- The third edition of the Caribbean Investment Forum kicks off as the Caribbean Export Development Agency fosters stronger public-private partnerships in the Caribbean.
- Guyana, a key player, hosts the 2024 Caribbean Investment Forum, inviting delegates to explore the region’s investment opportunities and incentives.
- The CIF 2024 agenda is strategically designed to connect regional and international investors to opportunities across the Caribbean, fostering the growth of regional partnerships.
GEORGETOWN, Guyana, (Caribbean Export) – At the opening ceremony of the 2024 Caribbean Investment Forum (CIF) at the Arthur Chung Conference Centre in Georgetown, Guyana, renewed calls were made for greater public-private partnerships to transform the Caribbean region, setting the tone for the next two days of discussions.
The Caribbean Export Development Agency (Caribbean Export) is hosting CIF 2024 under the theme ‘Transforming Our Future, Empowering Growth’, collaborating with the Government of the Co-operative Republic of Guyana, the European Union, the CARICOM Secretariat and the Caribbean Development Bank.
Dr Damie Sinanan, executive director of Caribbean Export, emphasized the importance of the forum, symbolizing a remarkable shift in the collective approach to securing the vital investments required for the region’s economic development and diversification.
“The Caribbean is ripe for investment opportunities in various sectors and the forum provides the platform to enable various public and private stakeholders to meet and advance this cause,” Dr Sinanan said.
Dr Sinanan stressed the importance of sustained economic growth in the Caribbean region and the need for regional and international partnerships beyond national borders.
“We must come together as a single Caribbean to bring the required skills and market size needed to attract the high level of capital investment needed to achieve transformational growth. In other words, it can’t be business as usual. [We] must act with alacrity and unity while embracing the ever-changing environment.”
Meanwhile, His Excellency Dr Mohamed Irfaan Ali, president of the Co-operative Republic of Guyana, also shared similar sentiments of a greater need for more regional partnerships. The head of state reminded delegates, “Guyana is open to investment and has a very friendly investment environment.”
He also highlighted the many opportunities in his country, stating, “Guyana offers generous and favourable fiscal investment incentives. Guyana is an open foreign currency market with low inflation and a stable financial system. In every single sector, we have outlined the investment opportunities that exist here in Guyana.”
In addition, Dr Carla Barnett, secretary-general of the CARICOM Secretariat, used her remarks to underscore the urgent need for action regarding the region’s vulnerabilities to climate change, evidenced by hurricane Beryl.
Dr Barnett is calling for increased private-sector investment in sustainable agriculture and describes this investment as crucial for enhancing advantages and addressing challenges. The CARICOM secretary-general also emphasizes the importance of channeling investments into sustainable agricultural projects that modernize farming, introduce technological innovations, and improve market access for existing and new agricultural products.
“[CARICOM] is prioritizing investments that are climate resilient, those investments which integrate improved farming techniques to address the region’s vulnerability to hurricanes, floods, droughts and rising sea levels that cause salination and loss of arable lands.”
His Excellency Rene Van Nes, ambassador of the Delegation of the European Union (EU) to Guyana, praised EU investors for their involvement in this year’s forum, mentioned that the EU has a longstanding partnership with the region, based on mutual interests and strong economic, social, cultural, and historical ties.
“The Caribbean [is] a significant investment opportunity, and we aspire to be the business partner of choice for the Caribbean, and for that, we are putting at your disposal the comprehensive global gateway strategy and its associated investment agenda. The global gateway investment agenda is the EU’s offer to bridge the investment gap and leverage private capital to boost innovative, sustainable, and transformative investments.”
Lisa Harding, acting head of the Private Sector Division at the Caribbean Development Bank (CDB), reiterated the bank’s commitment to supporting such a forum. The Caribbean Investment Forum serves as a strategic platform not only to showcase investment opportunities, but also to facilitate networking and partnerships, and foster much-needed dialogue among stakeholders.
“The Caribbean Investment Forum has successfully attracted investment capital into the region. The Caribbean is open to investment. CDB plays a critical role in supporting investment and sustainable development across its client countries. We take a holistic view of development, ensuring that it is resilient, inclusive and equitable.”
After the formal opening, the delegates were treated to a vibrant cultural presentation titled “One Guyana,” which showcased a fusion of dances performed by Guyanese dance groups Riverside Angels, Jorro, and Berbice Delights Dance Troupes. Additionally, during the cocktail reception, a cultural presentation titled “A Taste of Guyana” was demonstrated, featuring traditional Guyanese food, drinks, and arts.
Over the next two days, over 450 participants at CIF 2024 will discuss sustainable agriculture, the transition to a green economy, the digitalization of businesses, and sustainable development.
