11TH European Development Fund Implementation Report 2017- 2023

(6) Investment Promotion Recognising the need to attract foreign direct investment to the Caribbean, the Agency in collaboration with CAIPA has hosted a series of investment forums between 2017-2023.

Activities focused on the investment priority areas including:

01

02

03

Promoting the Caribbean and its territories as investment destinations,

Facilitating investment through the establishment of transparent and easily accessible information systems

Building the capacity of the investment promotion agencies (IPAs) in the Caribbean.

Priority sectors for foreign direct investment agreed with CAIPA included, Renewable Energy, Agricultural Technology (AgTech), Business Process Outsourcing and Hotel and Resort Development. Although the Agency had hosted two successful Forums focused on outsourcing, due to the COVID-19 pandemic, support to IPAs pivoted to virtual events. At the national level, the Agency sought to support the work of the IPAs, providing support in promoting investment opportunities and joining forces in attracting potential investors to participate in online webinars and investment forums. In 2021, the first virtual forum was held on January 21, and focused attention on the untapped investment and trade opportunities in Aruba. CAIPA and CE partnered with ARINA, to attract more than 200 delegates to this event. On March 23, the Guyana Virtual Investment Forum was held in collaboration with GO-INVEST, promoting Guyana as the fastest growing economy in 2020, with growth of more than 40% of GDP. The event attracted over 900 registrants from more than 20 countries with 352 attending. In November, The Agency partnered with invesTT to host the first ever virtual Trinidad & Tobago Investment Forum, with more than 750 registrants from over 60 countries. At the regional level, the Agency collaborated with CAIPA, the Caribbean Agribusiness Association (CABA) and COLEACP, to host the first Caribbean AgTech Investment Forum on 5-7 October which welcomed over 600 delegates over the 3 days. In 2022, in-person events resumed, and following a successful staging of an investment Forum in Dubai, the strategic decision was made to host the Caribbean Investment Forum in the region and focus on the sectors that will support the region’s economic transformation. The Caribbean Investment Forum hosted in Trinidad and Tobago attracted 535 delegates from 46 countries exceeding the target of 400 delegates by 34%. The event facilitated at least 260 business-to-business meetings and provided a platform for IPAs to present investment opportunities to the attending audience. As a result of this event, the ConnectCaribe ferry consortium was launched to revolutionise regional transportation of goods and people whilst creating at least 270 jobs. Furthermore, Elevation Connect opened a call center in Dominica in May 2023 creating 250 jobs.

Table 6: Investment Promotion Conferences Hosted 2017-2023

Event

Location

2017 2019 2021 2021 2021 2021 2022 2022 Year

Total

Outsource to the Caribbean Outsource to the Caribbean Virtual Investment Forum (Aruba) Caribbean AgTech Summit Invest in Guyana Virtual Forum Invest in Trinidad and Tobago Caribbean Investment Forum Caribbean Investment Forum

Jamaica Curacao

166 140 200 675 352 750 380 548

Virtual Virtual Virtual Virtual Dubai Trinidad and Tobago

Implementation of the 11th European Development Fund (EDF) Regional Private Sector Development Programme (RPSDP)

40