Fresh from the lead role which it played at the head of a regional business delegation undertaking an important bridge-building mission as part of a wider regional effort to cement trade and business ties between Africa and the Caribbean, the Caribbean Export Development Agency (CARIB Export) announced recently that it had now joined forces with the French state agency, Business France, as part of yet another initiative to catalyze private sector growth in the Caribbean. Caribbean Export, which styles itself as “the pioneering regional trade and investment promotion agency representing the Caribbean,” has described the recent establishment of business ties with the French state agency as “another strategic partnership to accelerate private sector growth in the Caribbean.”
Caribbean Export says that it seeks, through this relationship, to realize “an environment conducive to growth and innovation, facilitating investment and trade flows between France and the Caribbean region.” The new collaborative arrangement which, according to Caribbean Export, was ‘officially sealed through a Memorandum of Understanding (MOU),’ sets the stage for what a media release described as a “close and mutually beneficial partnership between Caribbean Export and Business France.” The MOU, the release adds, “Outlines a range of areas of cooperation, each designed to drive progress and growth for the private sector in the Caribbean region.” Listed among the hoped for key areas of cooperation which it expects to realize through this partnership are:
(1) Mechanisms for exchange of information through which the Parties will share information and knowledge on training, capacity building, technology transfer, and business opportunities;
2. Technical collaboration and best practices exchange which will extend to enhancing the ease of doing business and its effectiveness derived from by the respective organizations, and the exchange of technical expertise, knowledge, and training opportunities;
3. The creation of a mechanism through which Caribbean Export and Business France will work together to support business delegations, encourage expert visits for fact-finding, and participation in events organized by each party, that will include follow-ups to undertakings;
4. Investment and Trade Facilitation designed to encourage reciprocal investment and export of services, along with the provision of facilitation services to investors and exporters as well as guidance and advice for potential investors and exporters.
The realization of the Agreement reportedly prompted Caribbean Export Director, Deodat Maraj, to express his enthusiasm for this new strategic partnership which he sees as having the capacity to “unlock new opportunities for businesses in our region and foster economic growth. Together, we will build bridges that connect the Caribbean to France, creating a platform for innovation, trade, and investment.” Philippe Yvergniaux, Director for International Cooperation at Business France has reportedly outlined the importance of the new initiative as key to the growth of business to business relations between the Caribbean and France, asserting that the Caribbean region clearly is deserving of a better place in Business France’s geographic priorities since the region offers many trade and investment opportunities for French SMEs; the partnership with Caribbean Export will also help foster stronger trade links between France and both CARICOM members as well as French colonies in the Caribbean.
Back in June of this year, Caribbean Export communicated to the Stabroek Business its satisfaction with its historic visit to West Africa where it reportedly sought to utilize its trade and investment promotion credentials to help create the building blocks for the strengthening of trade relations between the Caribbean and Africa. Towards the end of 2022, the Board of Directors of African Export-Import Bank (Afreximbank) approved US$1.5 billion in funding to enable member states of the Caribbean Community (CARICOM) (that had ratified the Partnership Agreement with Afreximbank) to tap into the Bank’s various financial instruments.
