Caribbean is bigger together, says Deodat Maharaj

Business

2 Hrs Ago

Contrary to perceptions and beliefs, the Caribbean has a market of over 30 million people, said Caribbean Export Development Agency director, Deodat Maharaj.

He made the statement at the launch of Caribbean Investment Forum held in the Bahamas and virtually, on Monday. The forum will be held from October 23-25 in the Bahamas.

“When we think about the Caribbean, we think small – we think Bahamas; we think Grenada, with 100,000 people; St Kitts and Nevis, with 60,000 people; and TT, with 1.4 million people.

“(But) when we put our population together in the Caribbean and we include the Dominican Republic, we are looking at a market of 27 million.

“Secondly, the Caribbean has free trade agreements with a range of countries. We have a free trade agreement with the European Union (EU) that allows investors who come and set up shop here, manufacturing or otherwise, to export their products to a highly lucrative market with half a billion people.”

He said the forum, which has the theme “A Bold New Caribbean,” will focus on agriculture, technology, shipping and logistics and renewable energy.

Marianne Van Steen, EU ambassador said the CIF will also present opportunities for the Caribbean to connect with the European open market.

“This market ensures the free movement of goods, services, capital and persons for over 450 million citizens. That single market is accessible to the Caribbean through a free trade agreement that we call the ‘economic partnership agreement’ that we signed in 2008.”

She said the agreement allows for duty-free transport between countries which is backed by extensive technical and financial support programmes to help Caribbean companies to meet the standards of the European market.

Deputy Prime Minister of the Bahamas Isaac Christopher Cooper, in keeping with the theme of the forum, said the Bahamian government is already making bold moves, especially in the tourism industry, including using artificial intelligence for data collection and marketing.

“Our tourism industry continues to perform in a stellar manner post pandemic.

post-pandemic.

“When we look at our arrival numbers, air and sea combined, we have for the first six months welcomed 500,000 visitors. Conservative projections put our visitor arrivals well over eight million by the end of the year.

“With such numbers the opportunities for new business and endeavours are almost limitless. We have been taking a proactive approach to evolving the tourism product. We are harnessing emerging technologies and concepts to revamp our products.”