2022 Annual Results Report

TRANSFORMING TO A GREENER, SMARTER, RESILIENT CARIBBEAN ANNUAL RESULTS REPORT - 2022

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TRANSFORMING TO A GREENER, SMARTER, RESILIENT CARIBBEAN ANNUAL RESULTS REPORT - 2022

CONTENTS

Acronyms

3

Foreword

4

Message from the Chairperson of the Board

5

Message from the European Union

6

8

Executive Summary

7

Building Business, Transforming Lives for a Resilient Caribbean

8

Three Pillars of Success

10

Year in Review - Statistical Highlights

11

17

Global Partnerships for Sustainable Development

12 13 15

Your Trusted Partner Trading Together

Investment in our Transformation Building a SMARTer GREENer Caribbean

16 17 18 21 22 23 24 25 31

Event Spotlight: Caribbean Investment Forum – Trinidad and Tobago

Impact Story – The Future of Farming

Focused Export Development and Promotion

29

Integrated Support for SMEs Exporting for Success

Activity Spotlight - Unlocking the Profit Potential of the Caribbean

Success Story – Old Duppy

Services Sector Development Success Story – ListenMi Caribbean

33 35

Cooperation that Counts

37 38 39

Building Value Chains for Increased Exports Success Story – Bi-National Chocolate

42

Supporting Business with Grant Funding

41 42 43

Impacting Lives

What Our Beneficiaries Say

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ACRONYMS AgTech

Agricultural Technology

BOM BSOs CAIPA

Business of Music

Business Support Organizations

Caribbean Association of Investment Promotion Agencies

CARICOM CARIFORUM

Caribbean Community

Caribbean Forum

CCIH

Chamber of Commerce and Industry of Haiti

CCREEE

Caribbean Centre of Renewable Energy and Energy Efficiency

CDB CDTI

Caribbean Development Bank

Caribbean Digital Transformation Institute

CIF

Caribbean Investment Forum

DIRECCT

Digital REsponse Connecting CiTizens Programme

DR

Dominican Republic

DRGS DSGP

Dominican Republic MSME Grants Scheme

Direct Support Grants Programme European Development Fund Economic Partnership Agreement

EDF EPA EU FDI GDP GIZ GTC ICT IDB IPAs ITC LAC

European Union

Foreign Direct Investment

FEDOCAMARAS

Federación Dominicana de Cámaras de Comercio

Gross Domestic Product

Deutsche Gesellschaft für Internationale Zusammenarbeit

GreenToCompete

Information AND Communication Technology

Inter-American Development Bank Investment Promotion Agencies

International Trade Centre

Latin America and the Caribbean Micro, Small and Medium Enterprises Official Development Assistance

MSME

ODA

OACPS OECS RPSDP

Organisation of African, Caribbean and Pacific States

Organization of Eastern Caribbean States

Regional Private Sector Development Programme

SDGs SFFF SMEs

Sustainable Development Goals

Specialty Fine Food Fair

Small and Medium Enterprises Technical Assistance Programme Trade and Investment Convention

TAP TIC

UK UN

United Kingdom United Nations

VEAP

Virtual Ecommerce Accelerator Programme

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FOREWORD

continue to create and participate in strategic alliances such as the CARIFORUM-EU Economic Partnership Agreement (EPA).

During 2022, Caribbean Export worked diligently to develop the capacity of private sector businesses, delivering training in export development, business strategy, market intelligence and understanding regional trade agreements. Filling the knowledge gaps in our society will undoubtedly be key to supporting both current and new exporters in their goal to become global players. In addition to developing regional capacity, the Agency also sought to put this knowledge into practice, supporting the participation of 104 private sector firms in B2B meetings and other networking opportunities with global partners. These included, the Specialty Fine Food Fair and Autumn Fair Moda Trade Show held in the United Kingdom and the Caribbean Rhythm Showcase in Jamaica. Activities such as these are critical to bringing visibility and awareness to goods and services that are authentically Caribbean. The Agency’s commitment to providing access to finance to the private sector cannot be understated. In a rebounding environment it is crucial that private sector firms have equitable access to financing tools. The Agency’s commitment to providing access to finance to the private sector should be emphasised. In a rebounding environment, it is crucial that private sector firms have equitable access to financing tools, as these support firms to develop, redefine, retool, and optimize their operations and processes as they work towards their export development goals. In 2022, the Agency supported 138 private sector firms from across 15 countries, achieving its highest ever grant implementation rate of 88%, a testament to the direct impact and work which the Agency’s programming has on small businesses across the Region. 2022 marked a turning point for the Agency, as it began to showcase its own unique selling propositions in the developmental arena and in solidifying new partnerships internationally, with the understanding that we are all in this together. Only together, can we continue to contribute to the export diversification of Caribbean good and services, boost export volumes and values, and expand domestic markets into larger regional markets, which can serve as the basis for developing our economies. I thank the European Union for its continued support and dedication to Caribbean Export, and by extension, the entire private sector of the Caribbean, as we continue to make international trade the vehicle by which we diversify and develop our economies. I congratulate the Caribbean Export Development Agency on another successful year.

Dr. Carla Barnett Secretary-General CARICOM

One year ago, the Caribbean Export Development Agency (Caribbean Export) launched its inaugural Annual Results Report highlighting its achievements and Strategic Plan. This iteration of the publication displays the tremendous potential of the regional organization and how it has cemented its place in the development landscape of the Caribbean. The Agency has been instrumental in facilitating public-private sector partnership. It has advocated for equitable access and resources for small businesses while designing and providing cutting-edge support to enhance the trade competitiveness of the Caribbean private sector. Enhancing the competitiveness and value of Caribbean firms remains imperative for Caribbean Export, and in its final year of implementing the Regional Private Sector Development Programme, these priorities were evident. The Agency set its sights on highlighting the Caribbean as “the number one” place for investment, launching its inaugural Caribbean Investment Forum (CIF) in Trinidad and Tobago last November, having set the tone for the event in March 2022 with its counterpart, the Caribbean Investment Forum-Dubai. Here, leadership spoke candidly about the use of foreign investment as the catalyst to build lives and transform communities within the Caribbean. The inaugural event focused on key sectors such as renewable energy, agricultural technology and logistics, as areas which would attract interest and drive foreign direct investment into the Region. Caribbean Export understands that the strategic positioning along global supply and value chains for firms which can produce and trade competitively, is advantageous to their success. We must

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MESSAGE FROM THE CHAIRPERSON OF THE BOARD

Dr. Lynette Holder Chairperson of the Board, Caribbean Export Development Agency

In 2022, the Agency executed the Caribbean Investment Forum, a landmark event which signaled that the Caribbean is open for business. The event attracted over 600 delegates exploring the most attractive investment opportunities in technology, agriculture, renewable energy, and innovation.

Building upon the successes of the previous year, 2022 has turned out to be a year of vision, growth and hard work for the Caribbean Export Development Agency. On behalf of the Board of Directors, it gives me great pleasure to present to you the Caribbean Export Results Report for 2022. As the region slowly recovers from the economic challenges presented over the last two years it is critical that we not lose sight of the importance of the private sector in transforming the lives and building better and more resilient economies. Implementation of the 11th European Development Fund (EDF) Regional Private Sector Development Programme (RPSDP), the Agency has remained committed to helping Small & Medium Enterprises (SMEs), both overcome growth constraints and provide higher-quality jobs across the region. In 2022, the Agency executed the Caribbean Investment Forum, a landmark event which signaled that the Caribbean is open for business. The event attracted over 600 delegates exploring the most attractive investment opportunities in technology, agriculture, renewable energy, and innovation. Collectively, Caribbean Export has been able to deliver a series of targeted and high impact interventions affecting the lives of 800 stakeholders from the CARIFORUM region, providing

them with the tools necessary to become more competitive and to better integrate into global value chains.

In its final year of the RPSDP, the Agency has worked to further develop the relationships necessary to provide the continued support essential to the region’s private sector. As a result, Caribbean Export has welcomed three new partners into the fold, the Inter-American Development Bank, Expertise France and Tecnalia, complementing its strong relationship with the European Union. Over the last five years, Caribbean Export Development Agency through its mandate has shown that while the process of exporting can be complex and challenging, a careful, deliberate and curated approach aligned to private sector needs can yield positive results.

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MESSAGE FROM THE EUROPEAN UNION

As the Agency looks to the future, we commend Caribbean Export Development Agency on its achievements for the implementing year 2022 and remain a dedicated partner on enhancing competitiveness and promoting innovation among small business in CARIFORUM countries.

Her Excellency Ambassador Malgorzata Wasilewska

Head of Delegation of the European Union to Barbados, the Eastern Caribbean States, the OECS, and CARICOM/CARIFORUM

The European Union remains a dedicated partner to the Caribbean Export Development Agency, working together to facilitate private sector led development and contributing to the long-term prosperity of the region. Since 2017, we have invested over €27.5 million in grants (approx. BBD 60 million) into the “Regional Private Sector Development Programme”, which has supported the implementation of the CARIFORUM - EU Economic Partnership Agreement (EPA), representing around 90% of the total budget of this important Caribbean institution. This is part of the over €50 million in grants (approx. BBD 110 million) provided by the European Union in support of Caribbean Export since the creation of the agency. Throughout the programme, our goal has been to promote joint solutions to shared challenges, with a focus on sustainable economic integration, green recovery, digital transformation, and inclusive development. With an 85% implementation rate, Caribbean Export has proven its commitment to reaching these goals; improving the lives of Caribbean people and towards the greater economic development of the region. As the Agency looks to the future, we commend Caribbean Export Development Agency on its achievements for the implementing year 2022 and remain a dedicated partner on enhancing competitiveness and promoting innovation among small business in CARIFORUM countries, and helping them access the European Union single market of over 440 million consumers.

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EXECUTIVE SUMMARY

to demonstrate that the Caribbean is open for business and investment, acting as a platform for private-to-private sector dialogue and engagement with both regional and extra-regional investors. We also recognise the importance of delivering results, where they matter, on the ground and in the lives of people. In this regard, I am proud of our programme implementation rate of 89% in 2022, one of the highest rates in the Region. Recognizing the importance of partnerships in supporting private sector development, Caribbean Export has worked diligently to foster new partnerships with organisations that share our vision for the region. The Agency has also remained committed to its export promotion strategies delivering several trade and export promotion programmes benefitting over 50 CARIFORUM firms from the manufacturing, agro-processing, rums & spirits and services sectors. Through this focused work, firms were able to showcase and demonstrate their products and services to some of the biggest wholesalers, distributors and content creators in the world including Sainsbury, Marks and Spencer, Netflix and Sony Music Entertainment. These activities have acted as a bridge to international markets, allowing firms to create and foster relationships with global partners. They have also brought high visibility to our Region’s goods and services and assisting them in securing distribution deals and production contracts. Recognizing the importance of partnerships in supporting private sector development, Caribbean Export has worked diligently to foster new partnerships with organisations that share our vision for the region. While the Agency continues to benefit from strong relationships with partners such as the European Union, the Caribbean Development Bank (CDB), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and the International Trade Centre (ITC), we have also forged new partnerships. During 2022, we welcomed three new partners on our mission towards building a GREENer, SMARTer, resilient Caribbean: Expertise France, the Inter-American Development Bank (IDB) and Tecnalia from Spain whilst deepening our partnership with CDB. Caribbean Export is profoundly committed to continued strong governance and transparency with audit reports of the Agency available for public consumption at: www.carib-export.com The 2022 Annual Results Report provides eloquent testimony to the work being done to improve lives and livelihoods across the Region. These results have been achieved by having a robust governance framework and for this I am grateful to the Chairperson and Board of Directors. I am deeply appreciative to the hard-working team at Caribbean Export who made these results possible.

Deodat Maharaj Executive Director Caribbean Export Development Agency

As the Agency for promoting Caribbean trade globally and steering investments to our Region, I am delighted to present our Annual Results Report 2022 highlighting the impact and results of our work. Notwithstanding the continued challenges of the coronavirus pandemic, as the lead private sector development agency in the Caribbean, we are happy with the concrete and direct support provided to business as we seek to help build a resilient Caribbean. Recognising the importance of sustained focus to deliver transformation results, we maintained our emphasis on the three pillars of our 2021-2024 Strategic Plan: export development and promotion; building the capacities of our investment promotion agencies and profiling the Region as an investment destination; and supporting the services sector as the next frontier for Caribbean business. The 2022 Annual Results Report looks at the impact of work is these areas. Caribbean Export has been able to conduct a series of targeted interventions aimed at driving investment in strategic sectors within the region, help accelerate the green transition of businesses, support women entrepreneurs and help position our businesses in transitioning their operations to digital platforms and e-commerce facilities. In a year of delivery across the board, the flagship Caribbean Investment Forum (CIF) in collaboration with the Government of Trinidad and Tobago, the European Union, the Caribbean Association of Investment Promotion Agencies (CAIPA), the Caribbean Development Bank (CDB) and other partners, was a landmark initiative for the year. The focus of CIF was

Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean 7

BUILDING BUSINESS, TRANSFORMING LIVES FOR A RESILIENT CARIBBEAN

poverty and create prosperity for our people through providing decent work and economic growth. These areas include e-commerce; digitalization; and green economy transition. In addition, recognizing that trade in services is the next export frontier for Caribbean business, we provide support to non-tourism related service providers to build entrepreneurship supporting the transition to a smarter and greener Caribbean. The Caribbean Export Strategic Plan 2021-2024 sets out a transformational agenda for the Region and seeks to contribute to the realization of the Sustainable Development Goals (SDGs). Built upon the three pillars of export, investment and cross cutting services, we aim to strengthen the means of implementation by working with global partnerships for sustainable development. With offices in Barbados, the Dominican Republic and Haiti, we have a proven track record of performance with an annual implementation rate of over 89%, one of the highest across institutions in the Region.

Caribbean Export is the regional trade and investment promotion agency focused on building a resilient Caribbean by providing cutting-edge and high impact support to the private sector. Working closely with businesses to increase exports and attract investment, we contribute towards the creation of jobs, transformation of our economies and achievement of the Sustainable Development Goals. We use our resources to implement a range of innovative, focused and practical initiatives designed to support the expansion of Caribbean businesses nationally, regionally and internationally into high value markets whilst taking advantage of preferential market access. We assist businesses that have export potential or are already exporting to increase their capacity and competitiveness, boost export earnings and generate jobs. As we seek to build businesses and transform lives that create a resilient Caribbean, we are committed to providing services in areas that will generate the greatest economic transformation, alleviate

8 Transforming to a Greener, Smarter, Resilient Caribbean | Annual Results Report - 2022

OUR VISION To be the leading Agency that drives Caribbean economic transformation through private sector development.

OUR MISSION To provide innovative, targeted, initiatives designed to enhance Caribbean business growth, sustainability, and jobs.

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Caribbean Export has successfully contributed to the growth of the region’s private sector through the implementation of a range of interventions designed to support economic development and integration. Following the global pandemic, we recognised that the Region’s development trajectory was at a pivotal point, requiring an acceleration of the Region’s transformational agenda. THREE PILLARS OF SUCCESS

Placing business firmly at the centre, an innovative, high performing Caribbean Export is supporting the internationalization of regional SMEs and contributing towards the economic growth and development of our Region consistent with the SDGs.

Understanding that innovation, adaptability, competitiveness and access to financing is needed by firms to build a resilient competitive private sector, that creates high value jobs, we have built our strategic approach to private sector development on three key pillars: Export, Investment and Services.

STRATEGIC

STRATEGIC

SERVICES OBJECTIVE STRATEGIC

EXPORT OBJECTIVE

OBJECTIVE

INVESTMENT

Focused export

Strengthened capacities in Caribbean Investment Promotion Agencies (IPAs) to facilitate investments.

Targeted support to the services sector as the next frontier in

development and promotion to increase private sector competitiveness.

Caribbean business.

Supporting the Caribbean’s private sector to transition from national to regional, and ultimately international businesses is the primary goal of our integration programming. Our interventions and activities have focused on those that, when leveraged, can provide the greatest impact on competitiveness, export potential, can attract investment and create meaningful jobs for our people.

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YEAR IN REVIEW

STATISTICAL HIGHLIGHTS 2022 was a year for growth for Caribbean Export. As programme implementation resumed in-person, the Agency focused on delivering support where it counts, directly with businesses, in market and in partnership with organisations that share the same vision and goals for private sector development in the Caribbean.

OVER 1000

52% WOMEN Women continue to represent the largest percentage of beneficiaries at 52%. +59,000 Followers Caribbean Export continues to reach new audiences and has an active follower base of over 59,000 and counting. 7 Caribbean Export has fostered new partnerships and is implementing new programmes to support businesses across the Caribbean. New Programmes

business professionals across the Caribbean participated in 30 interventions. 89% Implementation Rate Caribbean Export has achieved an 89% implementation rate against total budget for the 11th EDF Regional Private Sector Development Programme. OVER US$2.1M US$2.1M in grant funding dispersed in 2022 to 138 small businesses.

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Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean

GLOBAL PARTNERSHIPS FOR SUSTAINABLE DEVELOPMENT

The United Nation’s (UN) 2030 Agenda for Sustainable Development, presents a blueprint for peace and prosperity for people and the planet, now and into the future. At its core are the 17 Sustainable Development Goals (SDGs), which are an urgent call for action by all countries, both developed and developing to cooperate in a global partnership. The Caribbean Export Strategic Plan 2021-2024 sets out a transformational agenda for the Caribbean, centred on the development of a resilient private sector, that creates high-value jobs leading to the economic growth of the Region consistent with the SDGs, specifically SDG 1 - No Poverty; SDG 5 – Gender Equality; SDG 8 – Decent Work and Economic Growth; SDG 10 – Reduced Inequalities; SDG 13 – Climate Action and SDG 17 – Partnerships for the Goals. The Agency has been successfully implementing and managing development funds for over 25 years and is in the final year of the implementation of the 11th EDF Regional Private Sector Development Programme. Funded by the European Union to the tune of € 27.5 million, the programme has the overall objective to increase employment creation, inclusiveness - particularly for youth, women, and indigenous groups, and reduce overall poverty in CARIFORUM States.

To complement this programme and move forward towards the Region achieving the SDGs the Agency continues to foster new partnerships with organisations that share our vision for the Region and have similar goals for private sector development.

YOUR TRUSTED PARTNER

Caribbean Export understands that good governance is imperative for the successful implementation of development projects and programmes. With more than 25 years of experience implementing projects on behalf of the donor organisations including the European Union, The World Bank Group, The Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), Inter-American Development Bank (IDB), we are committed to transparency, and ensure donor funds are managed effectively. Caribbean Export has also successfully passed the European Union’s Pillar Assessment, which demonstrates the high level of efficiency the Agency utilizes in the procurement and execution of projects. The pillars include Internal Control; Accounting; External Audit; Grants; Procurement; Publication of Information on Recipients; and Protection of Personal Data.

European Union Pillar Assessed

• Internal Control • Accounting • External Audit • Grants

• Procurement • Publication of Information on Recipients • Protection of Personal Data

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Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean

New partnerships and programmes implemented since 2022 include:

Compete Caribbean: The Caribbean Digital Transformation Institute (CDTI) Project

A 3-year project funded by the Inter-American Development Bank in cooperation with the Compete Caribbean Partnership Facility. The objective of the project is to establish the CDTI as a regional public good that coordinates the regional ecosystem to transform MSMEs with the adoption of digital technologies.

Inter-American Development Bank: Digital Communications Campaign to Attract Foreign Direct Investment to the Caribbean This 3-year technical cooperation seeks to increase the digital awareness and presence of Caribbean Investment Promotion Agencies (IPAs) to attract FDI from target sectors. Funded by the Inter American Development Bank (IDB) the programme will strengthen participating IPAs personnel capacity in the areas of digital marketing strategies design and implementation and implementation of digital marketing activities.

Caribbean Development Bank: Improving the Ease of Starting a Business in the Caribbean

Funded by the Caribbean Development Bank (CDB) this 1-year programme seeks to improve the processes and procedures for starting a business by focussing on the re-engineering of the business registration processes, including their digital transformation and enhance the customer services.

Tecnalia: EU-LAC Digital Accelerator The EU-LAC Digital Accelerator funded by Tecnalia is an initiative designed to contribute to innovation and digital transformation of the Latin American and Caribbean (LAC) region by accelerating multi stakeholder and private sector collaboration, competitiveness, digital skills, innovation and joint ventures between European and Latin American/Caribbean businesses in the digital area. Republic Bank Ltd: Business Capacity Building with ProNET Caribbean Export and Republic Bank Ltd signed an Memorandum of Understanding (MOU) in 2022, outlining a framework to co-operate on the provision of capacity building and training to businesses seeking financial assistance from the bank via a small business referral system.

The Agency also continues to implement the GreenToCompete programme in cooperation with ITC and has signed MOUs with several organisations to strengthen cooperation.

MOUs Signed in 2022:

CCREEE World Trade Center Miami Canning House

89% Implementation Rate

7 Programmes

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TRADING TOGETHER In May 2018, Caribbean Export was entrusted by the Governments of the Dominican Republic and Haiti, and the European Union to implement the Trade and Private Sector Component of the Haiti-Dominican Republic Binational Cooperation Programme, under the 11th European Development Fund (EDF).

Notwithstanding the challenges faced within Haiti, Caribbean Export continues to provide invaluable support to Haitian businesses via both the Binational programme and the wider 11th EDF RPSDP.

The Haiti-DR Binational Programme aims to sustainably strength economic and trade cooperation between the two countries by supporting initiatives that contribute towards the reduction of trade imbalances and reduce poverty levels.

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Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean

INVESTING IN OUR TRANSFORMATION

Global flows of foreign direct investment (FDI) have recovered to pre-pandemic levels reaching US$1.6 trillion in 2022 1 , with the Caribbean attracting some US$3.8 billion, an increase of 39% 2 . Caribbean Export recognises that investment is critical to accelerate the economic transformation of the Caribbean. Foreign investment can provide much-needed capital, technology, and expertise to support our countries develop their infrastructure, industries, and human capital. The Agency has placed focus on attracting investment in the following sectors:

Agriculture Technology (AgTech)

Business Process Outsourcing

Hotel and Resort Development

Renewable Energy

To be successful, Caribbean Export has adopted a long-term approach to investment in order to bring significant benefits to the region in the form of job creation, economic growth and technology transfer. This approach enables us to build strong relationships with foreign investors and the cultivation of stable and sustainable environments for investment, both now and for the future. Ultimately, supporting transformative development and ensuring that the benefits of FDI are distributed more equitably.

1: https://unctad.org/webflyer/world-investment-report-2022 2: https://unctad.org/news/foreign-direct-investment-latin-america-rebounded-56-2021

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BUILDING A SMARTer, GREENer CARIBBEAN

“A region that has enormous opportunities in luxury resorts, hotels, eco-services, climate services, mining, oil and gas, sustainable energy, infrastructure, transport and logistics. These are opportunities that need to be capitalized on. The missing ingredient is capital and technology.” — His Excellency, Dr Mohamed Irfaan Ali, President of the Cooperative Republic of Guyana renewable energy, health, education,

As the world emerged from the onslaught of the COVID-19 pandemic, the lifting of travel restrictions and the need for countries to stimulate economic activity, the continued promotion of the Caribbean as the destination of choice for investment capital was a focus for Caribbean Export. Building upon the successfully hosted virtual forums in 2021 and digital communications campaigns, Caribbean Export set out to make it known that the Caribbean was very much open for business, hosting an Investment Forum in Dubai on the fringes of Expo 2020 Dubai and the largest gathering of businesses in the region since the pandemic at the Caribbean Investment Forum in Trinidad and Tobago.

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Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean

EVENT SPOTLIGHT

In November 2022, Caribbean Export convened the Caribbean Investment Forum (CIF), a high-level event designed to give investors the opportunity to explore the range of bankable investment projects available across the Caribbean over 3-days and hold business-to-business meetings. Hosted in collaboration with the European Union, the Government of Trinidad and Tobago, the Caribbean Association of Investment Promotion Agencies (CAIPA), the CARICOM Secretariat and the Caribbean Development Bank (CDB) the event aimed to position the Caribbean as a prime destination for investment in target sectors that can propel the Caribbean’s transition to a GREENer, SMARTer more resilient region. Those sectors included AgTech, Renewable Energy, ICT & Digital Business and Transport & Logistics. TRINIDAD AND TOBAGO

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The development of the right partnerships was key to the success of the CIF. The Agency successfully mobilized both monetary and in-kind resources from a suite of organisations including investment promotion agencies (IPAs), private sector firms and international financial institutions.

Supported by an international, multichannel communications campaign the CIF attracted a global audience with over 535 participants in attendance from some 46 countries representing seven continents and regions, exceeding the target of 400 delegates by 34%. Whilst the event encouraged the exchange of ideas and strategies between public and private sector entities to advance the key sectors, strong focus was placed on the business element. The CIF was an enabler of business facilitating over 260 high-quality business to business meetings. Further, the CIF provided a platform for countries and businesses to pitch their bankable projects to the attending investor audience. Eleven countries pitched, some 23 projects and 85% of post-event survey respondents who attended the country pitches indicated that the sessions were useful in assisting them to discover new investment opportunities. When asked about the investment potential of the Caribbean 71% of attendees perceived it to be either ‘very high’ or ‘high’ and 25% indicated that the investment potential of the Caribbean was ‘moderate’.

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Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean

535 Attendees 34% increase of attendance target

Over 260 B2B meetings

CIF boasted a global audience

THE CIF COMMUNICATION CAMPAIGN

4.3 Million Impression

Over 800,000 people reached globally

31,000 unique visitors to the CIF event website

CIF PARTICIPANTS’ PERCEPTION OF INVESTMENT POTENTIAL OF THE CARIBBEAN

6 0.00%

46.27%

40.00%

25.37% 25.37%

20.00%

1.49% 1.49%

0.00%

High

Very High

Moderate

Very Low

Low

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IMPACT STORY

Bevon Chadel Charles, 32, grew up on her father’s farm in Grenada and quickly fell in love with agriculture. The Future of Farming: Meet Bevon Charles, Owner of Akata Farms In 2016, Bevon registered her business ‘Akata Farms’ with the aim of combining modern technology with agriculture to establish ‘farms of the future’ and give farmers the tools and training needed to manage them. Bevon’s organic enterprise started out on two acres. She had around 100 broiler chickens and grew some staple crops, but while the venture initially faltered, she fought to stay focused on transforming her farm into a smart, technology-based business with a social enterprise element. Through tech-driven farming methods, such as solar-powered irrigation, greenhouses operated via hydroponic systems, and automated timers, feeders, and cooling systems, Bevon has gradually increased the size of ‘Akata Farms’ and its ability to grow enough produce to feed Grenadians.

In November 2022, Bevon’s pioneering start-up won her the chance to attend the Caribbean Investment Forum (CIF) in Trinidad and Tobago hosted by the Caribbean Export Development Agency along with several partners where she gained invaluable access to global investors.

“The Forum gave me a chance to network and engage but it really helped me understand what I need to do to attract investors to move this project into other parts of the Caribbean which will take significant funds,” she admits.

In 2023, Bevon has set herself several ambitious personal and professional goals. She wants ‘Akata Farms’ to become fully automated and aims to initiate connections with 400 local farmers and 1,500 Caribbean farmers via a strategic partnership with an Artificial Intelligence (AI) developer in Canada.

This partnership has developed a project called ‘Caribbean Farms’ to create an autonomous “Greenhouse-As-A-Service (GAAS)” system which will “merge agriculture and technology to improve production, market identification, and market penetration”.

She adds: “Under the GAAS model, ‘Akata Farms’ will pilot the first AI-driven greenhouse in the Caribbean. We will also build a network of farmers across the region to ensure we have enough farms equipped to capture available global markets.”

Bevon believes improving and developing the agriculture sector is essential for the future of Small Island Developing States but says farmers must put technology at the core so that essential data is collected, stored, and shared.

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Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean

FOCUSED EXPORT DEVELOPMENT AND PROMOTION

Caribbean Export has been supporting the transition of private sector firms from national to regional and ultimately international businesses with the export of goods and services as a strategic mode to achieve this. Export can lead to increased economic growth and development across the Caribbean helping to create jobs, increase productivity, and improve the balance of trade. The International Trade Centre’s Trade Map reports that in 2021 the CARIFORUM region’s exports grew by 33.82% since 2020 with a value of $30.7 Billion USD with the United Kingdom, United States of America, Canada, and the Netherlands being among the top trading partners. This is a significant improvement after the Covid-19 pandemic which had a crippling effect on regional MSMEs, suppressing cashflows as a result of loss of demand and falling revenue, disconnecting firms from global value chains and ultimately limiting their ability to provide jobs. The United Nations Economic Commission for Latin America and the Caribbean (UN ECLAC) compounded this reality by explaining that the value of goods exports for CARICOM Member States decreased by approximately 35.2 per cent in the month of May 2020 alone. The post pandemic data therefore demonstrates that the region has a dynamic and resilient private sector thus, the continuous development of these firms is vital for the sustainability of the Caribbean region.

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INTEGRATED SUPPORT FOR SMEs

Caribbean Export recognizes that for the region to achieve its overall mandate of private sector transformation, job creation and economic growth, it must consistently provide services that will positively impact the competitiveness of Caribbean firms. Improving the technical and financial capacity of businesses is fundamental to achieving competitiveness and to maximise export potential regionally and internationally. With the lifting of restrictions, the Agency was able to offer both in-person and virtual capacity building solutions with pre packaged programmes such as ProNET, Business of Music (BOM) together with technical assistance and trade and business intelligence services. These coupled with funding options and export promotion activities enabled Caribbean businesses enhance their capacity to export, grow and realise the benefits of the CARIFORUM-EU Economic Partnership Agreement (EPA).

Throughout 2022, the Agency provided 24 different capacity building interventions via the 11th EDF RPSDP and Haiti-DR Binational Programme.

24 WORKSHOPS DELIVERED

452 PARTICIPANTS

201 MEN

251 WOMEN

Understanding UK EPA

Bi-National Programme

Business of Music

Launch to Market

Export Competitiveness

Leveraging Trade Agreements

Market Intelligence

ISO20700

ProNet

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Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean

EXPORTING FOR SUCCESS Caribbean Export sees that improving market access for export ready products and services as essential to expand exports, increase jobs, and improve the lives of people across the Caribbean. The Agency has been laser focused on executing new strategies aimed at assisting export ready firms, including firms that have graduated from export development services, to consolidate their market positions in existing markets and expand exports into new target markets both intra and extra regionally. Given the hyper-competitive nature of the global export market, it is important that market penetration strategies are strategically targeted, focused and supported by relevant and timely trade and business intelligence to have a real impact on export levels. The Agency’s market access strategy has focused on high value, premium, niche products and services that have an identified competitive advantage such as food and beverage, animation and fashion. Caribbean Export identified a range of specialised tradeshows to support companies gain market access and increase their market penetration. Trade shows provide an opportunity for businesses to showcase their products or services to a large and targeted audience. In addition, they are a great way to connect with potential customers and partners, as well as to learn about the latest industry trends and developments. Caribbean Export supported companies to participate at international tradeshows including: Speciality and Fine Food Fair (UK), SIAL Paris (France), Autumn Fair Moda (UK), Salon Du Chocolate (France), Annecy Animation Festival (France); and in the region the Trade and Investment Convention (TIC (Trinidad and Tobago)) and HUB Camara Santo Domingo (Dominican Republic).

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ACTIVITY SPOTLIGHT

UNLOCKING THE PROFIT POTENTIAL OF THE CARIBBEAN There has been a growing trend for Caribbean inspired food and drinks over the past few years and in the UK, the category excluding rum and alcohol is worth circa £115m 3 . Whether its organic chocolate, aged rum, or hot pepper sauce, Caribbean products are growing in demand internationally. Caribbean Export supported a select number of businesses to participate in a 10-month programme to build their export capacity in preparation to launch products in new markets. This coupled with the staging of the ‘Absolutely Caribbean’ pavilion at international tradeshows, provided firms with the continuity and the opportunity to touch buyers in target markets. LAUNCH TO MARKET PROGRAMME Caribbean Export executed the launch to market programme from August 2021 to June 2022. The overall objective of the programme was to enhance the export competitiveness of CARIFORUM SMEs in the agro-processing sector, namely those producing sauces and condiments to meet the increasing demand in the UK and EU markets.

3: Based on IRI data and published company brand data, November 2021

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Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean

The programme has four key modes of delivery: market access programme, coaching programme, go-to-market strategy, and a B2B programme.

GO TO MARKET STRATEGY

BUSINESS TO BUSINESS SALES

MARKET ACCESS

BUSINESS COACHING

Participants of the Launch to Market Programme

1. Naledo (Belize), 2. Old Duppy (Barbados), 3. Pringa’s Natural Flavour (St. Vincent and the Grenadines), 4. Sugartown Organics (St. Kitts and Nevis), 5. Chief Brand Products Ltd (Trinidad and Tobago).

Participating firms were able to benefit from the development of a Programme to Launch into Market Service and a Marketing & Communications Programme. With a deeper understanding of the best market approach and producing specific plans that suit their respective needs the Launch to Market firms had the foundation laid to go-to-market.

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With companies better prepared with go-to-market strategies, Caribbean Export set out to provide the opportunity for firms to leverage their new understanding and confidence for exporting their products.

The Specialty and Fine Food Fair (SFFF) is a leading UK trade show curated for artisans and exhibitors of high-quality food and drink aimed specifically for industry trade personnel such as premium food and drink buyers, wholesalers, distributors and hospitality and retail. Caribbean Export aimed to support CARIFORUM firms in the Specialty Food and Beverage sector to gain access to buyers from the UK and wider European markets to either start or increase their exports to Europe and utilize the benefits of the CARIFORUM-EU Economic Partnership Agreement (EPA). Further, their in-market presence enhanced their capacity providing in-market orientation that included market research, competitor review and business-to-business engagements.

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Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean

Ten (10) companies including four (4) of the participants of a Launch to Market programme were able to present their products under the highly visible ‘Absolutely Caribbean’ branded pavilion at SFFF between 5-6 September 2022. Visitors to the pavilion were able to take a journey through the islands of the Caribbean where they discovered a range of products from fiery hot pepper sauces, flavoursome natural and organic condiments to alcoholic beverages including Caribbean craft beer, rum and mamajuana. Also included was wild craft turmeric products, natural teas and fine flavour cocoa products.

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10 Exhibitors

310 Meetings

12 Leads

200K in Sales

Over the two days, approximately 310 meetings were held with visiting buyers, importers, wholesalers some of which were with representatives from notable names such as Sainsburys, Wanis, Waitrose, Marks and Spencer, Chef Collin Brown, Fine Food Specialist, Wholefoods Wholesale, Benihana. A total of 12 leads were generated and one company has already started shipping to a UK distributor since the event. The ten (10) Caribbean companies that took part in the Fair with the support of the Caribbean Export Development Agency and the European Union were Superb Blend (Barbados), Old Duppy (Barbados), Naledo (Belize), Kalembu (The Dominican Republic), Shavuot (Jamaica), Flauriel (St Kitts and Nevis), Pringa’s (St Vincent and the Grenadines), St Lucia Distillers (St Lucia), the Antillia Brewing Company (St Lucia), and CariBelle Foods (Trinidad and Tobago).

“It was my first time showcasing our food brand ‘Flauriel’ on this type of stage. The feedback, queries and reviews opened my eyes to possibilities I had not considered before when it came to my food brand.”

Anastasha Elliott, owner of St Kitts-based company Sugar Town Organics

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Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean

Also, in the food and beverage sector, the SIAL PARIS Show is one of Europe’s largest and most important food and beverage fairs for exhibitors to showcase their products to new markets and target groups. The event hosted over 7,200 exhibitors and over 155 000 visitors from 200 countries including thousands of international buyers from around the world. Exhibiting under the ‘Absolutely Caribbean’ pavilion 14 Caribbean brands were able to network and connect with the thousands of importers, retailers and buyers from Europe, the Middle East, Africa and Asia. The participating brands included; Only Coconuts from Guyana, St Lucia’s Cacoa Sainte Lucie and St Lucia Distillers, Choko Lakay from Haiti, Coffee Roasters of Jamaica Ltd, Native Organics from the Bahamas, Belize’s Truly Turmeric, Sishado from Suriname, VincyFresh Ltd from St Vincent and the Grenadines, Flauriel from St Kitts and Nevis, Superb Blend which is based in Barbados, The Dominican Republic’s Chicharon The World’s Cinnamon Rum and J&J Spirits, SRL and V’Toria Rhonda Vineyard & Winery from Trinidad and Tobago. Firms were able to participate in approximately 105 business-to-business meetings generating a total of 60 leads and potential business opportunities by the end of the event.

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SUCCESS STORY

It goes without saying that the traditional condiment of choice in most Caribbean households is (hot) pepper sauce. Barbadian entrepreneur Nick Bynoe started making his own version of pepper sauce when he returned to the island in 2015 after living for some time in Singapore, Hong Kong, and Canada. Under the brand ‘Old Duppy’ he uses real wood smoked peppers as a base and adds locally grown fresh fruits, herbs, and spices to elevate the flavour profile. From very mild to very hot, five pepper sauces form the permanent lineup – Zesty Jalapeno, Fiery Pineapple, Pepper Punch, The Traditional, and Fyahpooch, with the fan favourite, Mango Fever, released seasonally every summer. He has gradually expanded his line to include tamarind sauce, BBQ sauce, Vex vinegar, Bajan Ganoush dip, and chili oil. Nick turned his attention to exporting and took a major step towards achieving his goal of selling in the UK and Europe when he was accepted onto the 10-month ‘Launch to Market’ programme facilitated by Caribbean Export in September 2021. Nick says: “‘Launch to Market’ really made us step back and focus on what larger markets would expect from our product. That programme was extremely helpful because as a small producer we would never have been able to afford that kind of assistance.” Caribbean Export’s Launch to Market programme was made up of four key elements that delved into what the businesses needed to do to access target markets; provided a one-on-one business coaching programme; a bespoke go-to-market strategy; and supported firms with B2B meetings. “Working with experts really gives you some unique insight into what you need to do for export and opens your eyes. The help was amazing and immeasurable”. A HOT TOPIC: ENTREPRENEUR NICK BYNOE, CREATOR OF ‘OLD DUPPY FOODS’

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Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean