The Caribbean, collectively, can offer businesses market access to over one billion people.
Against this backdrop, Caricom chair and president of Guyana Dr Irfaan Ali called for greater economic integration and south-south co-operation between Africa and Caribbean.
He was speaking to a room full of current and former Caribbean and African heads of state, government officials, private sector representatives and SMEs, at the opening ceremony of the African Export-Import Bank (Afreximbank) annual meeting and AfriCaribbean Trade and Investment Forum, in Nassau, Bahamas, last week.
Afreximbank is a multilateral financial institution tasked with expanding and diversifying African trade and increasing its share of global trade.
Through its initiative – Global Africa – the bank seeks to unite the African and Caribbean diaspora, allowing both regions to strengthen their familial and trade relations.
Speaking on regional economic integration, Ali said, "If we don't tell the story, then who will tell the story for us?
"Three years ago, we would not have seen a single sophisticated investor from Africa in this region. Fast forward to today, we have seen, since Afreximbank came on board, more than 50 African delegations looking at business opportunities in this region. That alone tells you a story."
Ali said the Caribbean region has much to offer in a variety of sectors, such as agriculture, oil and gas and tourism.
He added that the region also boasts one of the smallest carbon footprints, making it a highly sustainable investment arena.
The region has the advantage of high sunshine radiation with an average of 2,750 hours of sunshine per year.
Ali said this offers an interesting opportunity in solar energy.
Similarly, he spoke about the region's access to the US market for aquaculture.
"This is a market of US$4 billion and there are countries in this region that are in the top two per cent in terms of natural competitiveness. This is a market that can be captured.
"You (Afreximbank) have the technology and capital, we have the competitive natural environment. Let us make use of this," Ali said.
Joint financial task force
On the discussion of economic resilience and integration, host country head, Bahamian prime minister Philip Davis, called for the establishment of a joint financial task force.
"This collaborative body will harness the expertise of banking and finance leaders, policymakers and stakeholders from both regions.
"Tasked with identifying and dismantling barriers to banking integration, this task force symbolises our collective will to forge a unified path forward," Davis said.
By aligning anti-money laundering standards, counter-financing of terrorism policies and digital currency regulations, Davis said this creates a seamless environment conducive to cross-regional banking operations.
"Promoting financial inclusion and digital banking leverages the power of technology to erase boundaries and open doors," he added.
Operating with a common digital currency and developing a
