22 Oct, 2014
The Caribbean Export Development Agency (Caribbean Export) and the Caribbean Association of Investment Promotion Agencies (CAIPA), led a strong contingent of Caribbean representatives to the World Investment Forum 2014 (WIF2014), where a series of invaluable forums for investment promotion and increasing foreign direct investment were held. One such forum was the Talking Business Caribbean Forum held in collaboration with UNCTAD, on October 16 in Geneva, Switzerland.
UNCTAD’s Deputy Secretary-General, Mr. Petko Draganov, opened the session welcoming participants to the event and noting the strong performance of the Caribbean in FDI attraction over the years. Caribbean IPAs were provided the opportunity to highlight the investment opportunities in their respective territories to the captive international audience. Mr. Escipion Oliveira, Deputy Executive Director to Caribbean Export and Mr. Ronald Theodore, President of CAIPA, were also able to speak on the contribution of Caribbean Export and CAIPA to promoting investment in the region.
The Agencies supported the participation of eight Caribbean Investment Promotion Agencies (IPAs) at WIF2014 which was heralded as its biggest yet, with more than 2,500 participants to the various working meetings and forums.
The Caribbean’s participation in the WIF2014 was intended to increase awareness of CAIPA and the Caribbean IPAs, while branding the region as an ideal location for foreign direct investment. The Investment Promotion Agencies participating in the WIF2014 included the Bahamas Investment Authority, Invest Saint Lucia, the Centre for Export and Investment of the Dominican Republic, JAMPRO, the Grenada Industrial Development Corporation, InvesTT, the Center for Facilitation of Investments of Haiti and the Curacao Investment and Export Agency (CINEX).
The Caribbean’s overseas permanent missions to the United Nations, resident in Geneva and Berne also lent strong support to the event. Participation by the Caribbean delegation in WIF2014 was supported by Caribbean Export under the European Union 10th Regional Private Sector Development Programme and the Haiti-Dominican Republic Bi-national Programmes.
In addition to the Talking Business Caribbean session, the IPA’s as a group formed a CAIPA booth at the Investment Village, further increasing the regions overall visibility at the event.
This coupled with InvesTT (the Investment Promotion Agency of Trinidad & Tobago) receiving one of only four prestigious UNCTAD Investment Promotion Award for Excellence in Promoting FDI for Sustainable Development, put the spotlight on the region from the very beginning of the WIF2014. Other Regional IPAs who have previously won the award include Grenada Industrial Development Corporation in 2012 and Jamaica Promotions Corporation (JAMPRO) in 2013.
The World Investment Forum (WIF) is a high-level, biennial, multi-stakeholder meeting that is designed to facilitate dialogue and action on the world’s key emerging investment-related challenges. The event sought to provide a platform where a debate on “investment for development” can take place, in order to promote investment flows that contribute to sustainable and inclusive development.