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.
Executive Director Deodat Maharaj met with the Minister of Economic Affairs and Leader of the Government in the Senate, The Hon. Michael Halkitis and Parliamentary Secretary Wayde Watson to discuss providing innovative and targeted support to the Bahamian private sector.
All parties agreed that advancing the trade and investment agenda was critical to transforming the business sector in The Bahamas. Mr. Maharaj expressed his delight at meeting with the Minister and his colleagues and reaffirmed the Agency’s commitment to providing the much-needed support to create options and opportunities for the people of The Bahamas.
The Hon. Michael Halkitis, Deodat Maharaj and PS Wayde Watson ( Left to right)
Caribbean Export agreed to work closely with Bahamian businesses to boost their export capacity. At the same time, high interest was expressed in convening an investment forum for the Bahamas with the support of the Agency. The Minister also welcomed the direct support grants programme for the business sector and made a commitment to use his Ministry’s platforms to promote the call for proposals that will be launched by Caribbean Export on October 22, 2021.
Monday’s meeting was one of several that Mr. Maharaj participated in since travelling to The Bahamas. In the coming week, the Executive Director will engage in robust dialogue as he meets with a range of stakeholders to discuss their challenges and the Agency’s role in delivering concrete and practical solutions to access business opportunities, enhance private sector development and sustainability.
The Caribbean AgTech Investment Summit attract over 500 potential investors for the Caribbean.
Almost all CARICOM members import more that 80% of the food they consume.
CARICOM has established a task force to develop an e-agricultural strategy for the region.
At the Caribbean Export Development Agency’s first Caribbean AgTech Investment Summit (CATIS) the need for investment in high technology agriculture and agro-processing in the region was laid bare by senior officials. The 3-day virtual event which commenced October 5, 2021, welcomed over 500 registrants from 60 countries around the world.
President of Guyana Dr. Irfaan Ali
“There is a need for a paradigm shift in the use of technology within the agricultural sector†stressed the President of Guyana Dr. Irfaan Ali in his feature address. “Technology transfer is not cheap and for small farmers the high cost can act as a disincentive to the use of technologyâ€.
Acknowledging that small farmers may not be in the position to make the capital investment into drone technologies for example, the adoption of AgTech must be appropriate.
“Agricultural technologies have to be appropriate and affordable. Appropriate technologies can be adopted to help improve land preparation, cultivation, at a reduced post-harvest lossâ€.
President Ali shared how ICT had already begun to provide services to farmers through the use of machinery to improve land preparation and harvesting, increase yields and employment of better farming techniques. President Ali also stressed “the Caribbean has to be abreast with evolving agricultural technologies. Unless it does so it will find itself losing competitiveness and being left behindâ€.
The President also shared that “the Caribbean Community is working to bring about technological improvement in agriculture. It has established a ministerial taskforce to advance the transformation of regional food systems. The task force is in the process of developing the CARICOM e-agricultural strategy with support from IICA, to improve producers competitiveness, incorporate greater climate smart technologies in the production process, increasing intra-regional trade and improving market infrastructure and connectivity, especially for small producersâ€.
The CATIS 2021 event was conceptualised to increase investment into the agribusiness sector in the Caribbean. The event will showcase AgTech success stories and provide information on the business environment in the Caribbean to interested investors. Further, country presentations highlight the opportunities available in specific countries in the region.
The event is convened by Caribbean Export in collaboration with the European Union (EU) and the Caribbean Association of Investment Promotion Agencies (CAIPA). Other partners include the Caribbean Agribusiness Association (CABA) and COLEACP.
Speaking on behalf of the EU Ambassador to Barbados, the Eastern Caribbean, OECS, CARICOM/CARIFORUM, Luis Maia, Head of Cooperation highlighted that the EU has been a partner for more than 2 decades, providing development support to businesses in the Caribbean. He noted further that agriculture and the agro-processing sector has been a priority sector benefiting from a range of interventions. The challenge however is the lack of funding available to small businesses.
Mr. Luis Maia – Head of Cooperation, Delegation of the European Union.
“In a context where access to funding is a major obstacle in the region, the sector needs investors to come in and support its ambitions and allow it to play a vital societal and economical role.†said Maia.
“Private sector development plays a key role in creating economic growth, employment, and improving living conditions. The Private Sector enables governments in developing countries to generate increased tax revenues, thereby contributing to the funding of wider development strategies, and encourages entrepreneurship and diversification of the economy†he continued.
Caribbean Export’s Executive Director, Deodat Maharaj, noted the motivating factors for the event, being the need to reduce the region´s high food import bill to achieve food security and ensure the best quality and nutritious products for the region´s people given the high levels of non-communicable diseases in the Caribbean.
“The food import bill for CARICOM countries increased to almost US$5 billion in 2018, doubling expenditure which stood at $2.1 billion in 2000. The FAO has indicated that if current trends continued, an increase to $8-10 billion was expected in 2020. These figures represent more than 60% of total food consumption for almost all CARICOM members, with half of these countries importing more than 80% of the food they consume. Simply put… most of our foreign exchange earnings in the region are being spent on food imports.â€
He went on to highlight how the COVID-19 pandemic has further compounded the challenges in the region, adversely affecting global food supply chains, leading to scarcity of some food items, and calling for the region to find a way to produce more of the food we eat closer to home.
“Here is an opportunity to invest in the production of healthy food options for the more than 30 million inhabitants of the Caribbean and in recent times close to 30 million tourists who travel to our region yearly.â€
Governments in the Caribbean have set an ambitious target to realise a 25% reduction in the region’s food import bill over the next 5 years (until 2025). Attracting partners who will be investing in the use of technological advancements and innovation in agricultural production and agro-processing will help us to ensure that this target is achieved, and sustainable jobs are created in the region.
As Covid-19 continues to lay bare our vulnerabilities, our food insecurity has become more prominent than ever. Additionally, our position as one of the most food insecure regions on the planet is now being further accentuated by the ongoing disruptions in the global supply chains. This has in turn driven up shipping costs and with it an accompanying increase in the prices for everything we consume including the food on our table. It goes without saying that everyone will be affected, especially our most vulnerable citizens as our economies continue to reel from the onslaught of the coronavirus pandemic.
According to the CARICOM Secretariat, the food import bill for the Caribbean Community stood at US$4.98 billion in 2018 which was more than double our US$2.08 billion food import tab of 2000. The Food and Agriculture Organisation (FAO) has indicated that if current trends continue, similar exponential increases in our food import bill will take place in the coming years. The figures paint a worrisome picture of our current situation. As a Caribbean Community, by and large we import more than 60% of the food we consume, with some countries importing more than 80% of the food they consume. According to the FAO, only Belize, Guyana, and Haiti produce more than 50% of their food consumption.
Given the already high levels of debt, increasing unemployment and more of our people falling into poverty because of the coronavirus pandemic, continued heavy reliance on imported food is simply unsustainable. This external dependence also heightens our vulnerability from a national security standpoint. COVID-19 by now has shown us that globally, countries put their citizens first as we have seen in the case of vaccines. Consequently, laying the foundation for food security must be of the highest priority for us as a Caribbean region.
In this regard, it is good to see that Caribbean governments have set a target to reduce regional food imports in 2025 by 25% – 25 in 5 – and many countries have committed to undertake policy measures and incentives that support food production in our Region. The obvious question is how this can be achieved when the conventional wisdom has been, that save for countries like Belize, Guyana and Suriname, we simply do not have land space to produce on the scale required to make us food secure. However, other countries like Israel have turned conventional wisdom on its head by effectively embracing technology to build food security. We must do the same.
For us in the Caribbean, the introduction of new technologies presents a major opportunity to accelerate food production, create jobs and attract investment. Embracing and accelerating the use of technology in agriculture or AgTech makes sense since it allows us to produce more with less, making food production more efficient.
In agriculture, innovations using technology, such as hydroponics and aquaponics have circumvented the need for extensive cultivable land, which is a major constraint in many of our small territories. The introduction of artificial intelligence, analytics, connected sensors, and other emerging technologies could further increase yields, improve the efficiency of water and other inputs, and build sustainability and resilience across crop cultivation, animal husbandry and agro-processing.
However, with few exceptions, we have been slow to embrace the widescale use of new technology in our food production systems. This is not a challenge solely faced by the Caribbean, as the World Economic Forum has noted that for its member territories, only $14 billion in investments in 1,000 food systems-focused start-ups was generated since 2010, while healthcare attracted $145 billion in investment in 18,000 start-ups during the same time period. However, notwithstanding the challenges, in addition to Israel, countries such as the United Arab Emirates have been paving the way in leveraging technology in agriculture and getting the requisite investments to make it a success.
For us at the Caribbean Export Development Agency, there is a path forward. We have worked with the Caribbean Association of Investment Agencies (CAIPA) to identify AgTech as a priority sector to attract foreign direct investment as well as to stimulate regional capital flows.
Caribbean Export is fully committed to the goal of ‘25 in 5’ and we have begun our work in concert with our partners to define a mechanism to position the region´s AgTech opportunities to regional and international investors. During the Caribbean Week of Agriculture, we are convening the first-ever Caribbean AgTech Investment Summit (5-7 October 2021) headlined by the President of Guyana. Here we will be presenting investment opportunities that are available in the region in the AgTech sector and helping to define a way forward to assist the region in improving its AgTech investment offering. More information on the event can be found at: https://content.carib-export.com/event/caribbean-agtech-investment-summit/
It is important to emphasise that to build food security, the private sector has an essential role and farming must be seen as a business that is attractive for our youth. This is precisely why we will continue supporting producers who are looking to the export market, taking advantage of opportunities such as those provided by the Economic Partnership Agreement with the European Union. This is with specific reference to building the capacities of regional producers to access high value markets such in Europe. Additionally, we remain committed to using our grants programme financed by the European Union to help support our businesses across the Region access these markets. The next call for grants will be in mid-October and businesses including those in the agriculture sector are encouraged to apply. More information can be found at www.carib-export.com
At Caribbean Export, we recognise that whilst these measures are important, an all hands-on-deck approach is required with the appropriate enabling environment in place. This means that national, regional and international partners must work in unison to help drive an agenda for Caribbean food security. We are committed to such a partnership which we believe will also deliver not only food security but also precious jobs and opportunity for our people.
Caribbean Export and SRC to launch an internship programme for MITP students.
Regional businesses to benefit from cutting-edge trade information supported by UWI.
The Caribbean Export Development Agency and The Shridath Ramphal Centre for International Trade Law (SRC) have agreed on a framework to partner on a trade and investment research agenda. Today, 1st of October, 2021 the two organisations signed a Memorandum of Understanding (MOU) to officiate a long standing relationship and the implementation of an internship programme.
“This is an important partnership for Caribbean Export as it supports the goal of positioning the Agency as a knowledge hub in partnership with the University of the West Indies and the SRC as a Centre of Excellence while continuing to provide high-impact support for MSMEs in the regionâ€, shared Deodat Maharaj, Executive Director of Caribbean Export.
The agreement outlines several initiatives which will contribute to the enhanced competitiveness and sustainable development of the Caribbean region including, research, joint programmes and internship placements, providing students of the International Trade Policy master’s programme (MITP) with the opportunity to gain much needed on the job training and experience.
This partnership aims to ensure businesses are able to access cutting edge trade information to enhance decision-making, export competitiveness and facilitate business expansion. Further, research data will also be key in identifying areas of innovation for regional investment programmes.
Newly appointed Principal of the UWI, Professor Landis highlighted that this UWI-Caribbean Export collaboration was a “living example of a developmental-academic partnership that adheres to the university’s strategic objectives to facilitate research for regional development as well as to foster student developmentâ€. In addition, both Caribbean Export and the UWI highlighted the importance of the export of education services as a key strategic opportunity for the Caribbean to exploit to support the region’s economic transformation. It is anticipated that as their ten plus years’ relationship continues to flourish, further collaboration to propel access to new markets for the UWI educational products would be on the card.
Caribbean Export Development Agency to host the regions first agricultural technology summit.
H.E. Dr. Irfaan Ali, President of the Cooperative of Guyana to deliver keynote address.
Caribbean countries have set a target to reduce the food import bill by 25% by 2025.
The Caribbean Export Development Agency will host the region’s first agricultural technology investment summit on October 5-7, 2021. The high-level event will feature a keynote address from His Excellence, Dr. Irfaan Ali, President of the Cooperative Republic of Guyana. Guyana holds lead responsibility for Agriculture, Agricultural Diversification and Food Security for CARICOM.
“The Caribbean is one of the most food insecure regions on our planet. COVID-19 has once more shown this acute vulnerability and the imperative of boosting food security. Given our challenges such as small size, technology is a valuable friend of our agricultural sector. As digital technologies transform the agricultural sector globally, we in the Caribbean have no option but embrace these new possibilities to give food security to our people. We will also reap the many attendant benefits such as creating precious jobs, exports, boosting trade and driving growth by creating new opportunities for Caribbean people,†shared Deodat Maharaj, Executive Director at Caribbean Export.
Digital technologies are transforming agriculture and food production. The Caribbean is blessed with great economic potential and growth opportunities and is widely recognised for its tourism prowess and historical trade in agricultural produce. However, as the region faces a burgeoning food import bill, heightened concerns regarding non-communicable diseases, exposure to the vagaries of weather due to climate change and natural disasters, food security has become an imperative part of sustainable development.
The Caribbean AgTech Investment Summit will showcase opportunities for agricultural technology companies in the Caribbean and globally to invest. The event will feature AgTech success stories and provide information on the business environment in the Caribbean, and the support mechanisms available to potential investors interested in exploring the region as an AgTech investment destination.
“The investment promotion agencies within the region stand ready to provide one stop shop services to potential investors who are interested in exploring investment opportunities in the AgTech sector,†notes Ms. Annette Mark, President of the Caribbean Association of Investment Promotion Agencies (CAIPA). CAIPA, in addition to the Caribbean Agribusiness Association (CABA) and COLEACP are collaborating partners for the hosting of the event.
“AgTech can bring practical and transformative solutions to the Caribbean agrifood sector. They can bring greater efficiency, traceability and quality at all stages of the value chain, from production, to processing and marketing†says Jeremy Knops, General Delegate of COLEACP.
The Caribbean governments have set an ambitious target to realise 25% reduction in the food import bill over the next 5 years (until 2025). Attracting partners who will be investing in the use of technological advancements and innovation in agricultural production and agro-processing will ensure that this target is achieved and sustainable jobs are created in the region.
The Caribbean Export Development Agency (Caribbean Export) in collaboration with the Trinidad and Tobago Coalition of Services Industries (TTCSI) is pleased to announce that the Annual Caribbean Lawrence Placide Services Go Global Award is now open to Caribbean nationals who have completed the Services Go Global training programme. Two winners will be awarded each year, one person from Trinidad and Tobago and one person from the Caribbean region.
The Award was named in honour of the first President of the TTCSI. Larry, as he was known by many, was a keen advocate for the development of the services sector nationally and regionally. He was the foremost authority on trade in services in the Caribbean region and was a strong believer in Caribbean integration.
The objective of the Award is to not only recognize high potential services providers, but also build the competencies of services exporters in the Caribbean, creating a cadre of service providers and firms that are position to expand their businesses.
The winners will receive coaching services funded by Caribbean Export and the European Union. This coaching will include one-on-one sessions with a certified trainer, towards the completion and implementation of the export plan submitted. In addition, B2B connections will be made in identified markets. Past winners of the T&T leg of the Award were Simone Sant (2019), Sian Cuffy – Young (2020) and Abiel Thomas (2020).
The criteria of eligibility of this Annual Award are:
Applicants must have completed the international certification training programme, ‘Services Go Global’ within the last two years.
Applicants must have prepared an Export Plan using the tools provided in the training programme.
Applicants must demonstrate capacity to export their services regionally and/or internationally.
Process
Submit your certificate that shows you have successfully completed the “Services Go Global†training programme.
Submit your export plan using the relevant templates to ceo@ttcsi.org by the September 20, 2021 at 4.00 pm AST.
Allyson Francis, Services Specialist, Caribbean Export stated that, “Our services sector is such a critical industry for the diversification of Caribbean trade and for our Region’s transformation. Our collaboration on this Award ensures the important step of implementation following completion of the SGG programme and it is the implementation that will really make a difference.â€
“This announcement comes at an opportune time. In September with the support of Caribbean Export, we will host the graduation ceremony of over 200 graduates from more than seven Caribbean countries. Many of these graduates look forward to completing their export plans so that they have a chance to win this Award that within a short period has stimulated interest in the Services Go Global Programme,†shared Vashti Guyadeen, CEO, Trinidad and Tobago Coalition of Services Industries.
Persons interested in applying for the Annual Caribbean Lawrence Placide SGG Award 2021 please contact: Ms. Teliah Boodhram at the Trinidad and Tobago Coalition of Services Industries: email: g2tadministrator@ttcsi.org or call 1.868.717.3932
We at the Caribbean Export Development Agency share our solidarity and support to the Government and people of Haiti.
This weekend’s devastating earthquake has severely impacted the country with lives lost and many injured. In this difficult time, we stand together with the people of Haiti.
As a long-standing partner of Haiti, we are committed to supporting our Caribbean brothers and sisters now and in the future as we seek to help build a resilient Haiti.
The United Nations commemorated Micro, Small and Medium-sized Enterprises (MSMEs) day on 27th June. This day dedicated to MSMEs is to recognise their contribution to the global economy. There is indeed a clear reason for doing so. The United Nations Conference on Trade and Development reports that MSMEs account for more than 90% of all businesses and around 70% of jobs globally.
Right here in the Caribbean, MSMEs form the backbone of many of our economies generating precious jobs and opportunities for our people. According to the Caribbean Development Bank, MSMEs represent between 70-85% of Caribbean businesses and contribute between 60-70% of Gross Domestic Product. Critically, they account for an estimated 50% of total employment. Importantly, 40% of Caribbean businesses are owned by women. The success of these enterprises reflects the ingenuity, industry, and innovative spirit of our entrepreneurs. Based on the data, to build a resilient Caribbean under normal circumstances where business must be a central partner, we would need to ramp up support to the entrepreneurs in micro, small and medium scale business enterprises.
However, given the fact that we are living in unprecedented times with small and vulnerable Caribbean countries reeling from the coronavirus pandemic, the emphasis must be on fast-tracking recovery and building resilience. To be successful, the private sector has a major part to play. Consequently, given the role of MSMEs in creating opportunity and jobs, it is logical that MSMEs must get priority attention. Policy measures excluding them or providing sub-optimal support will be counterproductive and only ensure a prolonged recovery phase or even worse, job loss and suboptimal growth.
MSMEs require a range of support including finance on which I have previously written. However, it is not only about providing financial support and creating an enabling environment for business to flourish. There are other crucial areas where support is required to give our MSMEs the maximum chance of success.
First and foremost, is the area of technology. COVID-19 has demonstrated quite clearly the imperative of embracing new ways of working and doing business. Support must be extended to our MSMEs to help them embrace this new era. We at the Caribbean Export Development Agency (Caribbean Export) have already scaled up our support in this area and have seen huge interest on the part of businesses across the Region. For example, at our last webinar on e-commerce “Build your e-Commerce Store from Scratch†in February 2021, we had over 400 participants from across the Caribbean. This shows the eagerness of our firms to take advantage of the opportunities presented by technology to help grow their businesses.
Technology also has a democratising effect helping firms regardless of size with an opportunity to grow their businesses and reach new customers at low cost. In this COVID-19 era, examples abound. Here in Barbados, small scale farmers have taken to the internet to sell their products. In Trinidad and Tobago, there is a Facebook group “Trini Farmers†with an estimated membership of 49,500 members which serves as a peer group where members support each other. These are two good examples where entrepreneurs have taken the initiative. At the same time, we need to be actively supporting those who need assistance.
In terms of leveraging technology to grow businesses, government has an important role to play in creating the right policy environment, providing incentives, and delivering concrete support to MSMEs. Simultaneously, it is not only about state assistance, but the larger corporate sector including financial institutions, have an important part to play as mentors and business partners for MSMEs. It is in everyone’s interest for micro, small and medium scale enterprises to succeed.
Secondly, the cost of energy here in our Region is amongst the highest on the planet. This is not only a disincentive to foreign direct investors but also a constraint to our businesses right here in our Caribbean. High energy costs simply drive up the cost of production making it difficult for us to compete with imports at the national level and to export our products to regional and international markets. To address this matter, the push to renewables is important both at the national and regional levels. We at Caribbean Export are working closely with MSMEs across the Region to help them enhance energy efficiency and as a result make them more competitive. However, we need to do this on a scale that can have a transformational impact. The reality is that we are not there yet. Allocating the requisite resources to reduce energy costs with the twin advantage of taking climate action, must be a high priority at the national level.
Finally, our MSMEs need to focus on niche markets with premium products and commensurate prices to reflect their quality. We at the Caribbean Export have been helping regional businesses to penetrate the European market and take advantage of the Economic Partnership Agreement with the European Union. However, we also realise much more must be done. It is precisely for this reason that we have partnered with the International Trade Centre to establish a hub for trade in sustainable products.
This Hub will help bolster the competitiveness of MSMEs by supporting the implementation of green business practices. There is already a well-established and growing market for products that meet sustainability criteria, and we are keen to help Caribbean businesses take advantage of this opportunity. Going forward, it is important to partner with business support organisations not only in Europe but also in other premium markets to get our products on the shelves to attract the expanding customer base for products that meet “sustainability “criteria.
In summary, fast-tracking recovery and building resilience require a major programme of support and focus on our micro, small and medium sized businesses. They are key to creating much needed jobs and opportunity for our people. To achieve success, a broad-based partnership including with the larger regional business enterprises is required. The Caribbean Export Development Agency is committed to this agenda. We will continue to work with all to provide this much needed support and create options and opportunities for our people, as we seek to build a truly resilient Caribbean.
St. Kitts and Nevis senior policymakers to engage in robust public-private sector dialogue as they plan to advance the island’s developmental priorities. The new strategic approach is vital to strengthen economic resilience and boost post-COVID-19 recovery.
The trade forum, chaired by H. E, Ambassador Sherry Tross, High Commission SKN, Ottawa, will focus on the island’s challenges and how it can seize development opportunities in global sustainable growth sectors like the blue and green economy. The Hon. Mark Brantley, Minister, Foreign Affairs and Aviation and Hon. Senator Wendy Phipps, Minister, International Trade, Industry, Commerce & Consumer and Labour, will also participate in these high-level policy discussions.
During the virtual private sector dialogue, scheduled for July 29, 2021, development professional and Executive Director of Caribbean Export, Deodat Maharaj, will deliver a keynote on how to take advantage of the existing trade agreements and stimulating foreign direct investment. The emphasis will be on creating jobs, growth, and opportunities for the people of St Kitts and Nevis.
Looking ahead, a development thrust with business as a central partner is essential fast-tracking recovery and building resilience in St Kitts and Nevis.
On July 10th – 12th, Caribbean luxury brand portal PAPAIŸO staged the first ever Caribbean showcase at leading resort show, Cabana in Miami Beach. With the support of key industry partners, such as the Caribbean Export Development Agency, brand Caribbean did not disappoint. In an initial count, PAPAIŸO has already documented over USD$60,000 in orders from buyers across the world for their top three brands. Meiling, whose Resort 22 collection was an undeniable hit at Cabana, calls the Cabana win “a great reminder of the global appeal of artisanal luxury from the Caribbean.†Meiling’s extraordinary craftsmanship and heirloom details were on full display at Cabana, with one buyer calling her collection the most beautiful collection on the floor. Cabana reinforced what we always knew –– the Caribbean is truly a special place. According to PAPAIŸO, its mission is to increase the awareness and perceived value of Caribbean artisanal luxury in global markets, and the young startup is well on its way.
The projected amount of Cabana sales could increase significantly if the leads generated at the event convert over the course of the next few weeks. With PAPAIŸO’s recently launched virtual showroom –– a key element of their B2B sales strategy –– all of the leads generated at Cabana will have ample opportunities to engage with the whimsical world of Caribbean artisanal luxury for which PAPAIŸO has become known. This landmark initiative highlights the virtues of a collaborative business model, as well as the brand-centric, data-driven business strategy that PAPAIŸO has always championed. To prepare for Cabana, PAPAIŸO brought the full weight of its ecosystem of services to bear, providing some of the brands with services in product development, creative development, brand strategy and logistics.
Indeed, after carefully analyzing the £217bn personal luxury goods industry, 54% of which goes to the wholesale market, PAPAIŸO is making a bold play for this B2B segment. “The Caribbean personal luxury goods market is a blue ocean of opportunity that is largely unexplored,†says Micha Alleyne. “It sits within a robust global luxury industry that is more than just fancy fandangles and chic shows,†Alleyne advises. “We have to be business minded and serious about strategically harnessing the potential of this space that has proven potential,†Alleyne warns. “Cabana was a great win for us on many fronts. First, this is perhaps the first time the Caribbean personal luxury goods market has been quantified in such a tangible way. Second, it has really clarified what our creative industries now require to be truly successful on the global stage. Logistics infrastructure, clarity on how to leverage trade agreements, and an honest conversation on the stifling effects of our customs duties are among the most pressing needs,†says Alleyne. “If we don’t urgently address these needs, then we will create a bottleneck of opportunities where talented brands put in all the work to reach the global frontier, then get stuck two steps away from the finish line,†Alleyne advises.
With a team of the Caribbean’s most stellar brands and the support of dynamic partners across the regional community, this collaborative effort illustrates the type of dynamic partnerships that are needed to navigate global markets. “We are very happy to have partnered with PAPAIŸO at Cabana this year,†says Caribbean Export’s Executive Director, Deodat Maharaj. “Caribbean Export recognizes the services sector as the next frontier for Caribbean businesses and will continue to work with SMEs to build Caribbean brands for the global market.â€
An International Press Conference and Electronic Signing Ceremony which will involve Nigerian IT giant TelNet Nigeria Ltd and Global Integrated Fintech Solutions (GIFTS) and IPayAnywhere (Global), two dynamic Barbados companies, represents a signature event in relations between Barbados and Nigeria and by extension Barbados’ agenda to build commercial bridges with the continent of Africa in general.
It was on April 24th, 1970 that the two countries established diplomatic relations.
Today’s Ceremony, hosted by Barbados High Commission, Ghana and Caribbean Export, in collaboration with Export Barbados/BIDC and CBC TV Channel 8, marks another milestone in a period during which both countries have worked with tenacity and purpose to explore potentially exciting business opportunities.
TelNet Nigeria Ltd is a digital transformation development company, whose clients include the government of Nigeria and several large and medium size commercial banks and major private sector companies across Nigeria.
Global Integrated Fintech Solutions is a global fintech company with offices in Barbados, Trinidad and Tobago, Guyana and the United States, offering solutions that include core banking, card processing, mCommerce, Cyber Security, Prepaid and Credit Card processing services, plus the One Africa/Caribbean Card.
IPayAnywhere(Global) makes it easy and convenient for merchants and consumers alike to send or receive payments from the convenience of their mobile phones, laptops or any other mobile device.
Commenting on the initiative, Senator The Honourable Dr. Jerome Walcott, Barbados’ Minister of Foreign Affairs and Foreign Trade said he welcomed this cross border private sector partnership between TelNet and GIFTS and IPayAnywhere of Barbados. “It is pleasing that this is in the transactional business and Fintech arenas. Both areas of immense potential for our countries, with emphasis on processing integrity, signals a future of innovation aimed at making commerce easy and secure. This is indeed exciting. I trust that this partnership sets the necessary standards and be an enduring asset that others will seek to follow.â€
Mr. Deodat Maharaj, Executive Director, Caribbean Export described the partnership of the three companies as a clear indication of the opportunities for commercial relationships between the Caribbean and Africa. It is time that we translate our inextricable historical and cultural connections into business opportunities for the people of Africa and the Caribbean. Rising Africa represents a bright new frontier for Caribbean business. We at Caribbean Export are committed to help deepen the business relationships between the Caribbean and Africa.â€
Mr. Mark Hill, CEO, Export Barbados/BIDC, said the occasion constitutes a milestone which takes Barbados’ entrepreneurship to a new level. “Export Barbados/BIDC is thrilled to be associated with this venture between TelNet, GIFTS & IPayAnywhere, which opens up a tremendous export market opportunity for Barbados in West Africa. As I indicated before, Export Barbados/BIDC is pivoting and our focus is exclusively Export oriented; everything we do is geared towards and supports exports for Barbados entrepreneurs and companies. Our support for this initiative is aligned with our strategy for the African market which represents a priority market for Export Barbados/BIDCâ€
