The much-anticipated inaugural Caribbean Investment Forum (CIF) got underway on Wednesday, welcoming over 500 in-person delegates across 35 countries and highlighting huge investment opportunities for the region.

The four-day, high-level business-focused event, held under the theme ‘Building A SMARTer, GREENer, Caribbean’, took place between November 8-11 at the Hyatt Regency in Trinidad and Tobago at which key regional players got the opportunity to learn and explore some of the most attractive investment opportunities in technology, agriculture, renewable energy, and innovation with an aim to hopefully advance projects that will improve the lives of over 30 million people in the 23 countries across the region

Speaking at the opening ceremony on Wednesday, executive director of the Caribbean Export Development Agency (Caribbean Export) Deodat Maharaj identified some of the main drivers of growth which he believes could truly advance Caribbean transformation. The key areas of focus, he said, included green economy transition, digitalisation, technology and innovation, agriculture as well as transport and logistics.

“The investment, job creation and business opportunities relating to these sectors are huge. I believe that if we make progress in these sectors, we will achieve success. However, to build a truly resilient Caribbean, business must be an essential partner, playing not a peripheral or tangential role but a central role,” Maharaj said.

Caricom Secretary General Dr Carla Barnett said that with the regional body having set a target of 47 per cent electricity generation from renewables by 2027 and also committing to reducing the region’s food import bill by 25 per cent by 2025, it was important that every effort be made to achieve these objectives.

“Investment therefore matters more than ever, particularly given the fall in foreign direct investment (FDI) from a peak of US$6.65 billion in 2008 to US$3.9 billion in 2019 and to US$2.4 billion with the onset of the pandemic,” she noted.

“Digital technologies could radically transform and create opportunities in agriculture, manufacturing and services; accelerate growth for small and medium-sized enterprises [SMEs] and reshape energy systems,” she added.

Delivering the keynote address entitled ‘New Markets, New Investments for New Times’, HE Wamkele Mene, secretary general, African Continental Free Trade Area (AFCFTA), referencing historical and emotional bonds that continues to connect both regions, believes the Caribbean and the African continent have much to gain by cooperating with each other in trade and investment.

“As we see these changes in the economic paradigms of the world, we must diversify our markets for exports and investments. That’s why this forum is so very important,” he said, noting that Caribbean exports to the African continent was negligible at 4.4 per cent of total exports.

He pointed to a recent study by the International Trade Centre which saw significant potential for this to grow up to US$1 billion over the next five years in areas ranging from agro-processing, health care, tourism and the automobile sector. The study also saw opportunity for Africa to boost its annual merchandise exports to the Caribbean by 54 per cent or US$170 million annually by the year 2026 covering over 200 tariff lines.

“The continent of Africa offers an opportunity for the Caribbean as a new partner — an opportunity to diversify your export markets, to create export jobs in the Caribbean and be globally competitive,” Mene also said.

EU Ambassador Peter Cavendish likewise believes that the Caribbean’s attraction to investors include its access to the European market, having the world’s number one cocoa genome and cocoa research centre, and its leading institutes and organisations such as the Caribbean Industrial Research Institute. He stressed that under the Economic Partnership Agreements with Caribbean nations, the EU can offer considerable technical expertise and advice as well as financial resources needed to address the Caribbean’s investment and transformation needs.

The regional forum, which closes today, is organised by the Caribbean Export Development Agency in collaboration with the Government of Trinidad and Tobago, Caricom, the Caribbean Development Bank, the Caribbean Association of Investment Promotion Agencies with the support of the European Union. The event aims to connect key regional decision-makers, innovators, and entrepreneurs with some of the world’s most influential investors.

In her remarks, Trinidad and Tobago’s Trade and Industry Minister Paula Gopee-Scoon said she was trusting that the forum will act as a catalyst to boost the entire region’s (FDI) flows.

“This is a major reason why we are here — to showcase our progress and bankable investment opportunities,” she said.