EU ambassador urges region to leverage trade, investment ties

WESTERN BUREAU:

Dr Erja Askola, the European Union (EU) Ambassador to Jamaica, Belize and The Bahamas, is calling on Caribbean stakeholders to fully embrace the region’s trade and investment relationship with Europe, describing it as “one of the most powerful engines for sustainable development”.

Askola, who was speaking at the Caribbean Investment Forum at the Montego Bay Convention Centre on Tuesday, lauded the growing collaboration between the EU and Caribbean institutions and urged local businesses to maximise the benefits of the EU-CARIFORUM Economic Partnership Agreement (EPA).

“We need platforms like this. In the Caribbean, the European Union is mostly known as a development partner; but let me highlight that the European Union is also a strong trade and investment partner,” she said. “We see trade and investments as the most powerful engines for sustainable development; and this is my main message today.”

Askola also applauded the Caribbean Export Development Agency and its partners for organising what she described as a “truly strategic platform” for business engagement in the region, in pointing out that the EU is not just an aid donor.

“We want to help build an investable, resilient and sustainable Caribbean. This is not only lip service, we have interesting initiatives and collaborations going on for this purpose.” she said.

According to Askola, European companies remain leaders in sectors such as tourism and hospitality, transport and logistics, renewable energy, digitalisation, and food and beverages, and she encouraged regional investors to build partnerships that will unlock new opportunities.

“Further to seeing the European Union as a source of foreign direct investment, I want you to look at the EU also as an interesting export destination and a source of supplies,” she said, while explaining that by sharing under the EPA, Caribbean goods benefit from duty-free and quota-free access to the entire EU market.

“This means that if you invest in production facilities, for instance, here in Jamaica, you can export the products manufactured or processed here to anywhere in the European Union, duty-free, quota-free. We are not talking about a small market. We are talking about 27 countries. We are talking about 450 million consumers,” she said.

Askola also stated that in 2024, the EU was the second largest destination for Jamaican exports, behind only the United States, while also noting that, across the wider Caribbean, the EU maintains the same ranking.

According to her, Europe is a source for high-quality inputs, including machinery, fertilisers, vehicles, pharmaceuticals, and chemicals, many of which enter the region at reduced or zero tariffs.

Beyond trade, she highlighted the EU’s Global Gateway initiative, which supports development in digital transformation, green energy, infrastructure, and MSMEs.

“We use the EU’s public finance as a de-risking instrument for projects that advance key public policy objectives, such as inclusive and sustainable growth,” she said.

Askola pledged the continued support of the EU’s local team, including the Head of Cooperation David McGowan, who she said is “available to provide any further information that any of you might require”.

“I hope that it will result in many effective collaborations that will prove to be also profitable in the future,” she said, in explaining that the three-day forum is aimed at unlocking investment across key Caribbean sectors.