Agri investment forum

Government is prepared to assist in making investments in the agriculture sector more feasible by, for example, waiving corporation tax in return for infrastructural works associated with projects, President Bharrat Jadgeo said yesterday.

He was speaking at a press conference at the Caribbean Community (CARICOM) Headquarters at Liliendaal, on the Regional Agriculture Investment Forum. The forum is expected to bring together private sector investors and bankers while there would also be representatives of regional governments present. It will be held tomorrow and Saturday under the theme ‘Investing in our future: Agri Business is good business”. It is expected that there would be networking that would result in investment.

Noting that infrastructure, such as drainage and irrigation is critical in the sector; Jagdeo said that government is prepared to waive corporation tax for infrastructure associated with agricultural projects so that projects become more feasible.
Meanwhile, the Head of State said that the forum would not be just another seminar and will be successful if linkages are created between bankers and investors. “We are creating a networking forum here”, he said adding that hopefully there will be follow-up action.

Jagdeo stated that the forum is an opportunity for investors to better understand what is available from their governments and bankers. “This forum will help to promote a greater understanding of the needs of each other and how those needs can be met”, the president asserted.

He said that the local Bankers Association would be fully represented and noted that the venture is a regional one but not just for regional investors. As of now, a number of proposals have been received, it was revealed. Discussions have also been held with various groups, by the government. The president pointed out that insurance is another critical factor that is expected to be discussed and in this regard the creation of a facility within the region for insuring loans to the sector is being examined.

Asked about phyto-sanitary measures, the president said while these were important, they cannot be used as a barrier to regional trade in agriculture. “No country will use phyto-sanitary standards unfairly, to affect trade”, he declared.

He noted that the forum is for serious investors. “We are only taking serious people, so we are not looking just for numbers, we are looking for people who have things to contribute”, the president stated. It was noted that representatives from Brazil, Argentina and North America, among others are expected at the meeting.

Meantime, General-Secre-tary of CARICOM, Edwin Carrington said that the forum was designed with a different focus. Noting that representatives of Brazil and Argentina are expected to participate, he stated that there is enhanced interest by Latin America in activities in the Caribbean. He noted that the CARICOM Community Council of Ministers meeting will be held at the same time and it is hoped that they would participate in the opening session.