News

Market Dynamics Caribbean Issue 7 Highlights

-Double digit growth in tourism continues in Anguilla in February -Bahamas hotel industry generates $700MM in tax revenues for the State -The latest round of 200 public sector layoffs to hit Barbados -SATIIM court victory over US Capital Energy could frustrate efforts to shore up Belize’s trade gap -S&P affirms AA-/A-1+ sovereign ratings for Bermuda -Cayman Islands aims for 1.65 million cruise passengers this year -Cuba’s Parliament approves Foreign Investment Law -The proportion of companies in Curacao investing grew to 43% in December -S&P affirms Curacao’s A-/A-2 rating -DR aims for 4.5% GDP growth in 2014, after reaching 5.0% in Jan-Feb -Grenada destines 51% of recurring spending to Personnel and 20% to Interest Payments -French Caribbean sees replacement of Overseas Minister -Guyana’s largest-ever budget reaches $220B -Haiti’s Cabinet is re-shuffled with 10 new appointments -Jamaica prepares for April 17 budget debate, with J $539B budget estimate -Montserrat’s EC $108MM budget for recurring expense covered by only EC $44MM in revenues -PR’s Purchasing Managers Index returns to positive territory in February -Sint Maarten’s independent Senator Laville met with Venezuelan Ambassador to Dominica to explore entering Petrocaribe -Suriname’s President puts the brakes on sovereign wealth fund legislation -IDB suggests alternative to La Brea port project in T&T   Courtesy Global News Matters

Highlights of Market Dynamics Caribbean Issue 6

- Anguilla’s 2014 Budget has been presented with EC $183MM in recurrent expense and EC $35.8MM in capital expense. -Aruba’s economy expanded +3.9% in 2013, and is expected to grow +2.7% in 2014. -As Bahamas moves closer to Baha Mar’s opening, gov’t moves to close the airlift gap of 400,000 seats. -Barbados initial budget estimates for FY’14/15 signal a +9% increase in debt servicing. -In Belize, another injunction filed by SATIIM could delay drilling by US Capital Energy. -Bermuda’s Municipalities Amendment Act overturns the $1.7B waterfront development contract. -BVI reports a (25)% drop in business incorporations for Q4’13. -Cayman Islands reports lowest inflation in 5 years at 2.2%. -Cuba’s new Foreign Investment Law will be tabled this week. -DR continues to close gap on electricity needs, in spite of underfunded loss reduction plan. -CFATF warns political stalemate in Guyana over passage of AML/CFT legislation is detrimental to the region. -Haiti reaches agreement for elections to be held in October. -Bank of Jamaica releases Report on Bank Fees & Charges, uncovering market tendencies. -Puerto Rico’s GO Bond launch was highly over-subscribed with heavy secondary market trading. -Enforcement of AML/CFT legislation in Trinidad & Tobago will be key to a favorable 2015 evaluation. -TCI banking sector reports provision for bad debt up to US $5MM in Q4 vs US $1.6MM in Q3. -Changes to the UK Air Passenger Duty are expected to bring favorability to the wider region. Courtesy Global News Matters

First Annual GO Caribbean International Business and Investment Expo

For Immediate Release Contact: Raymond P. Lewis RP Lewis & Associates Sponsorship & Media Director 646.377.8329 This email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it.   FIRST ANNUAL GO CARIBBEAN INTERNATIONAL BUSINESS AND INVESTMENT EXPO The Expo promotes innovation and entrepreneurship in the Caribbean Diaspora and region, and facilitates global relationships to accelerate business growth and investment. (February, 2014) - Brooklyn, NY— Saturday, June 7, 2014, Anchor Strategy Group “Anchor”, with support from the Caribbean Tourism Organization (“CTO”), will host the first annual Go Caribbean! International business and investment Expo at the Marriott Hotel in Downtown Brooklyn. The Expo will offer strategic opportunities for entrepreneurs and businesses based in the Caribbean Basin and/or North America to engage with investors, government agencies, financial institutions and Non-Governmental Organizations (NGOs) from both regions. Go Caribbean! will promote innovation and entrepreneurship in the Diaspora and Caribbean region, and facilitate global relationships that can accelerate business growth and investments. Go Caribbean! has signed on a number of key expo partners: Institute of Caribbean Studies (ICS), Caribbean Association of Industry & Commerce (CAIC), Dr. Honorable Una Clarke and Congresswoman Yvette Clarke. The Expo will support businesses in several key, high-growth-potential industries: Food & Beverage, Information Communication Technology, Sport & Creative Services, Tourism, Healthcare, Energy, Agribusiness and Construction & Infrastructure, and will give its sponsors and partners an opportunity to:
  • Showcase their products and services
  • Network with regional and international leaders in business and politics
  • Attend industry-specific forums and workshops
  • Gain knowledge and access to new market oppotunities
Go Caribbean! Is the brainchild of Anchor Strategy Group “Anchor” Managing Director, Kevin Howell. Established in April 2009, Anchor is a New York-based consulting firm limited liability corporation. The company provides integrated management solutions for the private sector and government agencies in the Caribbean Diaspora and Caribbean Basin. It positions its clients to seize opportunities and achieve their strategic and implementation goals. The June Go Caribbean! Expo will showcase businesses from the Caribbean Basin and the Caribbean Diaspora, with a focus on business in the Northeast region of the U.S. More than 3,000 attendees will gain access to new market opportunities at the Expo. The event will also feature multiple investment workshops and industry-specific seminars for business owners looking to increase their knowledge and market share. Many new and innovative products and services will be on display. If you would like to participate, for more information about sponsorship/exhibitor opportunities, please see the respective contact info for Go Caribbean! Thank you…

Request for Supplier

A buyer in Nova Scotia, Canada is looking for a supplier of coconuts from the Caribbean. For more information on the buyers requirements and to indicate your interest please contact This email address is being protected from spambots. You need JavaScript enabled to view it.

Market Dynamics Caribbean highlights

Antigua & Barbuda has been removed from the Financial Action Task Force (FATF) ‘grey list’ for AML/CFT
Barbados Tourism Minister reports favorable trend in arrivals and hotel occupancy
Belize continues to rely on Petrocaribe to boost net foreign assets
Cayman’s Captive Insurers earned US $12.6B in 2013
Dominica’s struggles with Black Sigatoka continue to weigh on economic performance
Dominican Republic government contemplates re-entry into electricity generation business
Guadeloupe, Martinique and Sint Maarten have joined the Association of Caribbean States as Associate Members
Guyana misses another deadline on AML/CFT legislation
Haiti-Panama Free Trade Agreement is priority for Panamanian President Martinelli
Jamaica’s inflation for FY’13/14 is expected at 8.5%-10.5%
Montserrat reports +14.5% jump in stay-over tourists Jan-Nov
Puerto Rico’s financial sector is undaunted by Moody’s downgrade
Nevis’ economy shows signs of improvement
- Moody’s lowers Suriname’s outlook to stable
T&T’s PM travels to China to explore new partnerships in trade, energy
TCI received over 1 million total visitors in 2013

News around the region

Anguilla visitor arrivals post double-digit growth in 7 of 11 months to November
Antigua &Barbuda Barbuda Council seeks land ownership rights for Barbudans
Belize National Assembly passes new AML/CFT legislation
BVI ranks 4th in the world in FDI Inflows by UNCTAD with US $92B in 2013
Cayman Islands real estate sales up +30% YoY in 2013
Cuba has inaugurated first stage of Mariel Port
Dominican Republic exports $9.6B in 2013; Double-digit growth in credit cards market
Guyana anticipates +15% growth in tourist arrivals in 2014
Haiti diaspora contribution to economic activity estimated at 20%
Puerto Rico export growth sustains CAGR of 5.7% between 2000 and 2013; Moody’s and S&P downgrade debt
St. Kitts & Nevis reports inbound seat-count up +77% since 2005; IMF sees the country largely on track to meet targets
Saint-Martin’s waterfront development will move forward
Suriname Tout Luis Faut refinery expansion will not necessarily reduce costs of oil products
T&T gas production recovered in Q4 after maintenance concluded; Oil production posted mild drop for TY’13
USVI non-oil exports post strong growth: Transport Equip +79%, Electronics +79%, Machinery +39%
- Regional travel to improve from Winair/Air Antilles alliance
Regional news brought to you by Global News Matters

CAIC attends dialogue on the Trinidad and Tobago Private Sector Assessment Report

On February 19th, CAIC attended a joint dialogue hosted by the Ministry of Planning and Sustainable Development in Trinidad and Tobago with stakeholders regarding the Trinidad and Tobago Private Sector Assessment Report. The Report is an overall assessment of private sector development and recommendations for facilitating and accelerating private investment and growth. It was compiled by Dr. Carlos Elias, an economist and funded by the Ministry of Planning and Sustainable Development in collaboration with the Inter-American Development Bank and Compete Caribbean. The dialogue centered on six priority areas identified by Dr. Elias that included project proposals in the TT-PSAR. The Energy Chamber, TT Chamber of Commerce, Ministry of  Labour, Small and Micro Enterprise Development, Trinidad and Tobago Youth Council, Trinidad and Tobago Youth Achievement and other stakeholders contributed to the discussions.

CAIC President to visit Trinidad and Tobago

"Ramesh Dookhoo, President of the CAIC, in making his rounds throughout the Caribbean, arrives in Trinidad and Tobago on February 20th 2014 for a three-day visit.
Mr. Dookhoo is visiting for a CAIC Executive Meeting and will also meet with some of the key players in the Trinidad and Tobago Private Sector, namely the Energy Chamber, Trinidad and Tobago Manufacturers' Association, Trinidad and Tobago Chamber of Commerce, American Chamber of Commerce of Trinidad and Tobago, and the Trinidad and Tobago Coalition of Services Industries.

Mr. Dookhoo's visit is part of the CAIC rejuvenation programme to make the Caribbean governments and the private sector aware of the resurgence of the Caribbean Association of Industry and Commerce."

Canada appoints new Ambassador to CARICOM

(CARICOM Secretariat, Turkeyen, Greater Georgetown, Guyana)    Secretary General of the Caribbean Community Ambassador Irwin LaRocque on Wednesday commended Canada for its role as an exemplary global leader in development assistance. Ambassador LaRocque was speaking during an accreditation ceremony where the newly appointed Ambassador to CARICOM from Canada Her Excellency Nicole Giles presented her credentials at the CARICOM Secretariat in Georgetown Guyana. Ambassador LaRocque said Canada’s excellent example was evidenced in its ranking of 8th out of 67 donor countries and donor organizations on the 2013 Aid Transparency Index. “This is an indication of the support provided not only bilaterally but also through multilateral organizations that offer development assistance to developing countries such as CARICOM Member States” Hi Excellency LaRocque said. The Secretary General further iterated that it was important for CARICOM to continue to foster and maintain meaningful relationships with like-minded states such as Canada and every opportunity should be taken to nurture those relationships. He said one important aspect of that relationship was the negotiations of the CARICOM/Canada Trade and Development Agreement.  “We seek a mutually beneficial arrangement which takes full account of the differences in size and development between CARICOM and Canada and which would support CARICOM’s efforts to adjust to further liberalization” said Ambassador LaRocque. Secretary General LaRocque also used the opportunity to highlight Canada’s involvement in providing support to the CARICOM Single Market and Economy (CSME) through the Canada International Development Agency. He said CARICOM was also appreciative of other CIDA funded activities which support the Community through private sector development, strengthening regional economic infrastructure as well as reinforce good governance, security and justice sector reform. In her remarks, the newly appointed Canadian Ambassador said it was her wish to further solidify the CARICOM/Canada relationship by building upon the strength of mutually shared traditions and values, multilateral cooperation, robust trade and investment links, development cooperation and close people-to-people ties. She said Canada’s economic partnerships with CARICOM Member States were robust and led by significant Canadian investment in the extractive, financial and energy sectors. “I look forward to augmenting the investment climate by facilitating increased flows of Canadian investment into the region, and similarly, from the Caribbean to Canada.” Regarding the Canada-CARICOM Trade Agreement negotiations Ambassador Giles said Canada was pursuing a high quality, ambitious free trade model.  She said it was essential for Canada that, as a part of the agreement labor and environment provisions would be negotiated. Speaking to a number of the challenges being faced by CARICOM countries such as organised crime, drug trafficking and the proliferation of arms, the Ambassador said Canada remained committed to assisting and cooperating with the Caribbean on addressing these problems. She said this would be done by providing support on capacity building in the areas of countering illicit trafficking, crime prevention, and security and justice sector reforms. Source: http://www.caricom.org/jsp/pressreleases/press_releases_2014/pres34_14.js p

Ramesh Dookhoo elected new CAIC President

Ramesh Dookhoo elected new CAIC President

Written By Priya Ali Source: http://guyanachronicle.com/ramesh-dookhoo-elected-new-caic-president/
FORMER Chairman of the Private Sector Commission (PSC), Mr. Ramesh Dookhoo, was recently elected President of the Caribbean Association of Industry and Commerce (CAIC).During the General Assembly of the CAIC on November 1, 2013, held in Barbados, a new board was elected, headed by Dookhoo from Guyana. The other members of the board are Secretary Dave Kowlessar of Dykon Consulting Trinidad and Vancouver, Canada; Treasurer Bobbi McKay of Barbados Manufacturing Association; and Vice Presidents Nigel John, Past President CAIC and Anil Padarath of Suriname Chamber of Commerce and Industry. The CAIC represents the interests of the Caribbean private sector in various international and regional organisations, such as in CARICOM. It is the umbrella regional organisation of the private sector. The new board is elected for 2 years. Dookhoo, who is Chairman of the Trade and Investment Committee of the PSC, in an exclusive interview yesterday with the Guyana Chronicle, said the CAIC is “a very old association”, and is one of the only broad-based regional private sector associations. Outlining some of the work to be done, he said, “There is a dire need at this point in time to have a private sector presence at COTED (Council for Trade and Economic Development) meetings and at the level of CARICOM, and for a private sector entity to be recognised by CARICOM”. “We recognise that we need to do something immediately to revive the CAIC; and as a result, we have had an ongoing campaign over the years, led by Dykon Consulting Company in Trinidad, to renew and increase the membership of the CAIC,” he disclosed. The new President of CAIC said their membership consists of about ten Caribbean and CARIFORUM countries, and that Guyana has been a member of the association for a long time, through the Guyana Manufacturers and Services Association and the PSC. Representations at the CAIC have been done through those bodies over the years, he said, underscoring, “At this point in time, I represent the PSC on the CAIC board; so, therefore, the PSC of Guyana holds the Presidency of the CAIC. The next meeting of the CAIC will be held from January 27 to 28, 2014 in neighbouring Suriname, he said, “to springboard this resuscitation effort of the Caribbean private sector”. He said they have learnt of the establishment of an Economic Commission of the Caribbean, expressing, “It is our hope that we can also be considered for representation on that economic commission”. Additionally, Dookhoo said they are looking at boosting the finances of the CAIC as they move ahead. The association’s vision is the creation of a Caribbean Private Sector that is internationally competitive and cohesive in its approach to dealing with opportunities and challenges. CAIC started in 1955 as a private sector mission of the West Indian Incorporated Chambers of Commerce; and in 1970, it was named the Caribbean Association of Industry and Commerce. Today, CAIC is an umbrella organisation for private sector representative bodies. It is a supporting voice at the regional level for national representative bodies and seeks to impact upon the development, growth and competitive positioning of the Caribbean business environment through partnership activities.

Page 41 of 42