Barbados, Africa urged to seize trade and investment opportunities

Barbados and its Caribbean neighbors have been called upon to explore untapped trade and investment opportunities with Africa, as senior officials convened in Bridgetown for the inaugural GUBA Awards and Trade and Investment Forum. The event, which began on Monday, aims to strengthen economic and cultural ties between Africa and the Caribbean, celebrating the achievements of individuals and organizations from both regions. Lady Dentaa Amoateng, CEO of the GUBA Foundation, emphasized the vast potential for growth, noting that intra-African trade accounts for only 16% of the continent’s total trade, while intra-Caribbean trade stands at around 14%. She highlighted the combined GDP of over $3.5 trillion and a population exceeding 1.4 billion as a testament to the untapped potential. Amoateng called for structured partnerships, including industrial and investment networks, to unlock the trade corridor between the two regions. She pointed to the African Continental Free Trade Area and the Caribbean Single Market and Economy as key platforms for fostering growth. Deputy Prime Minister Santia Bradshaw of Barbados underscored the historical connections between the Caribbean and Africa, highlighting Barbados’s efforts to deepen engagement with African nations such as Ghana, Kenya, and Rwanda. She noted the signing of bilateral agreements, including an air services agreement with Rwanda, and efforts to attract pharmaceutical manufacturing to Barbados. Bradshaw also emphasized the island’s transparent policies, double taxation agreements, and strategic partnerships as factors making it an attractive gateway for African investment into the Americas. The foundation’s chartered flight from Africa to Barbados is set to arrive tomorrow, symbolizing the growing collaboration between the two regions.