The third edition of the Caribbean Investment Forum creates opportunities for investment in the region and fosters public-private partnerships

The Caribbean Investment Forum (CIF) has established itself as the premier annual event dedicated to fostering investments and economic growth throughout the Caribbean. Supported by the European Union and organized by the Caribbean Export Development Agency, this fourth edition of the forum was hosted by Guyana. The CIF is designed to promote investment opportunities among regional and international investors. Over 450 participants met from July 10th to July 12th to discuss sustainable agriculture, the transition to a green economy, the digitalization of businesses and sustainable development. This year's theme, "Transforming Our Future, Empowering Growth," underscored the event's commitment to progressive and sustainable economic strategies.

The European Union played a pivotal role in this event, serving as a key partner and the principal donor for the Caribbean Export Development Agency (CEDA). The EU and CEDA share a longstanding partnership, which has been instrumental in driving economic transformation and private sector development in the Caribbean through a variety of programs. This edition also benefitted from the collaboration of the Government of the Co-operative Republic of Guyana, the CARICOM Secretariat, and the Caribbean Development Bank.

The Ambassador of the Delegation of the European Union to Guyana, Rene Van Nes, participated in the opening ceremony where he underlined the longstanding partnership between the European Union and the Caribbean, based on strong economic, social, cultural and historical ties and the involvement of European investors in the Forum.

“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.”

European Union representatives also took part in the press conference held during the second day. The conference underlined the relevance of strategic partnerships to promote economic transformation and sustainable growth and several other development partners took part in the event, including the U.S. Agency for International Development (USAID), the Inter-American Development Bank (IDB), and the CAF Development Bank.

During the conference, the Head of Cooperation of the EU to Barbados, Eastern Caribbean States, the OECS, and CARICOM/CARIFORUM, David Mogollón presented the tools and instruments that the EU uses to catalyse investments in the Caribbean and the Global Gateway Strategy. Mr. Mogollón mentioned that several priorities have been identified in collaboration with partner countries, ranging from maritime connectivity to renewable energy and digital transformation to building capacity and that the EU aims to leverage $45 Billion Euros for Latin America and the Caribbean.

During the Caribbean Investment Forum, several key European Union initiatives for the Caribbean region were presented, including the CARIBEquity Facility, the EU-LAC Digital Accelerator Programme, the Digital Finance for Resilience Programme, and the CARIFORUM-EU Economic Partnership Agreement (EPA).

On the second day of the CIF 2024, the European Union had the opportunity to underline its commitment to the promotion of small and medium-enterprises and to digitalization, in line with the Global Gateway priorities for the region.

Mr. Felipe de la Mota, Head of Sector for Regional Economic Resilience and Trade at the Regional European Union Delegation in Barbados and Eric Sonnier, consultant from the Innovation Lab of the Inter-American Development Bank (IDB-LAB), introduced CARIBEquity. This blended finance facility, aimed at consolidating the investment ecosystem for innovation within Small and Medium-Sized Enterprises, exemplifies how the European Union, in partnership with IDB-LAB, is implementing the Global Gateway Investment Agenda in the Caribbean.

The Digital Finance for Resilience Programme, a collaborative effort between the European Union and the United Nations Capital Development Fund (UNCDF) Caribbean, was presented by Ms. Annie Bertrand, Private Sector Specialist at UNCDF. This initiative aims to deploy digital finance solutions at scale to deepen financial inclusion and accelerate economic growth in the region.

On the third day of the conference, digitalization for business promotion remained high on the agenda. Nevertheless, the importance of building strong relationships among the Caribbean and the EU in order to achieve sustainable growth was the key message underlined by European representatives.
Ms. Tonya Cummins, Advisor for Investment Promotion at CEDA, introduced the Digital Alliance and the EU-LAC Digital Accelerator, a platform which connects business opportunities and supports joint EU-LAC partnerships until they are investment-ready. 

The CARIFORUM-EU Economic Partnership Agreement (EPA), a crucial agreement that fosters economic growth, development, and cooperation between the EU and CARIFORUM countries was presented by Carlene Hamilton, Trade Policy Officer at the Regional European Union Delegation in Barbados. The agreement allows for asymmetric duty-free and quota-free access of Caribbean goods and services into the European Single Market. The EPA promotes high socio-economic and environmental standards through sustainable development clauses, provides business certainty, and encourages regional integration.

The European Union was represented by Kristina Eisele, the Southern and Eastern Caribbean Representative of the European Investment Bank (EIB) in a panel discussion on "Revolutionizing Investment Finance," where she elaborated on the substantial support that the EIB is providing to foster sustainable and inclusive development in the region in alignment with the objectives of the Global Gateway Strategy.

The European Union and the Caribbean have long-standing ties and a strategic partnership. The EU is the Caribbean’s largest trading partner and is committed to foster sustainable investments to enhance the prosperity and security in the region. For more information on the Global Gateway Investment Agenda for Latin America and the Caribbean visit https://international-partnerships.ec.europa.eu/policies/global-gateway/eu-lac-global-gateway-investment-agenda_en