Caribbean Region has potential to be a modern economy – Pres Ali

…also highlights Guyana’s oil & non-oil opportunities to UAE business forum

President Dr Irfaan Ali, in Dubai for the Caribbean Investment Forum (CIF2022), has made it clear to the attendees gathered that the Caribbean Community (Caricom) has the potential to be a modern economy and that efforts are underway right now, towards that goal.
The Head of State made this assertion during his keynote address on Tuesday, at CIF2022 which is being hosted by the Caribbean Export Development Agency, in association with the Caribbean Association of Investment Promotion Agencies (CAIPA).

Highlighting the region’s economic potential, President Ali noted that the Caribbean Region is a stable platform with all of the components for a modern and emerging economy. He also spoke extensively about opportunities in environmental services, the blue economy, agriculture, infrastructure, tourism, and other areas of potential and predicted growth.
“Once you have the capital, the foresight, access to technology, then the Caribbean Region is a destination you should be looking at. It is a destination that offers you an opportunity to build a complex, multifaceted investment platform. And it’s a Region that is looking at being self-sufficient in many areas,” President Ali said.
While the Region’s population is small, President Ali noted that the market access it provides through its booming tourism industry, allows investments to thrive.  Coupled with this, he said that the Caribbean is not only a zone of peace but an “exclusive zone of tolerance and inclusiveness”, built on resilience and diversity. The strategic location of the Region and its direct access to South, Central, and North America were also highlighted.
“In almost each of these areas, we have specific investment agreements and trade arrangements that will give you a distinct advantage in pursuing your business interests,” President Ali informed the gathering.
According to President Ali, the region has been prioritising a complete rebuild of its logistics and transportation model.  “We could create all the goods, but if you don’t have the means to move the goods and the services, then you have a serious problem.”
Specific to Guyana, the President said his Government is in talks with the Emirates on developing a logistics hub, while the Prime Minister of Barbados, Mia Mottley, will be in the UAE to work on a project called the “Sea Bridge”.
These projects, the President said, will move people, goods and services throughout the Region. He assured that every country in the Region is “committed to providing an incentive mechanism to support this logistics and transportation model”. President Ali also added that every country in the Region is on a transformative infrastructural drive.
“Unless we fix this problem, in terms of logistics and transportation, we will not be able to capture the results we want to capture. So this, by itself, presents an opportunity, a major opportunity for investors,” President Ali said.
“We are now talking about building a bridge between Guyana and Suriname. Suriname is looking to build a bridge between Suriname and French Guiana. We are looking at building an infrastructure that will support the development within the Region… So, there is the opportunity, and that is why today, as leaders in the Region, we are more outward-looking.”
When it comes to the Region’s financial needs, President Ali observed that Caricom was never able to benefit from all of the agreements it has forged around the world since it lacked the means to infiltrate the larger markets.
This is why, he stated, the Caribbean is showcasing its investment potential to the Middle East. As he put it, the middle east has the capital and the Caricom Region has the enabling environment and infrastructure to get the Middle East into those larger markets.

Guyana’s potential
President Ali also spoke on Guyana’s current position, its ongoing development, and the country’s future. In addition to the infrastructural and logistics expansion and development, the President spoke of Guyana’s 18.3 million hectares of standing forests covering over 87 per cent of the country’s land.
The President also highlighted Guyana’s 92.5 gigatonnes of carbon currently being conserved through the standing forests. This represents a whopping US$195 billion in the global carbon market.
He also spoke of the country’s non-oil natural resources and about Guyana’s potential in agriculture, especially as it relates to Caricom’s reduction of its food import bill by 25 per cent by 2025 through local agricultural expansion in Member States.
President Ali also made sure to point out that Guyana, like other Caricom nations, is moving forward through the use of renewable energy and through solid, long-term, investments.
CIF2022 is a high-level event that offers a range of investment opportunities in agtech, hotel and resort development, fintech, logistics and transportation.
From today, President Ali will be participating in the Global Business Forum LATAM, which will be attended by several regional leaders, including Brazilian President Jair Bolsonaro and President of Colombia Ivan Marquez.
The Global Business Forum LATAM is being held under the Patronage of Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum.
The forum is expected to explore how the Gulf Cooperation Council (GCC) and Latin America and the Caribbean (LAC) can bolster each other’s economies post-pandemic.
President Ali is accompanied by Minister within the Public Works Ministry, Deodat Indar; Guyana Office for Investment (GO-Invest) Chief Executive Officer (CEO), Dr Peter Ramsaroop and Office of the President Director of Projects Marcia Nadir-Sharma.