Business Barbados - 2023 Edition

marketing fields. Discussions were also held with other leading public and private sector stakeholders. The past two years have also been marked by progress between the development of ideas and actioning of those plans. During this period, Invest Barbados signed a Memorandum of Understanding with the Rwanda Development Board, as well as with the Ghana Investment Promotion Centre in efforts to strengthen economic ties, exchange best practices and foster investment. One of the catalysts that propelled movement in Barbados’ relations with Africa was the hugely successful AfriCaribbean Trade and Investment Forum (ACTIF2022), staged at the Lloyd Erskine Sandiford Centre from September 1-3. Attended by hundreds of representatives from African, Caribbean, Barbadian and diasporic businesses, as well as government, development, and cultural industries representatives, ACTIF2022 was a collaboration between the African Export-Import Bank (Afreximbank), Invest Barbados and Export Barbados. The historic forum attracted delegates from 45 African countries and participants from the Caribbean, Europe, Asia, as well as North, Central and South America states. It focused on, among other things, business to business engagement, accelerating industrialisation and manufacturing, the development of economic zones, regional integration and creating the conditions for greater private sector investment. Since then, interest in strengthening ties has increased, in Barbados and across several Caribbean Community states. As Prime Minister Mottley noted during her address to ACTIF2022, “We, children of independence, have determined that we shall not allow another generation to pass without bringing together that which should have never been torn asunder… It is not anticipated that we can reverse centuries in a few years, but it is anticipated that there are some who must claim the courage to jump off the ship and make it happen.” In November during an Invest Barbados-led business mission to Rwanda and Kenya, the Foreign Ministers of Kenya and Barbados signed a Bilateral Air Services Agreement and a Sports Cooperation Agreement. Another significant development that arose from the accelerated Barbados- African relations was the agreement between Rwanda, Barbados and Guyana, which initiated a transatlantic pharmaceutical opportunity to create and manufacture pharmaceuticals for global public health. This pharmaceutical initiative is expected to generate approximately 4,000 jobs for Barbadians. The Prime Minister disclosed that this first-of-its-kind pharmaceutical initiative could be a “game-changer”, as emphasis will be placed on creating vaccines, cancer treatment medication and drugs for women’s reproductive health. This initiative also followed the official visit by Prime Minister Mottley to Rwanda in November, which was part of the first official exploratory business mission from Barbados to that country, coordinated by Invest Barbados. In furtherance of the agreement, officials of the Rwandan Food and Drug Administration were in Barbados for several weeks, while preliminary work with officials from the Barbados Drug Service and Ministry of Health and Wellness was undertaken. It is important to note that it was a multi-billion dollar arrangement by Afreximbank that allowed several African nations, Barbados and members of CARICOM to access significant COVID-19 vaccines during a period when developed nations were stockpiling the drugs for their own citizens. Since the staging of ACTIF2022, Afreximbank announced it has approved some $1.5 billion USD in funding for Caribbean countries. This consolidates the Bank’s efforts to join Prime Minister Mottley in the promotion and development of South-South trade and specifically trade between Africa and the Caribbean, in line with the Diaspora Strategy. Financing focus will be given to identified economic sectors including tourism, healthcare, renewable energy, shipping, mining, agriculture and agribusiness, air links and aquaculture – as well as finance for SMEs. The dynamics of economic, historical and cultural linkages make it incumbent that relations between Africa and the Caribbean be expanded for mutual benefits. Africa remains the most resource-rich geographic space on earth and building new partnerships is in everyone’s interest. Barbados, as it has done throughout history, has taken bold and innovative steps, akin to a nation that is far larger and endowed with much greater financial wealth. Several African leaders have taken notice and over the past four years have made the trip to the Caribbean to experience firsthand what this 166 square mile nation has to offer. These included Rwanda President Paul Kagame, the President of Kenya, Uhuru Kenyatta, Fante King Obrempon Antwi Buabeng XI from Ghana, as well as Ghanaian President Nana Akufo-Addo, who visited Barbados in June 2019, among others. With Barbados leading the way, South-South relations are also expected to strengthen and grow to the benefit of economies on both sides of the Atlantic. For more information about Invest Barbados, visit www.investbarbados.org or email info@investbarbados.org Alex McDonald, Barbados High Commissioner to the Republic of Kenya, during the Rwanda – Barbados Dialogue BUSINESS BARBADOS 2023 70 U N L O C K I N G A F R I C A