Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

animation projects and investing to scale up existing businesses, boost skills and provide educational services in the Caribbean.

Services Industries In many territories in the region, the services sector comprises more than 50% of gross domestic product. Firms seeking to invest in this sector will find countless opportunities in tourism Services, financial Services, ICT Services, professional services, construction services, education services, health and wellness Services, sporting services and cultural and entertainment services. Manufacturing The manufacturing sector in the Caribbean is relatively small but there are significant opportunities to take advantage of the region´s nearshore location or proximity to one of the largest consumer markets in the world – the USA. In recent years, a trend towards import substitution within the region has also been evidenced, with several countries seeking to produce locally some of the products imported, serving the more than 30 million regional population and the more than 35 million tourists who visit the region (pre-COVID). Of note, the majority of the countries import more than 80% of all consumer goods. The six principal subsectors for manufacturing in the region include: assembly, chemicals and non-metallic products, food processing, beverages and tobacco, printing, and wood products. Some territories also produce oil and oil derivatives. In the assembly sector focus has been placed on the assembly of medical devices, radios, televisions, refrigerators, gas stoves, vehicles, batteries, tires, and boat building. In the chemicals and nonmetallic products sector, the priorities are petrochemicals, paints, pharmaceuticals, bricks, cement, and glass. Food processing, such as edible oils, feeds, meat, baked goods, dairy products and condiments, sauces and spices are priority products. Resort and Hotel Development Well known as a tourism mecca, the Caribbean continues to grow its repository of resorts and hotels. Opportunities abound for investors interested in expanding their global footprint into hotels and resorts that focus on health and wellness, boutique hotels, ecotourism, adventure tourism and marinas. The region is home to high end hotel brands as well as

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Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation