouraging to have a regional agency that is able to identify businesses and groom them for export and then generate results … Caribbean Export has proven that it understands the nuances of the micro and small businesses of our region and their constraints,” she said, describing the work of Caribbean Export as “critical for our achieving our objectives here in Barbados and critical for us achieving our objectives in the region.”

• Government of Suriname delegation hold high-level talks with Caribbean Export
• Suriname to establish a regional distribution hub in Barbados
• Caribbean Export commits to supporting Surinamese businesses with a range of bespoke interventions

H.E. Albert Ramdin, Minister of Foreign Affairs, International Business and International Cooperation underscored the immense opportunity for export at a high-level meeting between the Government of Suriname and the Caribbean Export Development Agency held on Thursday April 7, at the Agency’s headquarters in Barbados.

The delegation including H.E. Armand Achaibersing, Minister of Finance and Planning and H.E. Parmanand Sewdien, Minister of Agriculture, Animal Husbandry and Fisheries together with other senior government officials and representatives of the Surinamese private sector sought to lay the framework and support mechanisms to facilitate export to Barbados and the wider Caribbean through deepening their cooperation with the regional export development agency.

“Caribbean export is highly necessary…as we are trying to reboot our economy [and] export is a major part of that” shared Min. Ramdin.

With opportunities in the export of food produce from Suriname Min. Ramdin shared his vision for the creation of a regional distribution center in Barbados that is able to leverage the Caribbean Single Market Economy (CSME) and support integration of the region.

“As a processing zone, it’s a great benefit to Suriname as it will create income, export opportunities, employment… and only by working together we believe the countries in the Caribbean can perform better” shared Min. Ramdin.

During the meeting Min. Ramdin also expressed the need to remove non-tariff barriers to facilitate regional trade and it is hoped that enhanced relations with Caribbean Export will enable more Surinamese businesses to leverage the support available through the Agency’s range of interventions that are funded by the European Union via the 11^th EDF (European Development Fund) Regional Private Sector Development Programme.

Executive Director at Caribbean Export Deodat Maharaj, shared his enthusiam for the the renewed engagement with Suriname as the Agency focusses on promoting Caribbean trade globally and steering foreign direct investment to the region.

“We are excited to work with our Surinamese counterparts to build the export competitiveness of the private sector as well as attract foreign direct investment into Suriname”

The government of Suriname will be establishing the Suriname Investment and Trade Agency (SITA) in the coming months to support the country‘s private sector.  Caribbean Export made a commitment to work with Suriname to coordinate a range of interventions including an investment forum, workshops on the EPA to increase understanding in the private sector and the development of enhanced trade platforms such as e-commerce.  In addition a conference of the creative industries is pegged for the final quarter of the year to boost trade in the culture, creative and youth sectors.

• Thirteen companies in the Dominican Republic are to receive financial grants from Caribbean Export.
• Three companies: Fátima Polanco 3 Styles, Miel Noelia and Fábrica de Chocolate Artesanal Chocolala, representatives of the handicraft and agricultural production sectors, respectively are to receive grants via the Direct Support Grant Programme (DSGP).  
• A further ten (10) companies are recipients via the Dominican Republic Grant Support Programme (DRGS) : IB Systems, Global Resources, AVACOMP Corporation, DECA Systems, Definite Chocolate, Caribbean Biotech Labs, HostSeven, Producciones PSEI (Monteadita Agroecológica), Apiarios De Peña & Excellet Integrity Solutions.

Caribbean Export Development Agency (Caribbean Export) is the only regional trade and investment promotion organization of ACP (African, Caribbean and Pacific) countries and is focused on developing a resilient Caribbean through the creation of innovative and high-impact programs to support the private sector.

Caribbean Export launched the Dominican Republic Grant Support Program (DRGS) in October 2021, which provides direct support to small businesses to counteract the challenges faced as a result of the Covid-19 pandemic on a non-reimbursable basis and is funded by the European Union via the 11th European Development Fund (EDF).   The DRGS complemented the existing Direct Support to Grant Programme (DSGP) providing an additional US$100K to Dominican firms.

At the presentation, held at the Hotel Intercontinental Real Santo Domingo Mr. Leo Naut, Deputy Executive Director at Caribbean Export, shared that they are implementing the Regional Private Sector Development Programme (RPSDP) funded by the European Union under the 11th European Development Fund (EDF): “The general objective of the RPSDP is to increase job creation, in particular for youth, women and indigenous groups, and the general reduction of poverty in the CARIFORUM states through specific interventions that provide new and innovative frameworks for the growth and development”.

The Direct Support Grant Programme (DSGP) focuses on providing direct assistance to companies in CARIFORUM countries*.  To date, 149 companies have been awarded grants via the programme including three Dominican companies Fátima Polanco 3 Estilos, Miel Noelia and Fábrica de Chocolate Artesanal Chocolala, from the handicraft and agro-processing sectors in the in this latest round. The Dominican companies will receive collectively some €80,540.00 to execute projects over a 6 month period.

Under the DRGS, ten (10) additional companies will receive grants to implement projects over a 4-month period. The companies from the agro-industrial productive sectors, health and wellness, information technology and communications (ICTs) and manufacturing, have been awarded USD$98,500.00, are: IB Systems, Global Resources, AVACOMP Corporation, DECA Systems, Definite Chocolate, Caribbean Biotech Labs, HostSeven, Producciones PSEI (Monteadita Agroecológica), Apiarios De Peña & Excellet Integrity Solutions.

Mr. Luís Araque de Juan, Head of the Commercial Section of the Delegation of the European Union in the Dominican Republic (DUE), and the Vice Minister of International Cooperation of the Ministry of Economy, Planning, and Development (MEPYD), Mrs. Olaya Dotel Caraballo delivered welcome remarks congratulating the selected companies.

Deputy Minister Dotel highlighted the importance of MSMEs as a primary source of employment and a key provider of goods and services for a large part of the population, which have been strongly affected by the Covid-19 pandemic. She also pointed out that the grants programme is in line with the priorities of the Dominican government, which is committed to supporting SMEs on the road to recovery and has launched several measures to achieve this.   

This includes the signing of the Great National Pact of MSMEs, which was signed in an act held last week, chaired by President Luís Abinader, between PROMIPYME and the Ministry of Industry and Commerce, to prioritize the social and economic importance of this sector. Deputy Minister Dotel recognized the contributions of the European Union and Caribbean Export for the benefit of the country, as well as the public and private institutions that contributed to the process of this call for proposals. Finally, she congratulated the beneficiary companies, which come from key sectors for the country’s economic development.

Region Objectives

Naut stated that these programs are in line with the objectives set forth in the Sustainable Development Goals (SDGs) agreed upon by all the states of the international community, in particular the objectives related to gender equality, affordable and clean energy, the decent work and economic growth and the reduction of inequalities. ”The private sector plays a critical role in helping the Caribbean region achieve these goals, thus furthering the ultimate goal of poverty reduction and sustained economic growth,” he said.

The Caribbean region, along with the rest of the world, is currently facing the coronavirus (COVID-19) pandemic, as its people, community and businesses are threatened by this crisis. In its commitment to the development of the private sector in the region, Caribbean Export recognizes that its support is vital now and after this crisis, especially for small businesses as they readjust for recovery.

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• Dr Mohamed Irfaan Ali promotes region at ‘Caribbean Investment Forum’ at Expo Dubai 2020.
• Over 250 investors attended forum to hear about Caribbean investment opportunities.
• President Ali: Caribbean has “immense possibilities” but needs “capital and technology”.

Guyana’s President, Dr Mohamed Irfaan Ali, has urged hundreds of global investors attending Expo Dubai 2020 to see the Caribbean as a dynamic region that is perfectly positioned for investment and innovation.

Speaking to attendees at the Caribbean Export Development Agency’s ‘Caribbean Investment Forum’ (CIF2022) on March 22, 2022, President Ali said the region’s “inclusiveness, resilience, competitiveness and diversity”, are natural advantages which are necessary for sustainable economic development.

President Ali, the official patron of CIF2022, added: “We are in the UAE, and perhaps it is very important for us to position the region in the context of the UAE, because there are many intense similarities, and many examples of the paths to the development process and what it has bought to this region, as it is to the paths we’re taking now in the Caribbean.”

In October 2021, President Ali told Expo Dubai how Guyana had transformed into “the world’s fastest-growing economy in 2020” with a GDP growth of 43.8%, but he acknowledged that foreign direct investment was essential for the country to continue its ambitious upward trajectory.

Speaking to Caribbean Export before CIF2022 on Monday, President Ali reiterated that “capital and technology” are key for the region to make the most of its “immense possibilities”.

He stated: “The Caribbean is a region that has enormous opportunities in luxury resorts, hotels, eco-services, climate services, mining, oil and gas, sustainable energy, renewable energy, health, education, infrastructure, transport, and logistics, these are all opportunities that reside in the region. These opportunities need to be capitalised on.

He added: “The missing ingredient is capital and technology, and this is what the region is pushing for now. Looking at non-traditional areas, non-traditional investor platforms, through which we can market the potential of the region and bring in the necessary capital and technology that will ensure we make use of existing (trade) agreements…the productive capacity of the region needs to be multiplied many folds in order for us to make use of the potential that exists in the region because of our location, accessibility, ease of doing business, the hospitality of our people, and our investment climate. These are all natural characteristics of the region that offer definitive, comparative advantages.”

CIF2022 was hosted in collaboration with the Caribbean Association of Investment Promotion Agencies (CAIPA) and the European Union and held on the side lines of Expo Dubai 2020. It featured panel discussions and networking opportunities with high-level Caribbean public officials and representatives from regional financial institutions including the Caribbean Development Bank.

• Over 250 potential investors attend Caribbean Investment Forum at Expo 2020 Dubai.
• Hotel and resort development, Agritech & renewable energy projects listed among Caribbean investment opportunities.
• Caribbean economy expected to grow by 7.8% in 2022, according to the United Nations.

Hundreds of global investors looking to expand into the Caribbean region have attended the Caribbean Export Development Agency’s ‘Caribbean Investment Forum’ (CIF2022) held as a fringe event at Expo 2020 Dubai on March 22, 2022.

CIF2022, hosted in collaboration with the Caribbean Association of Investment Promotion Agencies and the European Union, aims to demonstrate the strength and stability of the Caribbean region and attract much needed direct foreign investment following a challenging period of economic contraction because of the COVID-19 pandemic.

The theme for the Dubai expo, which was delayed from 2020, is “Connecting Minds and Creating the Future”, and Caribbean Export, along with its partners, is committed to showcasing the full range of potential avenues for long-term investment and development in the region.

In his opening remarks to the forum’s attendees, Deodat Maharaj, Executive Director at the Caribbean Export Development Agency, highlighted the Caribbean’s buoyant prospects for future growth, with the United Nations reporting that the region’s economy is “poised to grow by 7.8% in 2022, with countries such as Guyana and the Bahamas leading the way”.

Caribbean Export recognises that foreign direct investment is needed to support the region’s development goals, create future-proof jobs, and ensure long-term economic success. Mr Maharaj suggested that innovative projects in oil and gas, logistics and transportation, renewable energy, hotel and resort development and Agtech are just some of the ways financial investors and institutions can work with the region to reap mutual dividends.

Mr Maharaj explained: “Our goal at the Caribbean Export Development Agency is to build the capacity of the region to attract foreign direct investment and position the Caribbean region as a preferred destination for investments.” He added: “We in the Caribbean can proudly say that in addition to our rich human resource base, proximity to a market of close to one billion people (due to various free trade agreements), and being a region on the move, that in this world of uncertainty and anxiety, we offer political stability where your investments are both protected and secured.”

The Caribbean Export Development Agency and Republic Bank Limited have entered a partnership to support regional private sector firms to build capacity.  Today at the Republic Bank Limited headquarters in Port of Spain, the two organisations signed a Memorandum of Understanding (MOU) to officially mark the partnership which puts in place a referral system to ensure businesses receive the assistance needed to develop, grow and create jobs.

“Partnering with Republic Bank is a great step in the right direction for us at Caribbean Export.  We are here to support businesses and so is Republic Bank.  Our new referral system will enable the Banks client officers across the region to work with our technical officers to provide access to our suite of services that will enhance the businesses export competitiveness” shared Damie Sinanan, Manager of Competitiveness and Export Promotion at Caribbean Export.

The Caribbean Export-Republic Bank Referral System will enable firms to get one-on-one support as it relates to leveraging the range of services offered by Caribbean Export.  This includes exclusive access to some of the Agency’s most highly demanded programmes such as ProNET, and Services Go Global as well as specialised technical programmes in intellectual property and energy management, amongst others. The Agency and Republic Bank has also agreed to host three training programmes free of charge to firms. They will focus on Export Marketing, Cost and Financial Management in times of COVID 19 and Services Go Global.

Speaking at the signing ceremony, President and CEO of RFHL, Nigel Baptiste, said, “A partnership like this is needed now more than ever as our inherently vulnerable Caribbean economies remain on the path to recovery after the crippling impact of COVID-19 and aim to stay the course to sustainable development and long-term economic growth in a ‘post-pandemic’ world.”

Caribbean Export has a strong track record of providing services to businesses across the region and this conduit through Republic Bank supports their mission to achieve economic transformation in the Caribbean via private sector development.