The Caribbean’s access to African markets is set to expand significantly, thanks to a new partnership between the Caribbean Export Development Agency (Caribbean Export) and the African Export-Import Bank (Afreximbank). This collaboration, formalized through a Memorandum of Understanding (MoU), aims to strengthen ties in crucial areas such as capacity building, information exchange, trade facilitation, and investment promotion between the two regions.
Dr. Damie Sinanan, executive director of Caribbean Export, underscored the partnership’s significance during a joint press conference at the Caribbean Investment Forum. He stressed the agency’s dedication to exploring new export markets, particularly focusing on the promising opportunities within Africa.
View Commercial Properties for Sale in Barbados
The MoU, signed on June 14, 2024, in The Bahamas, marks a pivotal moment following Caribbean Export’s missions to Ghana and Nigeria in 2023. These missions involved delegations of companies and business support organizations from the Caribbean, which discovered substantial potential for enhanced trade and investment with Africa.
“We found immense opportunities for trade and investment between Africa and the Caribbean,” Dr. Sinanan stated, highlighting Ghanaian firms’ eagerness to collaborate with their Caribbean counterparts as a signal of the vast potential for mutual growth and prosperity.
Dr. Sinanan also emphasized the value of knowledge transfer from African partners in trade, investment, and technological advancements, reaffirming the agency’s commitment to fostering enduring relationships over the next three to five years.
View Commercial Properties for Sale in Barbados
In alignment with this vision, Okechukwu Ihejirika, acting chief operating officer of the Caribbean office of Afreximbank, reiterated the bank’s strong commitment to supporting the Caribbean region. “There’s much value inherent in us working together as a team. We become a formidable force when we work together,” Ihejirika said.
This strategic alliance sets the stage for a concerted effort to strengthen trade relations and build a more resilient bond between Africa and the Caribbean. The collaboration between Caribbean Export and Afreximbank represents a significant step forward in enhancing Caribbean firms’ ability to leverage the vast opportunities presented by the African market and establish essential partnerships for driving sustainable trade and investment growth.
View all of our Properties for Sale in Barbados
