This event is intended to help strengthen relations between the private sectors of the two regions and to promote trade between the Caribbean and Africa.
Saunders said he is attending as an observer and not a participant, along with his Deputy Permanent Secretary Nasiya Misick-Dickenson, but he believes that if the Caribbean can kick start trade with Africa, then it will be a boom for all other islands in the Caribbean including the Turks and Caicos Islands.
“The belief in particular is that Africa could increase its trade and I think I saw some numbers by about 50% and the Caribbean can increase its trade by about 30% if they do links between the continent of Africa and the islands of the Caribbean,” Saunders said.
He added: “The eastern Caribbean is actually very close to the west coast of Africa and closer than expected. As an example, Barbados is a five and a half hour flight from Senegal (in West Africa) so that provides a great link for the Caribbean to be able to go to Africa and that’s actually a shorter trip than flying up to New York, over to Europe then down to Africa or even going to the UK and down to Africa. Imagine if you are able to have a direct flight from Turks and Caicos to Barbados and then having a direct flight from Barbados to the west coast of Africa in six hours, then certainly within ten hours you can leave the Turks and Caicos and get to the west coast of Africa.”
Saunders said that this can be a came changer between the Caribbean and Africa.
“The thinking is correct that it strengthens the trade between Africa and the Caribbean. It could be a game changer for us and it is going to take a lot of effort which we know is not easy, but the island seems to be committed to it. Prime Minister (of Barbados) Mia Mottley spoke very well about the opportunities. They also have the African Export-Import Bank who was speaking amongst a number of other African companies that are here exhibiting at the forum,” he said.
The African Export-Import Bank (Afreximbank), Export Barbados (BIDC) and Invest Barbados were all present. The theme for this year’s event is – ‘One People. One Destiny. Uniting and Reimagining Our Future’.
The Forum focused on business-to-business engagements and panel discussions on several topics, including: accelerating industrialization and manufacturing; developing special economic zones (SEZs) and industrial parks; improving infrastructure, financing and trade logistics, including regional integration; creating the conditions to accelerate private sector investment; promoting trade and tourism; and improving agricultural productivity and expanding agribusiness opportunities and food security.
The Forum welcomed 750 delegates from Africa and the Caribbean, including government and private sector officials from both regions, as well as investors, development partners, and trade support institutions.
The specific objectives of ACTIF2022 include: promoting inter-bank relationships including fostering payment and financial flow; developing creative and cultural engagements that can be commercially viable; creating a business case for a potential AfriCaribbean Free Trade Area; promoting trade and investment between Africa and the Caribbean by serving as a platform for market identification, building business partnerships, exchange of trade and market information, co-investments, etc.; facilitating AfriCaribbean investments by fostering cross-regional business and investment linkages; serving as a platform for disseminating trade and investment information and other products and initiatives of the Bank that support trade between Africa and Africans in the diaspora; and reducing counterpart risk perception among African and Caribbean businesses in dealing with themselves.
