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Investment Opportunities More Attractive

Investment Opportunities More Attractive

Caribbean Ipa’s To Make Investment Opportunities More Attractive To Foreign Investors

The packaging and promotion of any product or service is critical to attract customers and gain sales.  The same is true for investment opportunities.  The Caribbean Export Development Agency (Caribbean Export), in partnership with the Caribbean Association of Investment Promotion Agencies (CAIPA) and the United Nations Industrial Development Organisation (UNIDO) recently hosted a training workshop in the British Virgin Islands (BVI) focused on improving the quality of investment project information to make them more attractive to potential investors.

The 5-day training workshop was delivered by UNIDO with a focus on enhancing the capacity of the Investment Promotion Agencies (IPAs) to better identify investment opportunities, as well as the formulation and appraisal of investment projects. “The need of developing countries in upgrading local skills and capabilities in the preparation and appraisal of pre-investment studies, calls for appropriate capacity building support, including adequate human resource development,” notes Dr. Umesh Menon, UNIDO trainer for the workshop.

The 22 Caribbean participants from 16 Caribbean territories were trained in the use of the flagship software of UNIDO – Computer Model for Feasibility Analysis and Reporting (COMFAR III Expert- Basic Version). COMFAR facilitates the fast computation of financial statements needed for financial and economic appraisal of investment projects. The software can be used for small- to large-scale projects, expansion, rehabilitation and modernization of existing enterprises and joint ventures.

Commenting at the opening of the workshop, the Jr. Minister for Trade & Economic Development of the BVI, Sharie B. de Castro, shared that, “The BVI is in the process of establishing our Trade and Investment Promotion Agency. It is important to us to develop a core group of professionals who are well versed in investment project identification, preparation and appraisal. This will ultimately lead to well-planned investment projects and prudent investment decisions.”

“Caribbean Export is committed to enhancing the knowledge and skills of the IPAs of the Caribbean,” commented Suzette Hudson, Senior Advisor in Investment Promotion at the Agency. “This training forms part of a broader collaborative framework that CAIPA and UNIDO have established with the aim to provide investment monitoring and promotion support to IPAs in the region and strengthen regional investment promotion efforts.

The workshop was funded by the European Union via the 11th European Development Fund, Regional Private Sector Development Programme and the European Development Fund/Intra-ACP Private Sector Development Facilities and Programmes.

Participating countries included: Anguilla, Antigua and Barbuda, Barbados, Belize, the British Virgin Islands, Dominica, the Dominican Republic, Grenada, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, Trinidad and Tobago and the Turks and Caicos Islands.

Gasoline prices decreased, LPG increased. Nov 2019

gasoline prices
gasoline prices

The Public is hereby notified that in keeping with changes in international oil prices and Government’s application of the modified market pass-through petroleum pricing mechanism, the retail price of gasoline and LPG 20, 22 and 100 lb cylinders has changed. The retail price of kerosene and diesel remains unchanged. The price changes take effect from Monday November 11, 2019.

  • Gasoline prices decreased from $2.92 to $2.91 per litre or $13.28 to $13.24 per gallon
  • Diesel remains unchanged at $2.94 per litre or $13.37 per gallon
  • Kerosene remains unchanged at$1.79 per litre or $8.12 per gallon 
  • 20 Pound Cylinder (9.07 kg) increased from $31.38 to $32.01 per cylinder 
  • 22 Pound Cylinder (9.98 kg) increased from $34.79 to $35.49 per cylinder 

100 Pound Cylinder (45.36kg) increased from $200.71 to $203.89 per cylinder

The Public is informed that the next adjustment of the retail price of fuel products will be on Monday December 2, 2019.

Previous Gasoline Prices

The ECOFIN removes Belize from the blacklist

Belize Removed from EU List of Non-Cooperative Jurisdictions - ECOFIN

Belize Removed from EU List of Non-Cooperative Jurisdictions for Tax Purposes

The Economic and Financial Affairs Council (ECOFIN) of the European Union (EU) has released the results of its recently concluded meeting held in Brussels on November 8, 2019. The ECOFIN Council is made up of the economic and finance ministers from all member states and is responsible for economic policy, taxation issues and the regulation of financial services.

The Government of Belize has been informed that the recent amendments to the International Business Companies Act and the promulgation of the Economic Substance Act on October 11th have been positively assessed and the ECOFIN Council has agreed to remove Belize from the EU list of non-cooperative jurisdictions (the ‘blacklist’). The Ministry of Finance has been working closely with the European Union to meet its requirements regarding economic substance.

Moving forward, the Government of Belize will continue to engage with EU officials and the international business and financial services sector to ensure additional technical issues are addressed as soon as possible and to reaffirm the jurisdiction’s dedication to providing services that benefit both Belize and the global economy.

On receiving the news of the ECOFIN action, the Prime Minister Rt. Hon. Dean Barrow welcomed the positive step taken by the EU. He said it demonstrated the international community’s recognition of Belize’s commitment to helping to establish a modern international tax framework under which profits are taxed, and where economic activity and value creation occur.

Roaming Charges to be eliminated

Region to tackle roaming charges
Grenada's Prime Minister Dr Keith Mitchell

Region to tackle roaming charges

Ministers with responsibility for Information and Communication Technologies (ICT) have agreed to collectively approach the Region’s telecommunications providers to eliminate roaming charges throughout the Community. This is one of the priorities which they identified as an early benefit with respect to achieving a CARICOM Single ICT Space.

At a Special Meeting of the Council for Trade and Economic Development (ICT) on Friday, by video-conference, the Ministers agreed that this would provide social and economic benefits to the people and to the Region.

A number of regional and international organisations and CARICOM Youth Ambassadors also took part in the discussions.

Chairman of the meeting, Dr the Rt Honourable Keith Mitchell, Prime Minister of Grenada and Lead Head of Government for Science and Technology including ICT, said this was an issue which would give a real boost to regional integration and had the potential to drive growth and development in the Community.

CARICOM Secretary-General Ambassador Irwin LaRocque concurred with the sentiments of the Prime Minister and stated that this should be viewed as a low-hanging fruit in achieving the Single ICT Space which should be realised as soon as practically possible.

The Single ICT Space will allow for harmonisation of the ICT and other legislative frameworks in CARICOM, the removal of roaming charges, the encouragement of digital entrepreneurship, equipping all CARICOM nationals as digital citizens and looking at ICT financial solutions among other regional benefits. The Ministers emphasised the importance of cyber security in underpinning the Single ICT Space.

The Ministers agreed on a Ministerial Understanding on the Single ICT Space in which they identified priorities as: developing the ICT sector as a catalyst to foster closer regional economic integration; enhancing the competitiveness of the Region through a vibrant ICT industry; and using the Single ICT Space as a driver of the CARICOM digital economy and the transformation of key sectors.

The Understanding notes that the realisation of the CARICOM Single Market and Economy (CSME) and the fulfilment of the United Nations Sustainable Development Goals (SDGs) can be greatly advanced by the strategic application and increased usage of ICT and applying a whole-of-government approach.

The Ministers recognised the ICT Space could only be developed with partnership and commitment of all stakeholders in the public and private sectors, civil society and International Development Partners.

U.S. Virgin islands celebrates Dine St. Croix

Dine St. Croix

Offerings of the dynamic and diverse culinary heritage of St. Croix are being prepared, served and celebrated this month with the return of Dine St. Croix to the “Big Island” of the U.S. Virgin Islands.

The U.S. Virgin Islands Department of Tourism announced the culinary event, originally known as Dine VI, was relaunched as Dine St. Croix this fall, providing visitors and residents with immersive cultural experiences, as well as mouth-watering opportunities to sample the island’s delicious offerings across the diverse restaurant scene through November 16, 2019.

“St. Croix is without question one of the hottest culinary destinations in the Caribbean,” said U.S. Virgin Islands Commissioner of Tourism Joseph Boschulte, who pledged the Department of Tourism will continue to leverage the island’s rich history, culture and culinary prowess to boost tourism to the island.

Sixteen eateries are confirmed for Dine St. Croix, including 40 Strand Eatery, balter, Beach Side Cafe, Beauregard’s on the Beach, BES Craft Cocktail Lounge, BREW STX, Cast Iron Pot Restaurant and Bar, Ciboné, DoughBoy Pretzels, EvRah Blue Moon Ice Cream, Ital in Paradise, Rum and Wine Bar Restaurant, Singh’s Fast Food, The Terrace, Twin City Coffee House & Gallery, and Un Amore.

Restaurants are offering special prix fixe menus, giving patrons chances to indulge in delicious cross sections of Crucian cuisine, including fresh farm-to-table and sea-to-plate options made with locally sourced ingredients.

Special Dine St. Croix events include Cornmeal Culture ‘Tunin’ Fungi on November 7 and 13, Sunset & Just Desserts on November 9, and a Mixology Demonstration & Saltfish Gundy Cooking Demo on November 15.

American Airlines to serve St. Croix with new flights next summer

American Airlines

ST. CROIX, U.S. Virgin Islands (November 6, 2019) – The U.S. Virgin Islands Department of Tourism has announced the addition of a third American Airlines daily flight between Miami and St. Croix next summer.

Commissioner of Tourism Joseph Boschulte reported that between June 4, 2020 and August 17, 2020 the Dallas carrier will operate a third daily flight, utilizing a 172-seat Boeing 737 aircraft.

American Airlines flight 2531 will depart Miami at 10:35 a.m., arriving St. Croix at 1:14 p.m., while the return flight departs St. Croix at 1:59 p.m., arriving Miami at 5:10 p.m.

The other two flights depart Miami at 12:05 p.m. and 5:35 p.m., and leave St. Croix at 3:29 p.m. and 8 a.m. (the following day), respectively.

Commissioner Boschulte said the expansion in airlift dovetails seamlessly with the department’s efforts to increase stakeholder support for its long-term strategy to “strengthen demand for St. Croix by developing a distinctive brand for the island.”

American Airlines will serve the Miami-St. Croix market with three daily flights for the upcoming Thanksgiving holiday (November 23-25 and November 30-December 2, 2019), a welcome boost in holiday seats for “The Big Island”.

American also extended Charlotte-St. Croix flights from Saturday-only to daily during the peak Christmas period (December 18-24; December 26-30, 2019; and January 1-6, 2020).

Commissioner Boschulte thanked American for its commitment to the U.S. Virgin Islands, and underscored that the department will work closely with the airline to ensure the new flight is successful.

Fashion Accelerator Workshop Prepared Designers for Export

International Fashion Festival

Fashion Accelerator Workshop Prepared Designers for Export

Regional fashion designers who participated in the Caribbean Fashion Accelerator pt2 programme had nothing but praise for the intense training they received.

They shared their thoughts at the recently concluded International Fashion Festival (IFF), held at the Hilton Barbados Resort, where they showcased runway grabbing designs.  Collectively, they said the experience helped to sharpen their technical skills and exposed them to international standards.

The workshop was organized by the Caribbean Export Development Agency, in cooperation with the European Union and the Caribbean Market Center and was the follow-up to an initial accelerator workshop held in May 2019. It was facilitated by Sandra Carr, one of the pioneers of the Caribbean Academy of Fashion and Design at the University of Trinidad and Tobago. She has also worked with global brands, Calvin Klein and Valentino.

Sixteen designers from Barbados, Haiti, Jamaica, St. Vincent and the Grenadines, and Trinidad and Tobago participated. The two-week workshop focused on brand development and refining the designers’ products for the export market. Designers were required to collaborate and develop a collection to premiere at the IFF.  Ahead of their runway show the designers received feedback and critique from fashion industry experts Sharifa Murdock, co-founder and owner of Liberty Fairs; Ouigi Theodore, founder of the Brooklyn Circus; Danielle Cooper, a fashion influencer and Channing Hargrove, a Fashion writer for Refinery 29.

Barbadian Carla Gittens and Jamaican Moses Fenell, former reality stars of the television show Mission Catwalk, produced a line called Maison de Lori et Moses. According to Carla, “It is classy chic with an essence of swag, that could fit ladies from 18 to 35 years.”

During the two weeks, they learnt about mood boards, colour, fabric and international finishing techniques. Describing the programme as “very hands-on”, they also cut patterns, sewed and created brand packaging.

Moses believed the training will help with his goal to export limited edition pieces of his personal brand, House of Fenell, throughout the Commonwealth.  For Carla, the Fashion Accelerator confirmed that if she wanted her brand ‘Killuh Pieces’ to go global, she needed put a team in place.

“I learnt a few tricks. The workshop helped me in getting my brand up to international standards in finishing and creating designs for individual customers and retail outlet buyers. But the most important thing I learnt is you can’t do everything by yourself if you are moving into the international market.  For 2020 I am looking into small scale manufacturing and I definitely need a team,” she noted.

Haitian designer David Andre said although he has been in the industry for 21 years, he eagerly said yes to participating in the Caribbean Fashion Accelerator programme. He believed there was always something new to learn and likened the workshop to the television show, Project Runway. “We were a bunch of designers who didn’t know each other, and we had to share ideas to build a collection, so it was very profitable in terms of what we learnt,” he said.

David described Ms. Carr as a “very talented woman with a big heart” from whom he picked up several clues on garment finishes for international markets. He thanked Caribbean Export for continuing to support the regional fashion. He added that Caribbean Export helped to opened new markets for his ready-to-wear and resort lines.

Vincentian fashion designer, Kimon Baptiste-St. Rose of Kimmysticclo, referred to the Caribbean Fashion Accelerator Programme as a “very intense two-week bootcamp”.  Stressing she gained tremendously from the experience, she explained: “It helped me to be more aware about the steps I need to take in becoming export ready. I sell throughout the Caribbean, but I would like for my brand to be international.” Thanking Caribbean Export, she called for greater emphasis going forward to be placed on helping regional designers locate manufacturing facilities for small scale production.

Designer Laurette Pierre, known for bridal wear and accessories, was invited to the programme by Invest SVG, the investment promotions agency of St. Vincent and the Grenadines. Not expecting to do an entire collection and to learn such a wide variety of things, Laurette admitted the workshop was hectic but worth it.

“I am going take everything I learnt and apply it to my work. I learnt a lot from the instructor and things I never really knew. It is hard especially where finishing the product is concerned because it takes a lot of time but it was worth it. I enjoyed the experience, it was very educational,” she said.

Laurette collaborated with Barbadian Alyssa Goddard to produce a structured yet chic semi-casual collection. Alyssa, owner of Cambria Costumes and Designs, disclosed it was her first time working so closely with another designer but said her partner was fun.

Alyssa, who dreams of making costumes for movies, found out about the Fashion Accelerator while working at the 4th CARIFORUM EU-Business Forum in Germany. Having completed the two-week session, she said: “It was very informative, but it was difficult given that the time frame was shorter than any time I ever had to work with before. But I learnt a lot, Ms. Carr is an amazing teacher. I mainly learnt construction techniques that I didn’t know before and that helps in getting my garments to an international standard, something that was very important to me.”

Dominica’s 41st Anniversary of Independence

Dominica Independence

The Caribbean Community (CARICOM) has extended congratulations to Dominica as the country observes its 41st Anniversary of Independence on 3 November 2019.

“The strides that Dominica has made since that landmark day in 1979 have been impressive,” CARICOM Secretary-General Ambassador Irwin LaRocque said in his congratulatory message to Dominica’s Prime Minister Hon. Roosevelt Skerrit.  “…and the people have shown admirable resilience of spirit in maintaining a steady path in the quest to build a viable and prosperous nation,” he added.

Dominica is celebrating this year under the theme “Saluting Resilience and Rejuvenation…Two Years on”, and the Secretary-General said this speaks to the country’s ability to defeat adversity, and the ‘continuing and unwavering determination and commitment of the Government and People to overcome the traumatic devastation of successive natural disasters and seek to build the world’s first climate resilient country’.

Dominica has been recovering from the widespread devastation caused by category-five hurricane Maria in September 2017. Before Maria, it was also impacted by Tropical Storm Matthew in 2016 and Erika in 2015.

“What has been achieved “Two Years on” from Hurricane Maria is nothing short of remarkable,” the Secretary-General said in his statement.

Ambassador LaRocque also noted that CARICOM has benefitted significantly from Dominica’s invaluable contributions to the integration process and looks forward to its continued active engagement in helping to achieve the Community’s objectives.

Caribbean Media Exchange Leadership Awards

Caribbean Media Exchange
Muriel Wiltord of the Martinique Promotion Bureau will be recognized in Miami.

Tourism leaders to be recognized at Caribbean Media Exchange leadership awards in Miami

Three respected Caribbean tourism leaders will be recognized for their leadership achievements at the 2019 Caribbean Media Exchange (CMEx) Leadership Awards slated for December 14 in Miami.

Muriel Wiltord, Director of The Americas for the Martinique Promotion Bureau; Commissioner of Tourism of the U.S. Virgin Islands (USVI) Joseph Boschulte; and Frank Comito, Director General and CEO of the Caribbean Hotel and Tourism Association (CHTA) are among the list of honorees for the year-end fundraiser, which will raise resources for Caribbean education.

Born in Senegal, Muriel Wiltord’s parents were originally from Martinique. She pursued her graduate studies in Paris and taught tourism at University of La Sorbonne for five years. After moving to New York in 1987, she became Director of the Martinique Promotion Bureau in New York where she establishes and maintains cultural and tourism ties between the United States and Martinique.

Named one of the “100 most influential women of the tourism industry in the United States” by Travel Agent magazine, Wiltord was invested as a Knight of the National Order of Merit and as an ambassador of Martinique tourism.

Commissioner Joseph Boschulte, appointed to USVI Governor Albert Bryan Jr.’s cabinet to lead the tourism department, has vast experience in business and in government as well as a notable record of improving organizational performance and growth. He formerly served as President and CEO of The West Indian Company Limited (WICO), where he currently serves as Chairman of the Board of Directors.

The Commissioner, who earned an MBA from Darden School of Business at the University of Virginia, held high-level positions in transportation, utilities, telecommunications, finance, government development and investment banking. A former Vice President of Institutional Advancement at the University of the Virgin Islands, Commissioner Boschulte previously served as Senior Vice President, Corporate Finance with Wachovia Securities in Atlanta, and Vice President of Banc of America Securities in Charlotte and New York City.

Frank Comito has more than 35 years of experience in economic development, organization management, government affairs, project management, workforce development, research, and in providing business and investor support in The Bahamas, the United States, the U.S. Virgin Islands and the Caribbean. He served as Executive Vice President for the Bahamas Hotel and Tourism Association for more than 10 years.

Comito has held executive positions with the Nassau Tourism and Development Board, the National Alliance of Business in Washington, DC, and earlier with the St. Croix and St. Thomas-St. John Chambers of Commerce. Regionally, he was President of the Caribbean Society of Hotel Association Executives, a long-serving member of CHTA’s Board of Directors, and has extensive experience in crisis planning and recovery.

He was also Deputy Chairman of the Nassau Airport Development Company where he helped guide a $410 million investment in upgrading the airport.

This year’s CMEx honorees include leading Caribbean journalist and entrepreneur Janet Silvera; veteran airline executive Christine Kennedy of Delta Air Lines; Chef José Andrés of World Central Kitchen; attorney and philanthropist Marlon Hill; and Caribbean-American television anchor/reporter Neki Mohan of WPLG, ABC TV’s local affiliate in Miami.

The event, which will feature the musical talents of Trinidad and Tobago’s Lord Relator and Virgin Islands steel pan player Stan Brown, will help support Bahamian scholars who have been impacted by the devastating Category 5 storm which lashed The Abacos and Grand Bahama in September.

Providing a neutral platform for the industry’s movers and shakers to address pressing tourism concerns, CMEx, which is partnering with the Caribbean Hotel and Tourism Association Education Foundation (CHTAEF) and the Errol and Nita Barrow Educational Trust in Miami, also lends a helping hand to Caribbean and American communities by sharing expertise, financial and in-kind assistance.

The 2019 CMEx Leadership Awards is supported by Bahamas Ministry of Tourism and Aviation, International Career and Business Alliance (ICABA), Island Syndicate, Marketplace Excellence, Tropical Attractions, Inc., and the U.S. Virgin Islands Department of Tourism.

For tickets, visit www.tinyurl.com/CMEx-Awards-2019.

Barbados Prime Minister and CARICOM Secretary-General on the CSME

CSME

The Caribbean Community (CARICOM) Secretariat is facilitating a Regional Stakeholders’ Consultation on the CSME which will take the form of a small, targeted activity on the morning of Monday 4 November 2019 and a public Town Hall meeting in the evening.

Representatives of the Private and Public sectors; Youth; Media; Labour; Non-State Actors and Regional Institutions will be at the morning activity. These participants will engage on critical matters for the advancement of the CSME.

The Town Hall event will feature the Honourable Mia Amor Mottley, Prime Minister of Barbados and the CARICOM Secretary-General Ambassador Irwin LaRocque. Prime Minister Mottley is the Lead Head with responsibility for the CSME within the CARICOM Quasi Cabinet.

The Town Hall takes place at the Walcott-Warner Theatre, Errol Barrow Centre for the Creative Imagination (EBCCI), UWI Cave Hill Campus, Barbados from 6:00 p.m. – 8:00 p.m.  It will be broadcast live via the Caribbean Media Corporation (CMC); UWI TV and streamed via the CARICOM Secretariat’s Facebook platform. The public can also engage the panel with questions and comments via WhatsApp number 1 246 251 8847.

The Regional Stakeholders’ Consultation is facilitated with support from the Caribbean Development Bank (CDB); the Government of Barbados, the University of the West Indies, Cave Hill Campus and UWI TV. 

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