How AfriCaribbean collaboration is forging a path to shared prosperity
As Afreximbank highlights the need for economic partnership between Africa and the Caribbean, the AfriCaribbean Trade and Investment Forum has emerged as a key component in finding a path to shared prosperity.
The Diaspora Strategy
Export-import bank Afreximbank is leading a transformative process that’s strengthening the bonds between Africa and its diaspora.
Deepening economic ties between Africa and the Caribbean – where, despite historical connections, investment and trade have been negligible – is a vital step of this process, and has formed a major part of the bank’s Diaspora Strategy.
“Our shared history has led to economic division and fragmented economies,” says Kanayo Awani, Executive Vice President of the Intra-African Trade Bank at Afreximbank. “We now want to turn the iniquities of our past into a new beginning of shared prosperity.”
The Diaspora Strategy’s vision for a shared brighter future encompasses South-South trade agreements, investment programs and collaborative initiatives, all with the aim of charting a new economic path that could be worth up to $1bn over the next five years.
But turning Afreximbank’s vision into a reality requires spaces where communication and collaboration can thrive – spaces like the AfriCaribbean Trade and Investment Forum (ACTIF).
Potential unleashed
Introduced in 2022, ACTIF brings together over 1,200 delegates from 50 African and 13 Caribbean countries to address the developmental needs of both regions – covering everything from tourism, healthcare, and renewable energy, to shipping, agriculture, and education.
With the inaugural ACTIF unlocking US$1.5 billion for Caribbean Community and Common Market (CARICOM) member states to promote AfriCaribbean trade, ACTIF23 hoped to reach even greater heights.
Hosted in Guyana from October 30th-31st, under the overarching theme Creating a Shared Prosperous Future, the 2023 edition of ACTIF sought to reinforce the importance of mutual prosperity within the context of pressing global issues.
“We live in regions that are highly susceptible and vulnerable to climate events,” says President Irfaan Ali of Guyana, at the opening of ACTIF23. “So, it’s important we work towards creating an ecosystem around CARICOM and Africa in which we start feeding into each other, rather than seeing ourselves as competing against each other.
Identity, opportunity, and collaboration
The success of ACTIF23 hinged on three foundational pillars – identity, opportunity, and collaboration – which not only served as guiding principles but encapsulated the threads that weave together these two regions.
In highlighting the shared experiences of many African and CARICOM nations, ACTIF23 created a space to acknowledge how shared identity can help build more meaningful connections and business ventures.
“There’s a common identity between Africa and the Caribbean,” says Natasha Wilcott, Senior Advisor of Competitiveness and Export Promotion at the Caribbean Export Development Agency. “Just recognizing that we are similar people has helped us to want to do more business.”
The forum then looked to capitalize on the many opportunities that stem from the challenges faced by both regions. As Dr Carla Barnett, Secretary-General of the Caribbean Community, says:
One of the issues that we face in the Caribbean is lack of financing for export-import activity. Afreximbank is providing access to that finance, helping us to develop for ourselves
Dr Carla Barnett, Secretary-General of the Caribbean Community
In widening finance access for Caribbean nations, Afreximbank is supporting the region to cultivate its economic capabilities. This is nurturing self-sufficiency, so Caribbean nations can contribute more meaningfully to the trading landscape.
“We are hoping that there will be, as a result of the engagement at this forum, more uptake of opportunity, because at the end of the day, it’s the private sector that will grow that economic relationship,” Barnett continues.
Lastly, the collective commitment to collaboration led to several groundbreaking resolutions being inked at the forum. This included a communique that calls upon global bodies to fortify the African-Caribbean relationship through political alliances, bilateral trade, and, crucially, the establishment of a free trade zone.
“Having trust, irrespective of the differences you may have politically, is critical to ensure that you can have significant collaboration among the countries,” says Herbert Wigwe, CEO of Access Bank. “What we’re now seeing is a coming together under a shared understanding of the future.”
Building a prosperous tomorrow
As Afreximbank visualizes a brighter future for Africa – through trade, investment, and collaboration – ACTIF has emerged as the space where these visions can come to life.
“As we look ahead to the next 30 years, we see an institution that will be the engine to drive true growth, development, and transformation for our continent,” says Dr. Benedict Okey Oramah, President of Afreximbank.
Standing as a testament to the potential that surfaces when Africa and the Caribbean work together, the success of events like ACTIF move Afreximbank one step closer to its goal of fortifying prosperity for Africa and beyond.
