Four Caribbean brands to join international innovators in the food ingredients market
Caribbean brands aiming to take advantage of increase in demand for natural products
Caribbean Export supports CARIFORUM firms participating in Food Matters Live
Global natural food and drink market estimated to reach $191.9 million (US) by 2023
The COVID-19 pandemic has increased demand from health-conscious consumers for natural products made with pure and simple ingredients. In 2016, the global natural food and drinks market was valued at $79.1 million (US) and by 2023 is estimated to reach $191.9 million (US)- a compound annual growth rate of 17.6%.[1] This presents an excellent opportunity for Caribbean suppliers operating in the natural products space.
On October 13th-14th 2020, Caribbean Export, in collaboration with the European Union, is supporting four Caribbean producers participating in this years’ Food Matters Live – a leading food, health and nutrition event.
“We were concerned that this event would not go ahead due to the current pandemic, so, we are pleased that it will still be held virtually. Food Matters Live is an innovative exhibition, bringing together essential players in the food and drinks market across the world. We believe Caribbean brands will be able to leverage this chance to showcase their products and get people talking about what they have to offer†explained Dr. Damie Sinanan – Manager for Competitiveness and Export Promotion at Caribbean Export.
Food Matters Live attracts an unrivalled range of brands, retailers and food services companies and offers a curated experience for participants. Funded by the European Union via the 11th EDF Regional Private Sector Development Programme, the regional companies taking part are Caribbean Cure from Trinidad and Tobago; Shavuot International and Cold Bush Organics from Jamaica; and Belizean company Naledo which manufactures the world’s first turmeric paste.Â
“Since the global pandemic, we’ve experienced a surge in demand for our natural healthy products from our international customers. At our core we are always ‘Harvesting Goodness for our consumers, communities and our team’. We’re very pleased to be able to meet with international buyers to increase our exports and penetration of overseas markets.†Shared Joel Harris, Marketing Director at Shavuot International.
The Agency anticipates increased exposure and demand for Caribbean products from this event for the firms taking part and similar businesses within the region. Food Matters Live provides an ideal platform to demonstrate the Caribbean’s diverse range of innovators who are blazing a trail in the natural products sphere.
As services industries and providers across the region learn to navigate the global pandemic, Caribbean Export Development Agency in collaboration with the Belize Coalition of Services Provides, the Jamaica Coalition of Services Industries and the Trinidad and Tobago Coalition of Services Industries are stepping in to host a training programme to enhance the export-readiness of services SMEs. Commencing on October 1st, 2020. This programme will support thirty (30) services providers operating in the business and professional services, and information, communication, and technology sectors (ICT) and is funded by the European Union as part of the 11th EDF Regional Private Sector Development Programme.
Ten entrepreneurs will be selected from each country to undertake the training and subsequently, six participants from each country will be selected to receive one on one coaching based on their performance during the workshop. The objective of the coaching is to provide them with feedback to complete their export plans.
The training will take place virtually over five days and will provide an opportunity for participating businesses to develop export plans, access regional and international markets and develop their global brands.
The Services Go Global (SGG) programme was developed to optimize the CARIFORUM region’s export of services by building the capacity of service providers to capitalize on opportunities under the Economic Partnership Agreement (EPA), CARICOM Single Market & Economy (CSME) and other existing trade agreements; and developing national capacity through a cadre of certified trainers for the SGG programme, geared to assist SME’s in the services sector. The workshop will be facilitated by master trainers, Michelle Hustler (Barbados) and Dr. Nsombi Jaja (Jamaica).
Allyson Francis – Services Specialist, Caribbean Export
“Services play a crucial role in the development of the economies in CARIFORUM, not just as a sector but also due to the significant impact on other sectors such as the manufacturing sector. Caribbean Export is deeply committed to the development of the region’s services sector and it is hoped that firms large and small capitalize upon this opportunity to build their capacity to take advantage of the CARIFORUM-EU EPA and importantly during this pandemic build their resilience and their ability to support other sectors to better integrate into the new global economy.†expressed Allyson Francis, Services Specialist at Caribbean Export.
There are currently a number of opportunities for small firms to enter new markets, and it is anticipated these will be increased once they have participated in the SERVICES Go Global programme. This human and institutional capacity building initiative goes hand in hand with another joint project between the development agencies, which aims to enhance the sustainability of the national services coalitions which provide critical business support services to local service providers including training, advocacy and export promotions.
“SERVICES Go Global is a timely and comprehensive training programme for service exporters, and this training comes at an opportune time as businesses in Trinidad and Tobago seek to pivot their services,†shared Lara Quentrall – Thomas, President, Trinidad and Tobago Coalition of Services Industries. Dr. Dionne Chamberlain, President, Belize Coalition for Services Providers echoed Ms. Quentrall – Thomas’s sentiments, and confirmed that the course will not only prove valuable to service providers across the region but will enhance their own export efforts in the process.
The programme was developed and delivered by Global Links Network, certified international trade professionals who have delivered services training in over 50 countries worldwide over the past 20 years. To date, SERVICES Go Global is the only export readiness training programme for services exporters and would-be exporters in the world.
The programme follows a logical, sequenced approach to exporting – a ‘Roadmap’ – and takes the exporters through four stages and twelve modules of export preparation. With the completion of each module, elements of the service provider’s export plan are developed. Service providers who undertake the course leave having completed the essential elements of their export plan and having gained the valuable skills necessary to successfully engage in the international marketplace.
Persons interested in registering for the Programme please contact: For Belize: Dr. Dionne Chamberlain at the Belize Coalition for Services Providers: email: chairman@bcsp.org.bz For Jamaica and Trinidad & Tobago: Ms. Kavita Chankar at the Trinidad and Tobago Coalition of Services Industries: email: marketing@ttcsi.org
Caribbean micro, small and medium-sized businesses, operated by youth and women, are preparing and building capacities to enable them to profit from international and intraregional trade in the aftermath of the pandemic.
Eric Cato, one of the beneficiaries in Belize, remarked that, “I would like to improve my business’ ability to appeal to export markets, particularly in terms of labelling and packaging. There are limited resources at the national level to support actors. This initiative by the Inter-American Institute for Cooperation on Agriculture (IICA) and the Caribbean Export Development Agency is timely and criticalâ€.
The impact of the pandemic in the Caribbean has brought to light the urgency of moving away from training based on generic concepts, with a business planning and food processing-related focus, towards specialized, applied training, tailored to the current situation.
According to Diana Francis, Policy and Regional Programming Specialist at IICA, “The initiative is designed to satisfy the practical needs of beneficiaries. IICA and Caribbean Export are of one accord that generic training in business development, although important, is not a viable option. The aim is to prepare beneficiaries for the market, whether national or internationalâ€.
There was a pre-assessment of beneficiaries to determine their capacity to access markets. They were then given business to business training, as well as training in negotiations and, in some cases, were advised on packaging and labelling.
The four-month process will end on 30 September, after which a new assessment will be undertaken to evaluate the impact of the initiative. Subsequently, the IICA Delegations in the countries will provide follow-up with the MSMEs.
The virtual training program focuses on the business development stage of the MSMEs, with a view to expanding their export capacity and market access.
It has been demonstrated that these companies have enormous potential to contribute to the growth of regional economies. Particularly, given the current impact of the Covid-19 pandemic, there has been a stronger outcry in the region for companies to contribute to increasing intraregional trade and displacing extra-regional imports.
Janeice Saunders, a Bahamian entrepreneur, commented that, “Those of us who are trying to do business are faced with many regulations. The passage of Hurricane Dorian had a tremendous impact on The Bahamas and the pandemic has created further challengesâ€. However, she was excited to acquire the new knowledge.
The new conditions in the global trade arena are still uncertain, as it has become more difficult to imports items that have traditionally been a key part of the Caribbean food supply.
Allister Glean, Specialist in Agribusiness and Value Chains at IICA insisted that, “This environment makes it even more evident that there must be a change in strategy and in thinking by those who face these new and daunting challengesâ€.
He argued that, “The Covid-19 pandemic has produced many challenges for the industry and the people working in it. However, so too has it created opportunities for import substitution and intraregional trade. However, we will need the energy and drive of young people to ensure success. Thus, the intervention should support the efforts of young entrepreneursâ€.
“It is critical that we focus on improving the mindset of entrepreneurs. Although capacity building is important, unless we address the drive and the mindset of beneficiaries, we will not achieve the success for which we are aimingâ€, said Monica Roger-Fletcher, one of the trainers.
The impetus provided by this collaboration between the Institute and the Caribbean Export Development Agency is expected to pave the way for MSMEs to increase their opportunities in the post-pandemic area.
“Caribbean Export is committed to fostering greater export-market access. The organization is improving its approach to the agroindustry sector and young people are key actors. The partnership with IICA is significant and it allows the organization to implement more impactful interventions in agroindustryâ€, stated Allison Francis, a representative of that agency.
About IICA IICA is the specialized agency for agriculture in the Inter-American system, with a mission to encourage, promote and support its 34 Member States in their efforts to achieve agricultural development and rural well-being through international technical cooperation of excellence.
The Caribbean Export Development Agency in collaboration with the European Union has launched the Direct Support Grants Programme, a newly developed grant facility in response to COVID-19 and the need for CARIFORUM firms to access finance during a time when cashflow has been significantly restricted.  CARIFORUM firms will now be able to submit proposals or applications for a Direct Support Grant (DSG) of up to €15,000.
“Caribbean Export is pleased to be able to address the needs of the CARIFORUM firms during this unprecedented time of uncertainty with a grant facility that enables firms to receive funds on a non-reimbursable basis rather than as in previous programmes, under the Direct Assistance Programme†announced Anthony Bradshaw, Officer in Charge at Caribbean Export.
“The Direct Support Grants Programme was developed in response to the coronavirus COVID-19 pandemic. In collaboration with the European Union we have been able to increase the overall amount of funding made available to CARIFORUM firms, to help towards mitigating the impact of the pandemic.
A total of €500,000 has been made available through the European Union as part of the 11th EDF European Development Fund, Regional Private Sector Development Programme.
“The European Union is pleased to see that our regional grant funding is going towards assisting Caribbean entrepreneurs getting back on their feet after a harrowing COVID_19 experience which has severely affected businesses. We also hope that they take this opportunity to capitalise on this initiative as they seek ways of re-engaging with their customersâ€, said Charge d’Affairs of the EU Delegation in Barbados Ovidiu Naftanaila.
This current allocation will be supplemented by additional resources given there is a high demand for this service among SMEs as highlighted in our recent survey of four hundred and eighty-two (482) CARIFORUM firms.
CARIFORUM firms can apply for a grant valued between €5,000 – €15,000 for the implementation of projects in the following categories;
The OECS-Caribbean Export Development Agency’s Technical Assistance and Coaching Programme launched on July 8, 2020 with the aim of strengthening the entrepreneurial and leadership skills of 14 selected young entrepreneurs from six countries of the Eastern Caribbean.
In her remarks at the virtually held launch event Caribbean Exports’ Services Specialist – Allyson Francis, underscored the importance of the private sector and youth owned businesses, in particular, for sustainable economic growth in the Caribbean.
“Youth are the future. Their businesses are a critical foundation for sustainable economic growth in the region and so we must invest in them and their businesses.â€
Funding for this technical assistance and coaching programme comes via the 11th EDF Regional Private Sector Development Programme, which the Agency is currently implementing.
“Caribbean Export implemented a similar coaching programme for women owned businesses which was very successful, and so I encourage the participants to leverage the knowledge and expertise of the coaches and to build a network between one another†she continued.
The programme pursues three main objectives, namely:
assisting entrepreneurs to clarify their vision and develop achievable goals that can be translated into tangible results;
assisting entrepreneurs to develop transformative business models and strategies that enhance productivity, competitiveness and growth; and
providing technical support to set entrepreneurs on a path towards export readiness.
The beneficiaries of the OECS-Caribbean Export Development Agency’s Technical Assistance and Coaching Programme were targeted through national Business Service Organisations and the “OECS 30 under 30†programme. From 21 applications, 14 companies have been selected to participate in the three-month coaching programme from both the services and goods sectors. The group of young entrepreneurs will benefit from a highly experienced team of coaches in multiple areas such as business plan development, financial analysis, operations management, sales, marketing and branding, human resource management, proposal development, product development and quality assurance, legal and regulatory environment, ethical and sustainable business trends, information and communication technologies and e-commerce, and creative industries among others.
The coaching programme also includes the completion of a comprehensive analysis of each beneficiary companies and the development of individual strategies which will address their specific issues.
In closing, OECS and Caribbean Export reaffirmed the intention to continue to support the entrepreneurial ecosystem in the Eastern Caribbean through complementary projects which will be launched in the future.
African, Caribbean and Pacific (ACP) Day is customarily commemorated on June 6, which is the date on which the Georgetown Agreement establishing the group, was signed in 1975. This year, the 45th Anniversary, the Day will be officially observed on June 5. Activities were mainly centred at the ACP Secretariat in Brussels, Belgium. It seems, the Day tended to pass largely unnoted in the ACP Caribbean Forum (CARIFORUM). This week, I am highlighting it by addressing matters of interest to us as ACP Member States.
The Revised Georgetown Agreement
At the ACP Summit in Nairobi, Kenya, December 2019, the revised Georgetown Agreement was adopted setting in train the Group’s transformation. The revised Agreement received the required ratifications by one-third of the 79 Members States enabling its entry into force. Thus, on April 5, the ACP Group of States became the Organization of African, Caribbean and Pacific States (OACPS). The ACP is now an international organization.
From reading the revised Georgetown Agreement, which has far-reaching new provisions, I am specifically pointing to these Articles:
2 – establishing the OACPS;
6 – allowing other countries outside of the traditional ACP to join the Organization, meaning, I think, countries in Central and South America, Asia and other parts of Africa;
31 – establishing an Endowment and Trust Fund to which members and others must contribute to provide financial stability for the Organization;
34 – allowing OACPS to negotiate agreements with other countries and regions; and
35 – enabling the OACPS to have observer status at the UN and its specialized agencies, and in other regional and international organizations. Previously, outside of Brussels, the ACP mainly operated at the World Trade Organization (WTO), even though it had observer status at the UN General Assembly (UNGA);
This ACP transformation, for me, raises questions about the future role of OACPS. The expansion of membership would change the Organization’s make-up taking it beyond the mostly former colonies of Member States of the European Union (EU), including the United Kingdom (UK). Could we then envisage countries, such as India, China and Brazil, joining in the future?
For the OACPS to fully utilize its permanent observer status in the UNGA, it would need to establish an office in New York. The ACP, with EU support, currently only has a sub-office in Geneva. With permanent observer status in UN bodies and member groups, how will the OACPS relate to existing developing country groups such as, the Group of 77 and China, through which coordination and negotiations have been conducted since the 1960s? Would the two groups merge? Some further clarification of the objectives of Chapter IV (Articles 6-7) – Membership and Observership, and Chapter XII (Articles 34-37) – External Relations – would be useful.
The financing of the OACPS will be critical. Member States are required to consistently contribute to the Endowment and Trust Fund to make the OACPS a financially independent and sustainable organization. The ACP Secretariat, and CARIFORUM, relied on significant financing from the EU.
The relationship between the ACP and EU remains important in the OACPS’ external relations and, as is known, they are negotiating a new agreement.
Status of the Post Cotonou Negotiations
Since implementation of COVID-19 restrictions, the ACP/EU post Cotonou negotiations continued virtually. The focus, I understand, is on the regional protocols. A meeting of lead negotiators should be held on June 12.
Extraordinary OACPS Summit on COVID-19
Uhuru Kenyatta
The President-in-Office, Uhuru Kenyatta, will be convening on June 3 (today) an OACPS Summit under the theme: Transcending the COVID-19 Pandemic: Building Resilience through Global Solidarity. The Secretariat states that this Summit will assess the effects of COVID-19 and consequences for its Members, identifying opportunities for solidarity and action. President Kenyatta issued a statement on May 15 urging OACPS solidarity and proposing this Summit.
A joint statement was also issued by the Heads of the Secretariats of OACPS, CARICOM and the Pacific Islands Forum on May 18, as, for them, it was vital to promote increased coordination among all countries and regions to address COVID-19 and its dire economic consequences.
While we need to assess the ACP transformation and its future implications, in the midst of this COVID-19 crisis, this Summit, emphasizing OACPS solidarity, perhaps, is the best lead-in to this year’s ACP Day.
This article was originally posted on the CARICOM TODAY and was submitted by Elizabeth Morgan, Specialist in International Trade Policy and International Politics.
Anthony Bradshaw Officer in Charge – Caribbean Export
The COVID-19 pandemic will have a significant impact on the private sector and economies globally. The economic slowdown will severely affect MSMEs, as they suffer from the impact of government decreed shutdowns, supply chain disruption and demand contraction. With the containment of the crisis, the recovery phase will commence, and the firms must be ready to take advantage of the turnaround in economic activity but must first deploy business continuity strategies to support their survival.
In our fourth year of implementation of the 11th European
Development Fund (EDF) Regional Private Sector Development Programme, Caribbean Export Development Agency
(Caribbean Export) is forced to re-visit its programme, mode of operation and
how it supports the regional private sector in the midst of the crisis.
Caribbean
Export, like other organisations across the world, is currently implementing
significant changes to the delivery of existing services through the use of
technology and exploring what additional services are required by its
stakeholders during and post the current crisis. We recognise that whilst many
of the challenges at the micro level remain unchanged such as access to finance
and access to new markets, they will be significantly more acute and new
challenges will emerge. Against this changing
landscape we appreciate that the status quo cannot endure.
Caribbean Export in collaboration with the Delegation of the European Union in Barbados will explore a number of initiatives focusing on SME development in response to the current COVID 19 pandemic and the potential adverse effect this will have on regional firms. In this regard, a strategic approach has been adopted, in collaboration with the Caribbean Development Bank to conducting two surveys targeting SMEs and Business Support Organisations to collect basic information from key stakeholders to identify the most relevant and effective interventions in a timely manner. Further, a grant facility along with other capacity building programmes to be executed will form part of a regional approach to support poverty reduction, economic and social resilience within the Caribbean in response to this global crisis.
Over the next
few months Caribbean Export will be providing direct support to firms in
collaboration with its strategic partners to ensure companies receive much
needed access to finance. We’ve had to
re-think our strategy in order to have a nimbler approach in light of the
COVID-19 environment.
Under this
direct support programme, firms will be able to apply for a grant to be used
for a range of initiatives based on the stakeholder survey currently being
conducted.
In addition to access to finance Caribbean Export provides a range of capacity building initiatives which will now be delivered online via webinars and our online e-learning platform. The Agency hosted its first webinar on Thursday 16th April on finance and accounting outsourcing with more to come on stream. The webinar series titled Talking Exports: A Crisis Management Series will include topics such as ‘Managing cash flow in the COVID-19 environment’ on 21st April, supply chain management on May 5th, communications coming soon.
The current
crisis has resulted in an acceleration of our e-learning focus and the Agency’s
training workshops will be available on the e-learning platform such as the
ProNET series, Services Go Global, Intellectual Property and Competitive
Intelligence to name a few.
Related to our
increased focus on technology as a service delivery mechanism we are also
further developing our business to business portal to provide an online space
where Caribbean firms can register to interact with buyers and suppliers. The
B2B portal allows firms to post their product and service profiles and
Caribbean Export will market the platform to regional and international buyers.
The position of
the Caribbean in this global environment as the world emerges from this
pandemic will be critical. Caribbean
Export as the secretariat for the Caribbean Association of Investment Promotion
Agencies (CAIPA) will be embarking on an international marketing and promotions
campaign to position the region as a viable location for investment post
COVID-19. This will be a vital step in
building investor confidence and in re-establishing our region as a prime
destination for foreign direct investment (FDI).
The Caribbean is
well positioned in proximity to the United States as a nearshore location for
business process outsourcing (BPO) firms looking to expand beyond call centers
into new growth areas, such as shared services centers, legal process
outsourcing, human resources outsourcing, and finance and accounting
outsourcing among others.
Outsourcing has
been a key area of focus as we implement the Regional Investment Promotion
Strategy (RIPS). Given the success and interest attained to date, we continue
to believe that the region presents a very compelling case for job creation,
particularly among our youth and continued FDI in this area.
In summary,
Caribbean Export as it re-focusses its efforts, during the coronavirus
(COVID-19) pandemic, to fulfil the overall objective of the 11th EDF
RPSDP of increasing employment creation and inclusiveness, particularly for
youth, women and indigenous groups, and overall poverty reduction in CARIFORUM
states, the Agency is:
Adopting a
strategic approach to conduct initiatives that focus on SME development in
collaboration with the European Union;
Conducting
surveys targeting SMEs and BSOs to identify the most relevant and effective
interventions required in collaboration with CDB;
Providing a
direct support programme enabling SMEs to access a grant;
Delivering
capacity building programmes via webinars;
Embarking
on a communications campaign in collaboration with CAIPA to re-establish the
Caribbean internationally as a business and tourism destination post COVID-19.
Caribbean Export
together with the CARIFORUM Directorate in collaboration with the EU remains
committed to the region through this crisis and beyond as we continue to
implement the 11th EDF Regional Private Sector Development
Programme.
Anthony Bradshaw Officer in Charge – Caribbean Export
Artists and music producers from multiple OECS Member States successfully concluded the Caribbean Song Writing Camp with the production of 27 songs and new partnerships.
The activity held in Trois Ilets (Martinique) from March 2-6, 2020 was implemented under the INTERREG Trade Enhancement for the Eastern Caribbean (TEECA) project which is coordinated by the Chamber of Commerce of Martinique (CCI Martinique) along with the Organisation of Eastern Caribbean States (OECS), the Territorial Collectivity of Martinique and the Caribbean Export Development Agency (Caribbean Export).
Beneficiaries of the INTERREG TEECA project from Martinique, Saint Vincent and the Grenadines, Saint Lucia and Saint Kitts and Nevis met with artists and music producers from Martinique along with Grammy nominated and hit-song writers from the USA and the United Kingdom. Participants completed a week-long exercise which aimed to foster collaboration and networking between artists and music producers in order to create new songs.
John Saunderson, internationally renowned music executive and publisher of the UK-based Ostereo Publishing Company, highlighted the importance of such camps to stimulate interest in music production and to create great songs for international artists and record labels. The British music veteran who has participated in multiple music camps across the world added that this camp was among some of the best camps he has ever attended.
“The Caribbean Song Writing Camp hosted in Martinique was a great initiative. I have participated in over 200 music camps all over the world, and I haven’t heard not one bad song here. I am extremely pleased with the outcome of this camp and I encourage the participants to move from producing songs of local interest to music material that could be consumed by the global music market”. Saunderson said.
Vincentian music producer and beneficiary of the INTERREG TEECA project Mark Cyrus from Master Room Studios also highlighted the success of the Caribbean Song Writing Camp by congratulating the participants:
“You guys have really stepped up! We have identified some real great talents at the end of this music camp and I am really looking forward to use the material which arose at this camp and to take our creations to some of the major artists looking for material inspired by Caribbean talents†Cyrus said.
In the next stage of the Caribbean Song Writing Camp, the new music creations will be shared with John Saunderson and other industry partners in order to look for artists, record labels or music publishers who would agree to utilise the material for production in various markets across the world, or for the artists themselves to produce music for local and international consumption.
The artists who took part in the INTERREG TEECA project will also benefit from multiple deliverables including:
a market study of the OECS Music Industry;
an export strategy for each of the beneficiary companies;
joint participation at a major music event in October 2020;
music collaborations between music professionals from the OECS and Martinique;
business immersion exercises;
foreign language training; and
capacity building.
This article was originally posted on the OECS website.
The new decade ushers in a new focus by the Caribbean Export Development Agency to leverage the support of the European Union (EU) to bolster private sector growth within the Caribbean.
This year marks the 4th year of implementation of the EU’s 11th European Development Fund (EDF)Regional Private Sector Development Programme, which is focused on market penetration, increased access to finance and providing more targeted approaches to enhancing firm capacity, amongst others.
Since the start of the programme the Agency has supported a cadre of companies across CARIFORUM in areas such as business development, capacity building, export promotion, and export development, and has so far awarded $3.5M (BBD) or €1.5M in grant funds, and is preparing to award even more grants in 2020. Despite these results, there remains a need to revisit the vision for private sector development in the Caribbean given the rapidly changing global trade landscape.
H.E. Ambassador Daniela Tramacere, Head of the EU Delegation to Barbados, Eastern Caribbean, in a recent interview said institutions such as Caribbean Export have been doing a tremendous job to increase Caribbean firms’ export potential and capacities; but there was an urgent need to ensure the sustainability of this effort as capacity development and access to finance remain important challenges. She stressed that there is need for a concerted plan of action among all relevant stakeholders, public and private, to look for synergies and avoid duplications.
To that end, Ambassador Tramacere said: “Considering the fiscal challenges faced by the governments in the Caribbean, the private sector has an important role to play as a driver for economic growth and job creation. Therefore, access to finance is a ‘pre-condition’ for companies seeking to drive economic growth, maintain competitiveness and create jobs.â€
She continued, “This is where the EU’s support to capacity building activities targeting Micro, Small and Medium-sized Enterprises (MSMEs) in particular are important to identifying the right sources of finance.â€
In 2018 and 2019 Caribbean Export partnered with the Caribbean Development Bank to support the access to finance pillar of the Women Empowered through Export (WE-Xport) programme. This saw participating MSME’s increase their understanding of the requirements of financial institutions and receive ongoing coaching in sourcing finance from both traditional and via alternative sources such as angel investment.
Further, through a programme funded by the World Bank, Caribbean Export has established CBAN – the Caribbean Business Angel Network (formerly known as Regional Angel Investor Network or RAIN) in 2017/2018 to support the development of a regional angel investment eco-system.
“We recognise access to finance is a major challenge for SMEs and we will be announcing the 3rd Call for Proposals in May 2020 when companies will be able to apply for a €10,000 grant through our Direct Assistance Grant Scheme†informed Anthony Bradshaw, Officer in Charge at Caribbean Export.
As the Agency continues to roll out work programme activities whilst implementing the Regional Private Sector Development Programme, expect to see more partnerships like this being leveraged to pool resources and increase the overall support to the private sector in the Caribbean.
The investment promotions agency of St. Vincent and the Grenadines – Invest SVG has announced that the country’s inaugural SVG Investment Forum will be held on 2nd May 2020 on the island of Bequia.
The announcement comes at a time when more and more countries across the world are competing to attract foreign direct investment (FDI) particularly as this is the third consecutive year for global decline in FDI according to UNCTAD’s 2019 World Investment Report.
It is noted however, that despite this the
Caribbean continues to receive some of the highest levels of FDI in the world
and thus making initiatives such as this a prime opportunity to increase
visibility and awareness for investment opportunities. Further, the SVG Investment Forum 2020 comes
within the country’s 40th year of independence and it is anticipated
that this will provide an added bonus to increase the country’s visibility
internationally and of course with investors.
Executive Director at Invest SVG Annette
Mark described in her remarks how they wanted to expose investors to the
culture, way of doing business and to expand their perception as to what could
be possible. The aims of the event are
to produce “heightened visibility as a prime jurisdiction in the Caribbean for
investment. To generate investor leads… and
to give investors who are not familiar with St. Vincent and the Grenadines and
opportunity to meet public officials and to understand how we do business
hereâ€.
Ms. Mark also shared how the investors that
would be in attendance would be ‘qualified’ beforehand, to ensure the highest
quality of investor leads, ultimately increasing the possibility of doing
business.
InvestSVG is expecting to attract over 100
attendees including qualified investors, government officials, private sector representatives
and development partners to the event in May, which is being supported by the
Caribbean Export Development Agency (Caribbean Export) the Caribbean
Development Bank and Compete Caribbean.
Gayle Gollop, Legal Advisor at Caribbean
Export delivered remarks on behalf of Officer in Charge, Anthony Bradshaw who
was unable to attend.
“Caribbean Export recognizes that the Vincentian economy is focused on growth in the upcoming years. The IMF projected a 2.3% growth in 2020 for the economy fuelled by increased tourist arrivals. It is however recommended that sustainable growth be achieved by enhancing the competitiveness of the local private sector, increasing exports and investments and reaching new markets, which will lead to increased GDP, foreign exchange earnings and employment. We view the Investment Forum as an important step in establishing linkages and promoting investment into the country and achieving this growth objective.â€
Pictured from left: Mr. Anthony Regisford, Chairman of the Board – Invest SVG; Ms. Gayle Gollop, Special Advisor – Legal Affairs, Caribbean Export; Mr. Russell Franklyn, Operations & Financial Coord. – IDB Compete Caribbean; Ms. Annette Mark, Executive Director – Invest SVG
Barbados has joined five other Caribbean
countries to launch an online investment guide or iGuide with the support of
the United Nations Conference on Trade and Development (UNCTAD), the Caribbean
Export Development Agency (Caribbean Export), the Caribbean Association of
Investment Promotion Agencies (CAIPA) and the European Union.
“The development of an iGuide is an effort
to improve our region’s investment facilitation†informed Mr. Damie Sinanan,
Manager for Competitiveness and Export Promotion at Caribbean Export. Caribbean Export serves as the Secretariat
for CAIPA which is focused on attracting investment into the Caribbean and
supporting regional investment promotion agencies.
The iGuides are a product of UNCTAD which
enables potential investors to discover investment opportunities, get a better
understanding of a country´s business costs, key procedures and laws, providing
a range of useful information to support the decision-making process.
At the launch Chief Executive Officer of
Invest Barbados, Kay-Anne Brathwaite expressed “We are confident that the
launch of the Barbados iGuide site will augment the country’s efforts of making
it easier for investors to do business in and with Barbados. We know that the
iGuide represents best practice in the provision of information to investors
and we anticipate that the iGuide will be a tool to attract more foreign
investment in line with our developmental needsâ€.
Caribbean Export in cooperation with the EU
and CAIPA has been working with UNCTAD to develop iGuides for Caribbean
countries as part of an overall Regional Investment Promotion Strategy
(RIPS). To date, they have supported the
launch of iGuides in Jamaica, Curacao, Saint Lucia and St. Vincent and the
Grenadines thus far, with an iGuide previously existing in Antigua and Barbuda. This latest launch in Barbados brings the
total number of Caribbean based iGuides to five and there are two more iGuides
in development for St. Kitts and Nevis, Turks and Caicos, whilst plans are in
place to also include Trinidad and Tobago on the platform.
“The idea is not just to promote Barbados
but to promote the whole Caribbean as a market for investment opportunities.
And, if you can present the big market, which is the Caribbean, you would be
much more successful in attracting investment,†shared Ian Richards, Economic
Affairs Officer at UNCTAD.
The Caribbean Export Development
Agency has recently received commendation from H.E. Ambassador Daniela
Tramacere, Head of the EU Delegation of the European Union to Barbados, Eastern
Caribbean, OECS and CARICOM/CARIFORUM, for the agency’s work involving the
CARIFORUM-EU Economic Partnership Agreement or EPA.
The CARIFORUM-EU Economic Partnership
Agreement or EPA is a trade and development partnership signed in 2008 by the
15 states of CARIFORUM and the EU’s 28 countries, with objectives to facilitate
trade and investment between the EU and CARIFORUM and to catalyse development
across the Caribbean.
Ambassador Tramacere praised the work
done by Caribbean Export on the promotion of Caribbean firms at international
fairs and fora, including business-to-business meetings like those held in
Frankfurt, Germany at the 4th CARIFORUM-EU Business Forum in
September 2019, and which have paved the way to a number of leads.
In addition, Ambassador Tramacere
evoked that supporting CARIFORUM firms to leverage the CARIFORUM-EU EPA and to
transform market access opportunities into real market penetration has been at
the forefront of the Caribbean Export Development Agency’s work programme which
is being funded by the European Union.
Since 2010, approximately EUR 52
million (about 58.1 million U.S. dollars) have been dedicated to enhancing the
competitiveness and value of the Caribbean brands through the delivery of
transformative and targeted interventions in export development and investment
promotion.
Concerning the CARIFORUM-EU EPA, the
EU Ambassador remarked, “The region has one of the best Economic Partnership
Agreements which provides duty and quota free market access for all Caribbean
products. Unlike other EPAs that the EU has concluded, the CARIFORUM-EU EPA
also provides substantial market access for servicesâ€.
Caribbean Export released a series of
explainer videos to support
increased awareness in the private sector for the benefits of exporting to
Europe. “We recognize that the average
person isn’t going to sit down to read a trade agreement and so we wanted to
break it down so businesses understood more easily the opportunities available
and how they can leverage the benefits of the EPA whilst exporting to Europeâ€
informed Dr. Damie Sinanan, Manager – Competitiveness and Export Promotion,
Caribbean Export.
The series not only breaks down
general provisions such as duty and quota free market access and rules of
origin, but also sector specific provisions making it easier for viewers to
understand how practitioners in sectors such as music, food, craft and Information
Communication and Technology (ICT) can leverage the EPA when exporting to
Europe. The EPA video series was a
significant resource added to the Agency’s CE-Intelligence portal which was launched in 2018. The CE-Intelligence portal provides
information for its users in the areas of trade and business intelligence;
access to finance with a listing of financial institutions and opportunities
across the region; step by step export guides; foreign direct investment and a
section on food safety providing information on the market entry requirements
of key markets such as the EU, the USA, and Canada.
