Partnership agreement facilitates Caribbean’s access to African market
MoU highlights closer partnership between Africa and the Caribbean
Unleashing new opportunities for growth and collaboration in Africa
By Caribbean Export
The Caribbean Export Development Agency (Caribbean Export) has inked a partnership with the African Export-Import Bank (Afreximbank) through the signing of a Memorandum of Understanding (MoU). This strategic alliance aims to drive collaboration in vital areas such as capacity building, information exchange, trade facilitation, and investment facilitation between Africa and the Caribbean region.
Dr Damie Sinanan, executive director of Caribbean Export, highlighted the significance of this partnership during a joint press conference at the Caribbean Investment Forum; and stressed the Agency’s determination to explore new frontiers for export expansion, specifically focusing on promising markets such as Africa.
The MoU was signed on June 14, 2024, in The Bahamas. It marks a significant achievement following Caribbean Export’s missions to Ghana and Nigeria in 2023. These missions involved a delegation of companies and business support organizations from the Caribbean, uncovering substantial opportunities for enhanced trade and investment between Africa and the Caribbean.
“We found immense opportunities for trade and investment between Africa and the Caribbean,” added Dr Sinanan, the media that Ghanaian firms’ eagerness to collaborate with counterparts in the Caribbean signals the vast potential for mutual growth and prosperity.
“The value of knowledge transfer from African partners in trade, investment, and technological advancements, thereby underlining the agency’s commitment to fostering enduring relationships and partnerships over the next “three to five years,” said Dr Sinanan.
In alignment with this vision, Okechukwu Ihejirika, acting chief operating officer of the Caribbean office of Afreximbank, spoke about the bank’s unwavering commitment to standing as a robust partner for the Caribbean region. “There’s much value inherent in us working together as a team. We make ourselves a formidable force when we work together,” Ihejirika said.
Notably, this strategic alliance sets the stage for a concerted push to strengthen trade relations and foster 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’ capacity to harness the vast opportunities presented by the African market and forge indispensable partnerships critical for driving sustainable trade and investment growth.
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