President Irfaan Ali has stated that the Caribbean region is a stable platform with all of the components for a modern and emerging economy
According to a release from the Office of the President yesterday, Ali made this remark during his keynote address at the Caribbean Investment Forum (CIF2022), hosted by the Caribbean Export Development Agency, in association with the Caribbean Association of Investment Promotion Agencies (CAIPA) in Dubai, United Arab Emirates.
The release explained that CIF2022 is a high-level event that offers a range of investment opportunities in Ag Tech, hotel and resort development, Fintech, logistics, and transportation.
He seized the opportunity to highlight the region’s economic potential and spoke about opportunities in environmental services, the blue economy, agriculture, infrastructure, tourism, and other areas of potential and predicted growth.
“Once you have the capital, the foresight, access to technology, then the Caribbean region is a destination you should be looking at. It is a destination that offers you an opportunity to build a complex, multifaceted investment platform. And it’s a region that is looking at being self-sufficient in many areas.”
The president said that although the region’s population is small, the market access it provides through its booming tourism industry allows investments to thrive. The Caribbean, he posited, is not only a zone of peace but an “exclusive zone of tolerance and inclusiveness,” built on resilience and diversity.
Also highlighted was the region’s location and its direct access to South, Central, and North America.
“In almost each of these areas, we have specific investment agreements and trade arrangements that will give you a distinct advantage in pursuing your business interests.”
The Head of State explained that one priority of the region is a complete rebuild of its logistics and transportation model, adding, “We could create all the goods, but if you don’t have the means to move the goods and the services, then you have a serious problem.”
The release stated that specific to Guyana, the president and his government are in talks with the Emirates on developing a logistics hub, while the Prime Minister of Barbados, Mia Mottley, will visit the UAE to work on a project called the ‘Sea Bridge’.
These projects, the President pointed out, will move people, goods and services throughout the region. He assured that every country in the region is “committed to providing an incentive mechanism to support this logistics and transportation model.”
“Unless we fix this problem, in terms of logistics and transportation, we will not be able to capture the results we want to capture. So this, by itself, presents an opportunity, a major opportunity for investors,” Ali was quoted as saying.
He pointed out that every country in the region is on a transformative infrastructural drive.
“We are now talking about building a bridge between Guyana and Suriname. Suriname is looking to build a bridge between Suriname and French Guiana. We are looking at building an infrastructure that will support the development within the region… So, there is the opportunity, and that is why today, as leaders in the Region, we are more outward-looking.”
The Head of State explained that CARICOM was never able to benefit from all of the agreements it has forged around the world since it lacked the means to tap the larger markets. Hence, the Caribbean showcasing its investment potential to the Middle East.
“You have the capital, we have the environment, and we have the enabling infrastructure to get you into those markets based on existing agreement.”
President Ali also spoke on Guyana’s current position, its ongoing development, and future.
In addition to the infrastructural and logistics expansion and development, he mentioned Guyana’s 18.3 million hectares of standing forests covering over 87% of the country’s land mass and the 92.5 gigatonnes of carbon that is conserved (forest stored), which represents a US$195 billion in the carbon market.
He also spoke of the country’s non-oil natural resources and agriculture potential, especially as it relates to CARICOM’s aim to reduce its food import bill by 25% by 2025 through local agriculture expansion in member states.
Like other CARICOM nations, Guyana is moving forward through the use of renewable energy and through solid, long-term, investments, the president added.
President Ali will today be participating in the Global Business Forum LATAM, which will be attended by several regional leaders, including the President of Brazil, Jair Bolsonaro; and President of Colombia, Ivan Marquez.
The forum is expected to explore how the Gulf Cooperation Council (GCC) and Latin America and the Caribbean (LAC) can bolster each other’s economies post-pandemic, the release added.
