Bilateral relations between Africa and the Caribbean have seen a notable boost in recent years. The 31st Annual Meeting of Afreximbank, held for the first time in the Caribbean, symbolizes this renewed relationship and highlights the potential for shared economic growth.
Strengthening Afro-Caribbean economic relations
The historic virtual summit between the Caribbean Community (CARICOM) and Africa in 2021 marked a significant milestone in their relationship. Recently, the African Union recognized the Caribbean as Africa’s sixth region, setting the stage for deeper cooperation. This growing partnership leverages their shared history and offers substantial economic opportunities for both regions.
According to the International Monetary Fund (IMF), seven African nations and one CARICOM country are projected to be among the world’s ten most dynamic economies. The Afro-Caribbean partnership is poised to drive economic growth, particularly through the African Continental Free Trade Area (AfCFTA), which is expected to generate 450 billion USD by 2035 and lift 30 million people out of poverty.
31st annual meeting in the Bahamas : Historic first
The 31st Annual Meeting of the African Export-Import Bank (Afreximbank) is being held in the Caribbean for the first time. Nassau, Bahamas, is hosting the event from June 12 to 15, 2024, under the theme « Mastering Our Destiny: Economic Prosperity on the Platform of Global Africa ».
The meeting attracts twenty-five African and Caribbean heads of state, high-ranking officials, and notable figures like Aliko Dangote, Viola Davis, and Wyclef Jean. The conference emphasizes self-determination in a world marked by deglobalization and protectionism, urging Africa and the Caribbean to develop internal solutions to bolster economic resilience. The key message is clear: « Africa and the Caribbean must stop outsourcing their development ».
ACTIF 2024 : Summit for Economic Growth
The AAM 2024 coincides with the 3rd Africa-Caribbean Trade and Investment Forum (ACTIF). Afreximbank’sExecutive Vice President, Denys Denya, underscores the importance of uniting African and Caribbean economies. Pamela Coke-Hamilton projects a commercial potential of 1.8 billion USD annually between the regions by 2028. The Executive Director of the International Trade Centre (ITC) also highlights the need for a free trade zone to enhance economic cooperation.
Agreements to boost Afro-Caribbean trade
In Bahamas, agreements have been signed, including a partnership between Afreximbank and the Caribbean Export Development Agency. This collaboration aims to boost bilateral trade and investment, focusing on the private sector and SMEs. This effort builds on previous initiatives such as the trade missions to Accra and Lagos in 2023. The Caribbean Investment Forum supports these strategies by facilitating joint projects.
Afreximbank : Central player in the partnership
Afreximbank plays a crucial role in the Africa-Caribbean partnership, notably coordinating vaccine purchases during the COVID-19 pandemic. Under Professor Benedict Oramah’s leadership, the bank mobilized 2 billion USD through the African Medical Supplies Platform to ensure vaccine availability.
Additionally, the bank’s board has allocated 1.5 billion USD to finance projects in CARICOM member states, focusing on strategic sectors such as tourism, healthcare, renewable energy, and agriculture. Saint Lucia and Barbados have already received funding to enhance their educational and sports infrastructure.
Future of Afro-Caribbean trade
Despite current trade between Africa and the Caribbean being limited, with less than 1 % of each region’s exports focused on products like oil, significant growth potential exists. The low trade volume conceals vast opportunities for expansion.
In the services sector, including film, music, fashion, and sports, Afreximbank is actively supporting the creative economy through innovative programs. The Creative Africa Nexus (CANEX) platform aims to harness this potential and accelerate growth in creative industries across Africa and the diaspora. The event concluded with a celebration of Afro-Caribbean unity through the arts.
