Bahamas forges alliance with Afreximbank & Canex

The third edition of the AfriCaribbean Trade and Investment Forum (ACTIF) is currently underway in the Bahamas, bringing together key stakeholders from Africa and the Caribbean to forge partnerships and boost trade ties. The event has taken centre stage in the Bahamas, with partnerships between The Bahamas, Afreximbank, and CanEX at the forefront. CNBC Africa recently spoke to Ginger Moxey, the Grand Bahama Minister, to discuss the importance of the forum and the opportunities it presents for both regions. Moxey emphasized the significance of holding the event in the Bahamas, which she described as the gateway to the Caribbean. She highlighted the vast opportunities for business and cultural exchange between Africa and the Caribbean, noting that the Caribbean is often regarded as the sixth region of Africa. The forum serves as a platform to explore various opportunities in the Caribbean, particularly in the Bahamas, where significant prospects await. One of the key initiatives highlighted by Moxey is the establishment of an AfriCaribbean marketplace in the Bahamas. This marketplace aims to bring a taste of Africa and the Caribbean together in one location, offering trading opportunities for products from both regions. Moxey envisions the marketplace as a one-stop shop where African and Caribbean products, including arts, crafts, and food, will be showcased. The marketplace is set to be located on Grand Bahama Island, providing a platform for all 54 African countries to exhibit their best offerings. Moxey also stressed the importance of providing trade information to Caribbean businesses to help them identify potential partners in Africa and facilitate business and investment flows. In collaboration with Afreximbank and CanEX, the Bahamas government is working on establishing the necessary systems for the Afro-Caribbean marketplace. An MOU was signed between Afreximbank and the government of the Bahamas last year, laying the groundwork for this initiative. Moxey indicated that the project preparation facility for the marketplace is nearing completion, with plans to celebrate the milestone at the AGM in June. The partnership with Afreximbank is expected to enhance trade opportunities and raise awareness of the business potential in both regions. As part of efforts to improve the ease of doing business, the Bahamas government is focusing on creating a conducive business environment for African businesses looking to invest in the Caribbean. The Ministry of Economic Affairs and the Bahamas Trade Commission are actively involved in streamlining business processes and ensuring a favorable investment climate. Moxey reassured stakeholders that the government is committed to simplifying business procedures and fostering a seamless exchange between African and Caribbean businesses. The collaboration with Afreximbank and the upcoming Afro-Caribbean marketplace are seen as game-changing opportunities that will drive business, investment, and trade within the region. With a strong emphasis on promoting cross-border partnerships and enhancing business synergies, the Bahamas is taking the lead in promoting economic cooperation between Africa and the Caribbean.