CashNews.co
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Second ever summit of its kind begins in London, attended by UK and Caribbean governments and senior investors.
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Summit organised by UK Export Finance, which can help to finance overseas projects delivered by UK companies.
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UK exports to CARIFORUM countries were worth £2.7 billion in the year to April 2024 – an increase of 36% on the last year.
Government ministers and business executives from the Caribbean are meeting in London for the second UK-Caribbean Trade and Investment Forum, which happens today on 6 November.
Hosted by UK Export Finance (UKEF), the UK’s export credit agency, the event will showcase the role which UK government and private sector support can play in helping Caribbean countries deliver infrastructure, transportation and renewable energy projects.
Delegates will participate in workshops emphasising the huge potential represented by trade and investment between the UK and rapidly growing Caribbean economies.
This is supported by UKEF, which under its mandate can help UK businesses access billions of pounds in financial support to deliver high priority projects in the Caribbean.
Given positive macroeconomic developments for many Caribbean markets over the past year, UKEF now has more capacity to finance projects than the previous year especially across Jamaica, Guyana, and Trinidad & Tobago, generating significant opportunity for British business.
UKEF financing support is also now available for projects in Grenada, St Lucia and St Kitts & Nevis which will benefit UK exporters to these markets.
Tim Reid, CEO of UK Export Finance, said:
The UK can offer quality and innovation which make it a partner of choice for trade and investment in the Caribbean. There are huge opportunities for UK business to support the region’s major investment in infrastructure and energy security.
Closer trading ties will support all our countries in achieving a shared goal of sustainable economic growth and a more prosperous future.
As the Caribbean sets ambitious development ambitions, UK companies of all sizes are winning and delivering major bids in a number of areas:
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Backed by UKEF support, Severfield Steel secured a £4.5 million contract to supply steel to a paediatric and maternity hospital being built in Georgetown, Guyana.
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MICEM UK Ltd has won a €23.5 million mechanical, electrical and piping subcontract for the same hospital in Georgetown.
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Lagan Construction has completed a $7 million resurfacing contract at Norman Manley International Airport, Jamaica, and is also going to deliver major works at L.F. Wade International Airport, Bermuda.