The Caribbean Association of Investment Promotion Agencies (CAIPA) has been awarded US$1 million by the Inter-American Development Bank (IDB). This injection of funds is part of a Regional Public Goods (RPG) Programme to execute a number of projects over the next two years geared towards increasing Foreign Direct Investment (FDI) into the Caribbean.
The Caribbean Export Development Agency (Caribbean Export), which is also the Secretariat for CAIPA, United Nations Economic Commission for Latin America and the Caribbean (UN ECLAC) and the IDB, recently convened a meeting together with several representatives from investment promotion agencies in the Caribbean. The meeting, which took place in Trinidad and Tobago, was held to discuss and agree on a methodology for the development of a Caribbean database on FDI projects.
Mr. Ronald Theodore, President of CAIPA, indicated that he expects that “The publication of data on FDI projects into the Caribbean will increase the attractiveness of the region to potential investors.” In this regard, the database is being positioned as a tool for investment promotion.
Ms. Pamela Coke Hamilton, Executive Director of Caribbean Export, noted that “Caribbean Export is pleased to be associated with an initiative that seeks to provide answers to the need for detailed data on FDI into the region. We are also very pleased that this is a collaborative effort at the regional level with CAIPA, the IDB, ECLAC, CARICOM Secretariat and at the national level with the IPAs and hopefully in the future with the national statistics offices and the central banks. With this data, it is easier to promote the Caribbean for investment and develop strategies to improve the attractiveness of the region to investors.”