Barbados, Africa urged to seize trade and investment opportunities

Barbados and its Caribbean neighbours have been urged to unlock billions in untapped trade and investment opportunities with Africa, as senior officials gathered in Bridgetown for the opening of the inaugural GUBA Awards and Trade and Investment Forum on Monday.

The Grow, Unite, Build Africa (GUBA) Awards celebrate the achievements of individuals and organisations from Africa and the African diaspora, bringing together leaders in government, business, the creative industries and civil society to strengthen ties between the two regions.

Lady Dentaa Amoateng, chief executive of the GUBA Foundation, noted that both Africa and the Caribbean continue to trade more with external partners than with each other.

“Today, intra-African trade accounts for just 16 per cent of the continent’s total trade, compared to over 60 per cent in Europe and over 50 per cent in Asia. In the Caribbean, intra-regional trade hovers around 14 per cent,” she told the awards ceremony as the inaugural GUBA Awards and Trade and Investment Forum got underway at the Lloyd Erskine Sandiford Centre.

She stressed that those figures highlight enormous opportunities. “These numbers tell a story, not of weakness, but of unstoppable potential in Africa and the Caribbean, with a combined GDP of more than US$3.5 trillion and a population exceeding 1.4 billion.”

Amoateng called for structured partnerships, including industrial and investment networks, to unlock the trade corridor between the two regions.

“To build means creating lasting frameworks in policy, in business and in mindsets. We must establish simple chains that link Africa and the Caribbean and add value locally,” she said, pointing to the African Continental Free Trade Area and the Caribbean Single Market and Economy as key platforms for growth.

Deputy Prime Minister Santia Bradshaw, who addressed the three-day event, said the GUBA Trade and Investment Forum provides an opportunity to deepen relationships and create new avenues for cooperation.

“Barbados and the wider Caribbean recognise our historical connection with Africa and have long embraced partnerships that promote trade and investment with countries across the continent,” she said.

Bradshaw noted that Barbados has already strengthened engagement with several African nations, including Ghana, Kenya, Liberia, Senegal, Rwanda and Togo, through new diplomatic missions in Nairobi and Accra and an honorary consulate in Kigali.

“Several agreements have been signed, including a bilateral air services agreement between Barbados and Rwanda to strengthen air transport cooperation in both trade and tourism,” she added.

She said Barbados is also exploring partnerships in bioscience and pharmaceuticals. “The Barbados Pharmaceutical Inc. has been working diligently to build the legislative framework and infrastructure needed to attract pharmaceutical manufacturing businesses to our shores.”

With Barbados positioning itself as a strategic business hub, the deputy prime minister said the island’s transparent policies, double taxation agreements and bilateral investment treaty with Mauritius, make it a welcoming gateway for African investment into the Americas.

“Through collaboration with ARI Investments in infrastructure and strategic partnerships, Barbados is cultivating a thriving environment for business, culture and innovation. We are building the foundations for long-term prosperity that benefit both Africa and the Caribbean,” said Bradshaw.

The foundation’s chartered flight from Africa to Barbados arrives tomorrow.

(LG)