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the local institutional investment
promotion landscape.
A total of 44 meetings were held
in the 10 countries. During these
sessions, there was the validation of
key priority sectors for the Caribbean
region including tourism, logistics
and transhipment, renewable energy,
agriculture
and
agro-processing,
health and wellness, and specialised
services such as offshore education,
and medical tourism.
In relation to the organisational
structure of IPAs and institutional
investment promotion landscape, the
mission revealed that approximately
70% of investment promotion work
was focused on the processing or
reviewing of incentive submissions
from investors; however the majority
of the IPAs were under-budgeted,
and receiving limited support and
recognition which in turn hampers
investment promotion implementation
regionally. Other challenges include
excessive energy costs, limited
intra-island transportation links and
infrastructural development, and
access to finance. Overall, the regional
stakeholder consultations increased
awareness for Caribbean Export’s work
in investment promotion, provided
support for the development of the
RIPS and validation of the Agency’s
work in this area; as well as increased
Caribbean Export’s knowledge of the
challenges being faced by individual
territories in investment promotion
and facilitation.
In July 2014, on conclusion of the
regional consultations, Caribbean
Export in collaboration with CAIPA,
hosted the RIPS Validation meeting in
Trinidad and Tobago. The session was
convened with the aim of advancing
the design and implementation of
the Strategy, which seeks to increase
the awareness of the Caribbean as
a destination for FDI, as well as to
change the perceptions of investors
who may only see the region as a place
for leisure, as opposed to business. At
the end of the discussions, a consensus
was reached, with Caribbean Export
being seen as the lead on the RIPS
development and implementation.
A total of 27 IPA professionals,
private sector representatives, and
key stakeholders from the CARICOM
Secretariat, EU, the Organisation of
Eastern Caribbean States (OECS)
Secretariat,
Caribbean
Congress
of Labour, and Eastern Caribbean
Securities
Exchange,
participated
in the validation process. The RIPS
was finalised in September 2014,
with a defined implementation plan
and funding guideline to facilitate
its
execution.
In
summation,
achievements of this result area
involved the convening of eight RIPSC
meetings, which saw participation
from 174 regional stakeholders. This
subsequently led to the finalisation of
the RIPS in September 2014, following
validation and endorsement of the
Strategy by 19 IPAs and eight industry
stakeholders representing the public
and private sector, academia, and
international agencies.
Current follow-up actions include
the development of the National
Investment Promotion Strategy (NIPS)
Handbook. This step-by-step guide
publication is the first in a series of
advisory documents on investment
promotiontobepublishedbyCaribbean
Export, and serves as a practical guide
on how to develop and implement
national
investment
promotion
strategies. The NIPS Guide is the result
of work undertaken by the Agency,
through the services of Consultoria
Financiera Integral (CIF), the consultant
commissioned to develop the RIPS and
its Implementation Plan, and draws
on the lessons learnt and research
undertaken during the Strategy’s
development.
ENHANCING COMPETITIVENESS
AND PROMOTING INNOVATION