Pres. Ali urges formation of regional private sector consortium to address transportation challenges

Nov 01, 2023 News

Kaieteur News – With the African Export-Import Bank (Afreximbank) poised to fund the establishment of a Caribbean transportation system, President Irfaan Ali has once again urged members of the regional private sector to unite and craft a proposal, positioning themselves as catalysts for the region’s economic advancement.

The head of state issued this call in his keynote address at the commencement of the second edition of the AfriCaribbean Trade and Investment Forum, at the Guyana Marriott Hotel, centred on the theme ‘Creating a Shared and Prosperous Future.’ President Ali described the forum as a platform for cultivating meaningful partnerships and highlighted that it would be a significant missed opportunity if the private sector does not actively engage in forming a consortium.

“I speak specifically about our maritime transport sector. We can plant and grow as much as we want. We can do agro-processing, manufacturing, and industrial development, and we can reengineer the supply chain, but we have to move things throughout the region. We must find the solution,” President Ali asserted. Caribbean leaders, the head of state relayed have already sounded their commitment to facilitating this development by providing necessary incentives for possible developers. “It is in your hands now, and we will champion it, we will champion it with Exim Bank. Form a consortium between the providers who are under the Afreximbank portfolio and the regional consortium,” the head of state reiterated.

President Dr. Mohamed Irfaan Ali addressing the AfriCaribbean Trade and Investment Forum at the Guyana Marriott Hotel

Addressing the substantial funding deficit in achieving fundamental Sustainable Development Goals (SDGs) by 2030, President Ali asserted that Afreximbank could serve as a crucial ally in securing finances for these SDGs. As the developing world rapidly transitions towards digitisation and innovation, the president said it is imperative for the region not to lag behind in this transformative journey. “That is where the Afreximbank and CARICOM must align … how we can build a regional project; how we can transfer the technology within the confines of our own control to accelerate innovation and digitisation and technology in a world 2030 and beyond.”

President Ali reiterated the essential requirement for close collaboration between the Caribbean and African regions to successfully overcome the numerous challenges hindering their fullest potential. He underscored that the economic constraints faced by both regions, rooted in the historic period of colonisation, highlight the necessity for leaders to unite in forging a new and shared future. “In honour of those men and women who we lost in the most horrendous form, we now have the opportunity to rewrite history of collaborating and expanding partnerships for the prosperity of the people,” the head of state expressed.

Furthermore, the government is actively exploring the creation of a Local Content Facilitation Fund to bridge the payment gap for contributors to the oil and gas industry. The agreements for its establishment are slated to be signed by the conclusion of the forum. ACTIF23 convened by the Government of Guyana and the African Export-Import Bank will focus on consolidating commercial collaboration between the Caribbean region and Africa. This is essential to increasing inter-regional trade and investment; building on the successes of the inaugural edition that was held last year in Barbados.

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African Export-Import Bank (Afreximbank), CARICOM, challenges, consortium, transportation

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