SAN SALVADOR, El Salvador, CMC – Business executives from the Caribbean Community (CARICOM) and Central America have agreed to expand trade and investment opportunities within the two regions during talks here on Thursday.

More than 30 top chief executive officers and business leaders gathered here for talks on the margins of the Third Central American Integration System (SICA-CARICOM) Summit of Leaders, to discuss meaningful ways of expanding trade and investment in the face of the global economic slowdown.

The meeting, convened by the Assistant Secretary General of the Organization of American States, Ambassador Albert Ramdin, and the Chair Pro Tempore of SICA Foreign Affairs, Hugo Martinez, was also attended by economy and trade ministers from Guatemala, Jamaica, Panama, and Trinidad and Tobago. The Minister of Foreign Affairs of Suriname as well as the Secretaries General of CARICOM and SICA also attended the meeting.

Central America and the Caribbean represent a combined market of approximately 56 million people and Ramdin said the time had come to pursue all business opportunities and develop new initiatives to expand trade and investment between both regions.

“To make this happen, governments on both sides must be willing to re-examine the environment for trade and minimize barriers. At the same time, the private sector must be ready to engage creatively with their counterparts,” Ramdin said.

Among the current challenges to trade and investment identified by business executives from both regions include limited transportation options, a lack of data on investment and economic opportunities, varied business and investment regulations and legislation, a language barrier and visa restrictions.

The meeting ended with the business leaders recommending a number of new measures including a suggestion to renew discussions on a trade agreement between Central America and the Caribbean, the feasibility of granting economic citizenship and long-term visas to investors, reviewing requirements for work permits, commercial language training and building trust as a solid foundation for Pan-Caribbean business.

Trinidad and Tobago has expressed an interest in hosting the second high-level meeting of SICA-CARICOM business leaders meeting in 2012.

Meanwhile, CARICOM government leaders Friday began talks with their Central American counterparts on ways of strengthening relations between the two regions.

The Guyana-based CARICOM Secretariat said the third summit of regional and SICA leaders is expected to discuss a wide range of areas including sustainable development, human and social development, trade and investment promotion, air and maritime transportation and security co-operation.

The Secretariat said that a Joint Declaration will be issued at the end of the one day-meeting.

CARICOM is being led by St. Kitts and Nevis Prime Minister Dr. Denzil Douglas, who is also the chairman of the 15-member regional integration grouping. The delegation also includes Grenada’s Prime Minister Tillman Thomas and the President of Suriname Desiré Bouterse.

Newly appointed CARICOM Secretary General Irwin La Rocque is also attending the summit.