We need to bring focused intent on making our partnerships inclusiveand for our people to connect or re-connect for partnerships to thrive. CARICOM remains committed to work side by side with the African Union to ensure that the partnerships are broad based and include specifically young people and women.
- Her Excellency Dame Cécile La Grenade, Governor-General of Grenada
- Honourable Dickon Mitchell, Prime Minister of Grenada;
- Other Excellencies Heads of State and Government and former;
- Hon. Joseph Andall, Minister of Foreign Affairs, Trade and Export Development, and Other Representatives of the Government of Grenada;
- Other Honourable Ministers;
- Your Excellency Amb. Selma Malika Haddadi, Deputy Chairperson, African Union (AU);
- Professor Benedict O. Oramah, CGON, President and Chairman of the Board of Directors, African Export-Import Bank (Afreximbank);
- Other Representatives of Afreximbank;
- Your Excellency Wamkele Mene, Secretary-General, African Continental Free Trade Area (AfCFTA) Secretariat;
- Other Distinguished Delegates;
- Members of the Media.
- Ladies and Gentlemen.
It is my distinct pleasure to address you at this Opening Ceremony of the AfriCaribbean Trade and Investment Forum (ACTIF). This fourth edition of the Forum is a further demonstration of the collective commitment towards forging deeper trade, investment and economic cooperation as envisioned by our Leaders at the First CARICOM-Africa Summit in 2021.
We meet amidst heightened global geopolitical and economic tensions, supply chain disruptions, and the questioning by some of the value of the multilateral system. The theme of this year’s Forum, “Resilience and Transformation: Enhancing Africa-Caribbean Economic Cooperation in an Era of Global Uncertainty”,therefore guides us to recognise the effect of these challenges on our work to deepen the relationship between our Regions.
Last month, I had the honour to participate in the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja, Nigeria. The theme of that meeting was “Progressive Unity in a Fractured World: Building a Global African Coalition for Development”. At that Meeting, the CARICOM Development Fund (CDF) and Afreximbank signed a Mandate Letter to commence work to design and launch a Green, Resilient and Sustainable Facility (GRSF). I emphasised the need for this type of global partnership to develop mechanisms that foster inclusive growth, sustainable development, and economic and climate resilience. Here, today, I re-emphasise this approach of building partnerships here.
The AfriCaribbean Trade and Investment Forum 2025 (ACTIF2025) is also taking place as we prepare for the second CARICOM-Africa Summit, scheduled for 7 September 2025 in Addis Ababa, Ethiopia. The Summit will be an opportunity to deepen our partnership through high-level political engagement on advancing inter-regional trade and investment, strengthening South-South Cooperation, and operationalising the Memorandum of Understanding signed last year between the CARICOM Secretariat and the African Union Commission on “Upscaling Engagement and Linkages with People of African Descent”.
We need to bring focused intent on making our partnerships inclusive and for our people to connect or re-connect for partnerships to thrive. CARICOM remains committed to work side by side with the African Union to ensure that the partnerships are broad based and include specifically young people and women.
Our collaboration extends to advocating for reparatory justice for the transatlantic slave trade and chattel slavery. During the Second International Decade for People of African Descent, our joint efforts are vital to ensuring global recognition and action on this historical imperative. In this context, the designation of the African Diaspora, of which the Caribbean is a part, as the Sixth Region of the African Union provides an appropriate context to act in concert towards our collective advancement.
This Forum has been nurturing investments and bilateral cooperation in many priority areas for both Regions, such as the development of transportation links critical for trade, tourism and cultural exchanges. Another priority area is technology transfer, a key example being the development of a Caribbean Payment and Settlement System based on the successful Pan-African Payment and Settlement System This mechanism will make it easier for large and small enterprises in both markets to conduct business efficiently. There are many other opportunities still to be addressed, some of which are being explored.
The Forum is becoming a foundation on which we can and will strengthen trade and investment cooperation, and engagements in priority areas for both the Caribbean region and the African continent, moving from policy discussions to action. We know we have common legacy challenges that persist in the current global distribution systems and logistics. Our external trade far exceeds our intra-regional trade. Our similar efforts at regional integration, the development of the CARICOM Single Market and Economy (CSME) and the African Continental Free Trade Area (AfCFTA), seek to address this.
We must also decisively open the door to greater trade between our Regions. CARICOM trade with the Continent must grow beyond the current levels of less than three per cent (3%) of our overall trade, particularly with the uncertainty that currently looms over trade with traditional partners.
CARICOM is committed to deepening its collaboration with the Afreximbank in key areas of common interest. To ensure consistent and collaborative outcomes, steps are being taken to conclude a Memorandum of Understanding between CARICOM and Afreximbank, so that together we can drive the partnership in particular areas such as trade, logistics and connectivity to increase economic, financial and trade linkages, while bringing our two Regions together in mutually reinforcing ways.
Trade and development financing has a critical role to play in the pursuit of trade and investment opportunities, and the realisation of our common development goals. CARICOM therefore welcomes and values the demonstrated commitment of the Afreximbank to partner in this critical endeavour. I was delighted to participate in the groundbreaking ceremony for the Afreximbank African Trade Centre (AATC) in Bridgetown, Barbados, in March this year, a demonstration of the Bank’s long-term commitment to the Region.
I must take a moment to express the Community’s thanks to Outgoing President and Chairman of the Afreximbank, our good friend Professor Benedict Oramah. Professor Oramah has been a driving force behind our partnership and we are particularly grateful for the support of the Afreximbank towards a possible Caribbean Exim Bank. We welcome his successor, Dr. George Elombi, and look forward to working with him to carry forward the momentum we have developed together.
The 2024 edition of ACTIF, held under the auspices of the Prime Minister of The Bahamas, Honourable Philip Davis, was a resounding success. I am confident that this edition, hosted by Prime Minister Dickon Mitchell, will build on those achievements and catalyse strategic partnerships between the business communities in Africa and the CARICOM Region.
We have a lot of work to do together.
Thank you, ladies and gentlemen.
*Photo courtesy: Office of the Prime Minister, Grenada
