Elizabeth Morgan | Continuing to promote Caribbean/Africa trade and investment links

During June 5-15, the Caribbean Export Development Agency (Caribbean Export), headquartered in Barbados, accomplished its Caribbean-West Africa Trade Mission.

The executive director of the Caribbean Export, Deodat Maharaj, is committed to maintaining the momentum in promoting trade and investment between Caribbean and African countries. Caribbean Export is funded by the European Union (EU) and works with the Caribbean countries (CARIFORUM) of the Organization of African, Caribbean, and Pacific States (OACPS). Mr Maharaj, who is Trinidadian, has been the executive director since 2021. He worked at the Commonwealth Secretariat, United Nations, and served in Africa.

In promoting trade and investment with African countries, he has pointed to the size and complexity of the Africa continent and advised the Caribbean to focus on fewer countries, build on its foundation in West Africa, and emphasise commercial diplomacy. He believes that to advance the Caribbean/Africa relationship, there should be sustained focus on strengthening the existing relationships, while forging key partnerships on the continent.

It may be recalled that the inaugural Afri-Caribbean Trade and Investment Forum (ACTIF2022) was held in Barbados, September 1-3, 2022, organised by the African Export-Import Bank (Afreximbank), Invest Barbados, the Africa Business Council, Caribbean Export, and the CARICOM Secretariat. In July, the Afreximbank is to open its office for the Caribbean and the Americas in Barbados.

GHANA AND NIGERIA TRADE MISSION

This June Caribbean Export trade and investment mission to West Africa focused on Ghana and Nigeria. Mr Maharaj led the Caribbean Export delegation. The objective of this mission was to deepen cooperation, boost trade and investment, and establish partnerships in renewable energy, agriculture, agricultural technology (AgriTech), Information and Communications Technology (ICT), financial technology (Fintech), tourism, and cultural industries. Caribbean Export aimed to facilitate meaningful business matchmaking between private companies and to foster comprehensive business engagements.

The mission included 15 Caribbean businesses, business support organisations, and investment promotion agencies from The Bahamas, Barbados, Grenada, Haiti, Jamaica, St Kitts/Nevis, and St Lucia. The mission received support from CARICOM diplomatic missions in Ghana and Nigeria.

The mission commenced in Accra, Ghana, where they were welcomed by Hon Stephen Amoah, Ghana’s deputy minister of trade, who stated his government’s commitment to fostering trade relations with the Caribbean. It seems that the turnout in Accra was encouraging.

Caribbean Export signed memoranda of understanding (MOU) with Ghanaian organisations, including the Private Enterprise Federation, the Ghana Union of Traders Association, and the Ghana National Chamber of Commerce and Industry. Visiting Caribbean companies were able to engage in networking sessions.

In Lagos, Nigeria, on June 12, the opening event was attended by the director general of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture. Representatives also included the Nigerian Export-Import Bank, and the Nigerian Association of Small and Medium Enterprises. A session on Caribbean investment opportunities included representatives from The Bahamas Investment Authority, Invest and Export Barbados, St Kitts/Nevis Investment Promotion Agency, Grenada Investment Development Corporations, and ProDominicana.

Caribbean Export signed an MOU with key Nigerian private sector organisations. The need to build awareness of doing business in both Nigeria and the Caribbean, especially for micro, small and medium-sized businesses, was highlighted. The markets and cultures have to be understood.

This mission to West Africa has been another attempt to further forge a trade and investment relationship between the Caribbean and Africa and specifically West Africa. Of course, there are still many logical matters, such as transportation, to be addressed, if trade and investment is to be properly and profitably facilitated in the long term.

ECOWAS

With a focus on West Africa, in my view, CARICOM should have sought to forge a region to region link with the Economic Community of West African States (ECOWAS), which was established in 1975. ECOWAS is a political and economic union of 15 West African countries, including Ghana and Nigeria, which is headquartered in Nigeria. This is still a matter which can be included on the regional agenda as the effort to strengthen the Caribbean/Africa economic relationship continues.

ECOWAS remains relevant as Africa continues its implementation of the 2018 African Continental Free Trade Area Agreement.

Elizabeth Morgan is a specialist in international trade policy and international politics. Email feedback to columns@gleanerjm.com