eBusiness Weekly
Kudzanai Sharara in Bridgetown, Barbados
African Export-Import Bank (Afreximbank) has revealed plans to establish a subsidiary in the Caribbean region as a way of forging an “unbreakable bond” that opens up opportunities and take advantage of the US$27 trillion North and Latin American markets, President and Chairman of Board of Directors, Professor Benedict Oramah has said.
Speaking on September 1,2022, the opening day of the AfriCaribbean Trade and Investment Forum (ACTIF2022), underway in Bridgetown, Barbados, Professor Oramah said Afreximbank envisages committing an investment of US$700 million for the Caribbean region as “as soon as a regional office is opened”.
He said this is building on the US$250 million already made available to support Africa- Caribbean trade and investment.
Prof Oramah said ACTIF2022 is the first step to “establish strong commercial and investment channels linked by banking and other financial services” in the Caribbean region.
“We want to leave here clear in our minds regarding ways to catalyse manufacturing investments in Caribbean to take advantage of the US$27 trillion North and Latin American markets.”
Afreximbank will work with CARICOM (Caribbean Community) states to set up a Caribbean Exim bank as an Afreximbank subsidiary or affiliate.
“We hope to leave here with Afreximbank not only serving as the EXIM (Export and Import) bank for Africa but also for the Caribbean,” said Prof Oramah.
Afreximbank had already made tremendous progress in accelerating the membership of the CARICOM nations in Afreximbank.
Prof Oramah, however, acknowledged the many hurdles still to be crossed including the difficulties in travelling and the limited trading between the two regions.
“We hope that when we leave here, our two regions will have forged an unbreakable bond that opens direct links enabling the Caribbean to receive a fair share of tourism receipts from African tourist for example.”
Prof Oramah said ACTIF2022 should aim to come up with concrete plans to open banking and payment rails; to seal joint ventures for industrial projects; to deepen commercial collaboration.
Speaking at the same event Mia Amor Mottley, the Prime Minister of Barbados challenged the Afreximbank to go ahead and establish a presence in the Caribbean region.
She said having a Caribbean Export and Import Bank, with the Afreximbank as a partner, is too “critical a possibility for us in the region to ignore.”
The opening morning of the three-day ACTIF2022 featured a rousing keynote address by host Prime Minister Hon. Mia Amor Mottley, Q.C., of Barbados. President Chandrikapersad Santokhi of Suriname, Chairman of CARICOM also spoke along with Hon. Amadou Hott, Minister of Economy, Planning and International Cooperation, Republic of Senegal; H.E. Albert Muchanga, African Union Commissioner for Economic Development, Trade, Industry and Mining; H.E. Dr. Carla Natalie Barnett, Secretary General, CARICOM Secretariat; and Mr John Williams, Chairman, Invest Barbados.
ACTIF2022 has been structured to provide an important opportunity to bolster bilateral cooperation and to enable the Caribbean and African business communities to establish new commercial and strategic relationships to expand trade and to source necessary inputs for the design and manufacture of high-value products between the two regions. It will also enhance Government-Business relationships between Africa and the Caribbean and increase inter-regional trade and investment leads through effective business matchmaking.
The forum is being held under the theme ‘One People, One Destiny: Uniting and Reimagining Our Future’. Its presentations and panel sessions are addressing key topics around deepening the trade and investment linkages between Africa and the Caribbean. These include accelerating industrialisation and manufacturing in Special Economic Zones and Industrial Parks; financing trade and investments; opportunities across the cultural and creative industries; leveraging the power of the African Continental Free Trade Area; improving logistics to promote tourism, trade and telecommunications; improving agricultural productivity, agribusiness and food security; healthcare and life sciences; accelerating private sector trade and investment; creating opportunities for youth and SMEs; and building Africa-Caribbean value chains.
