The CARICOM Private Sector Organization (CPSO) joins with the Caribbean Community (CARICOM) and the African Continent in celebration of the third annual Africa-CARICOM Day on September 7th, 2024. This celebration is a commemoration of the historic move by Heads of State and Government representing both regions to strengthen ties of cooperation and collaboration.
With CARICOM formally designated as the sixth region of the African Continent, this occasion gives us an opportunity to reflect upon our historic ancestral ties and on ongoing efforts to strengthen bilateral connections between the member states of the CARICOM and the African Union.
As the CARICOM Associate Institution established to represent and advance the regional private sector’s participation in, support of the full implementation of the CARICOM Single Market and Economy (CSME), the CPSO is acutely aware of the opportunities for synergies, collaboration and partnerships between the CSME and the African Continental Free Trade Area. The CPSO recognizes the value in economic, technological and trade collaboration between the two regional blocks and the immense opportunities that can be realized by all.
The CPSO, the Africa Business Council, and the African Export-Import Bank (Afreximbank) signed a Memorandum of Understanding (MoU) in September 2022 to establish the Africa- Caribbean Business Council (ACBC). The ACBC gives effect to mutual aspirations for private sector cooperation and joint action pursuant to the deepening of business, trade, investment, and people to people relations among the private sector in CARICOM and the African Union. As we advance the operationalisation of this MOU, empowered by the support of our Heads of State and Government, this day provides us with an excellent opportunity to celebrate the strides that have been made thus far.
Further, we reaffirm our commitment on behalf of the regional private sector to work in tandem with our counterparts to access greater investment and economic opportunities, and to achieve enhanced people to people contact, shared collaborative initiatives, and added opportunities for mutual development which, ultimately, will redound to the continued prosperity of both regions.
The meeting discussed a partnership to provide for the processing of Sargassum into key agricultural inputs, bio-stimulants, and compost that could significantly enhance crop productivity. Sargassum poses a threat to the marine life, tourism, and well-being of virtually all Caribbean countries. This partnership will provide for the commencement of scaled trials using bio-stimulants from Sargassum on various crops in farmers’ fields starting in Trinidad and Tobago.