As part of its UK Roadshow, the Caribbean Development Bank held a round table in Manchester on the 9th of July 2019. The event was attended by industry delegates, representatives of the Departments for International Trade (DIT) of Jamaica, Barbados and the UK and representatives of the Caribbean Development Bank (CDB). The main topics of the discussion were revolving around the attendee’s experience and issues associated with delivering work in the region.
As part of the event, the CDB and DIT Barbados gave presentations discussing several aspects of doing business in the region. DIT Barbados drew attention to the attractiveness of doing business in the region by highlighting the good connectivity between the UK and a number of Caribbean countries and the robust legal system. The CDB presented its role and the funding available through it. Additionally, the CDB talked about the key sector that it focuses on (renewable energy and energy efficiency among them), introduced its procurement framework and highlighted future opportunities.
The key takeaways from the discussion were:
- The CDB has policies that prioritise renewable energy/energy efficiency and has a large amount of funding available, however there is a shortage of organisations capable of delivering the work.
- There are opportunities in the Caribbean, however the policy and regulatory frameworks are underdeveloped. This makes them difficult to navigate and many projects are not taken past planning.
- As a result, the market is currently not very competitive. Further to this, there doesn’t seem to be enough awareness of opportunities in the region.
The Caribbean could provide a lot of opportunities for companies in the sector. To receive information about them, interested organisations could follow the government’s export opportunities page.