A clear vision for a transformed Caribbean and a roadmap to achieving it – that’s what attendees of the third edition of the Caribbean Investment Forum (CIF) 2024 came away with when the high level conference drew to a close on Friday, July 12, in Georgetown, Guyana.

Hosted by the Caribbean Export Development Agency (Caribbean Export), at the Arthur Chung Conference Centre, under the theme “Transforming Our Future, Empowering Growth”, the forum brought together over 450 delegates from 40 countries for three days of insightful presentations, strategic networking and intense negotiations.

Delegates explored the abundant investment opportunities and incentives in the Caribbean, particularly in the priority areas of green economy transition, the digitalization of Caribbean business, and sustainable agriculture.

Caribbean Export’s Manager (Ag), Competitiveness & Export Promotion, Natasha Edwin-Walcott, said, “The Caribbean Investment Forum delivered its promise to provide a platform for the public and private sector including investors, entrepreneurs and development partners to network and collaborate on ways to transform the region on the three focus areas.

Feedback from attendees and partners have been overwhelmingly positive. The event attracted over 450 delegates and facilitated more than 200 business meetings. The CIF brand is growing and we are excited by the partnerships established and the encouraging discussions held with development partners and other stakeholders.”

During his opening speech, newly appointed Executive Director of Caribbean Export, Dr. Damie Sinanan, spoke of the trail of devastation left in the wake of Hurricane Beryl and how its aftermath further proves the importance of the conference’s priority areas.

“With this one catastrophic event we have to ask ourselves some serious questions. Once again, how do we mitigate and adapt to those climatic impacts? How does this affect our ability to feed our people and how do our Caribbean people exploit opportunities presented by new technologies, innovation and connectivity to continue to do business in times of peril? That is why since 2022 Caribbean Export has championed these core areas and it is no different this year. We believe these areas portend the greatest potential for a transformative and resilient Caribbean region.”

In his wide-ranging keynote address detailing his vision for a transformed Caribbean, President of the Co-operative Republic of Guyana, His Excellency Dr Mohamed Irfaan Ali, told the packed conference hall, “Sometimes we are captured by our own size, size of population and size of market but there is nothing bigger than an idea, than innovation, than driving ideas, that can change the narrative and position us as a region of excellence and that is what we have to do. We have to go after innovation that will position us as a region of excellence, and a region of excellence requires innovative thinking, it requires investing in a knowledge economy, investing in our human resources, building the right and strong partnerships. These are the things that matter.”

The president also highlighted his country’s investment landscape, 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.”

Over the two days of high level discussions and presentations, delegates learned about investment and partnership opportunities that are addressing the region’s biggest challenges and promising transformative results.

Conference highlights included the U.S. Agency for International Development (USAID) reaffirming its commitment to the Caribbean and an announcement of US$28 million in funding to the Caribbean, including an extra US$1.45 million to expand the Economic Development Activator programme in Guyana, Suriname and Trinidad and Tobago. The announcement came on day two during the keynote address from USAID’s Deputy Administrator for Policy and Programming, Isobel Coleman, titled ‘Building Resilience Through De-risking: Unleashing Catalytic Capital and Public-Private Collaborations in the Caribbean’.

Representatives from the Inter-American Development Bank (IDB), CAF Development Bank, Regional European Union Delegation from the Caribbean and others, also reaffirmed the commitment of their individual organisations to helping the region develop in the three priority areas. Delegates learned more about the EU’s Global Gateway Strategy, and the IDB’s One Caribbean strategy.

The first day of activities featured, among other things, a keynote fireside chat on Building Tomorrow: Harnessing the Power of Green featuring the Chairman of CAG, The Carlyle Group, Dr. Gerrard Bushell, as well as a CEO Leadership Roundtable titled Caribbean Titans Unite: Fueling Resilience Through Bold Investments featuring Vice President of Citi Environmental & Social Risk Management, Ryshelle McCadney; Managing Director of Farfan & Mendes Ltd, Andrew Mendes; COO – Caribbean Office (Ag.) of African Export-Import Bank, Okechukwu Ihejirika; and Director of Global Business Development of Global Integrated FinTech Solutions, Dave Sahadath.

During the opening of the CIF 2024 Investment Village and Blitz, Advisor for Investment Promotion at the Caribbean Export Development Agency, Tonya Cummins, told attendees, “This initiative underscores our commitment to facilitating meaningful connections and fostering an ecosystem where investment can thrive. It is designed to not only highlight the projects but also to demonstrate the immense potential and readiness of the Caribbean to attract and sustain FDI…. Our goal is to create a robust environment that supports business growth, fosters innovation, and enhances the economic well-being of our member states.

The Investment Village featured an impressive array of private sector projects ranging from USD $500,000 to USD $16 million, collectively amounting to a total portfolio value of close to USD $50 million. The projects all fell under the sustainable agriculture and digital transformation thematic areas and included Project Kiem based in Suriname, Crazy About Organics Sustainable Farms based in the Dominican Republic, Transforming Caribbean Agriculture through Innovation and Sustainability based in St. Vincent & The Grenadines, HUBU Aquafarm Phase 2/3 Development based in Guyana, Prosperina Agtech based in The Bahamas, HealthApp Solutions based in Guyana, Orbtronics Innovation Hub based in St. Lucia and GUYIMEX International based in Guyana.

Delegates also heard presentations from the Carib Equity and United Nations Capital Development Fund (UNCDF), EU funded projects.

On the final day of conference activities, Grenada’s Minister for Climate Resilience, the Environment and Renewable Energy Ministry for Climate Resilience, the Environment and Renewable Energy, Kerryne James, joined the conference virtually for a ministerial spotlight on Fostering Sustainable Development Through Innovative Investment Strategies in the Caribbean: Opportunities and Challenges.

Later, delegates received a much anticipated update on the Ferry Project from His Excellency Ambassador Dr. Andre Thomas, Chairman & CEO of Pleion Group Inc, Parent Group of Connect Caribe. They also heard country presentations from investment agencies representing the Dominican Republic, Turks & Caicos, Trinidad and Tobago, Barbados, St. Kitts, Grenada, and Dominica, which were also well received.

In her closing remarks, Guyana’s Minister of Tourism, Industry and Commerce, Oneidge Walrond, described CIF 2024 as a resounding success.

“The government of Guyana is fully aware of the importance of this forum for the sustainable development of our Caribbean region. CIF has once again provided a dedicated space for global and regional interactions, many of which we hope to evolve into long-lasting partnerships and business relationships,” she said.