Caribbean Export and India Exim Bank launch study on trade between CARIFORUM and India

Caribbean Export and India Exim Bank launch  study on trade between CARIFORUM and India

Caribbean Export’s Deputy Executive Director, Leo Naut (right) presents the publication to High Commission of India in Trinidad and Tobago’s Chargé d’Affaires Raju Sharma.

PORT OF SPAIN, Trinidad--Regional investment and trade promotion agency Caribbean Export Development Agency (Caribbean Export) has launched a brand-new publication in collaboration with Export-Import Bank of India (Exim Bank India). The publication, entitled Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation – where CARIFORUM refers to the Caribbean Forum of African, Caribbean and Pacific States – explores trade opportunities between Caribbean countries and India, and was introduced to more than 400 attendees present at the Caribbean Investment Forum in Trinidad and Tobago, held November 8 to 11, according to a press release from Caribbean Export.

  Caribbean Export is committed to facilitating growth of the regional private sector through economic development and integration programming, the release states, adding that the agency partnered with Exim Bank India to produce this study to unlock the investment and export opportunities for entrepreneurs on both sides.

  The study expands on the key features of India-CARIFORUM economic relations and explores the mutual benefits to be derived from trade, according to the release. “Notably, it states that ‘India has potential to expand exports in product categories such as mineral fuels and oils, electronics, transport vehicles, cereals, optical instruments, meat and edible meat offal, and animal or vegetable fats and oils etc.’,” the release states.

  Speaking at the Caribbean Investment Forum via video link, N. Ramesh, Deputy Managing Director of India Exim Bank, opened Day 2 of the Caribbean Investment Forum with a speech centred on the publication’s areas of significance. Ramesh drew the audience’s attention to the fact that “for the Export-Import Bank of India, the Latin America and the Caribbean [LAC – Ed.] region has always been a region of focus, to promote and support two-way trade and investment” and that trade between India and the Caribbean region had seen robust growth. “From a meagre level of US $52.4 million in 2001, India and Caribbean trade was recorded at $1.7 billion in 2021.”

  He went on to share, “As a partner institution to promote economic development in LAC, India Exim Bank has set in place various activities and programmes, which contribute to sharing India’s development experience through capacity building and skill transfer, trade and infrastructure development.”

  Caribbean Export’s Deputy Executive Director, Leo Naut presented the publication to High Commission of India in Trinidad and Tobago’s Chargé d’Affaires Raju Sharma at the event. Naut expressed that the joint research report was an important contribution to not only serve as a valuable reference for policy makers and academia but also for businesses to discover new opportunities for trade.

  The Caribbean’s investment opportunities were strategically spotlighted at the Caribbean Investment Forum, namely: AgTech, digital business, including e- commerce, innovation and technology; green economy transition and transport and logistics, according to the release.

  In collaboration with Caribbean Export, the new study is part of India Exim Bank’s Working Paper Series which serves to enrich the knowledge of Indian exporters to improve India’s competitiveness overall, the release concludes.

The Daily Herald

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