Deputy Prime Minister and Minister of Tourism, Investments and Aviation the Hon. Chester Cooper said, “There is a tremendous amount of money to be made and resources to be had for Africa and the Caribbean,” as he addressed the 31st Afreximbank Annual Meetings (AAM 2024), and the Third Edition of the AfriCaribbean Trade and Investment Forum (ACTIF) on Friday, June 14, 2024 at Baha Mar Convention Centre. And, he said that The Bahamas – the gateway to the Caribbean and the Americas — can be at the driving centre.
He said there should be “less talk and more business,” and viewed AAM 2024 in The Bahamas as the venue for the marriage of Africa and the Caribbean.
“For Africa and the Caribbean, we need to be serious and intentional about joint ventures, we need to be serious about trade agreements and truly make the African Continental Free Trade Agreement (AfCFTA) and the PAPSS (Pan African Payments Settlement System) work for this 6th Region of Africa, and we need to be serious about sticking together to change the paradigm,” the deputy prime minister said.
Sharing that his portfolio includes tourism, aviation, and investment, he said, “Here in The Bahamas, we have a booming business in romance tourism, people come here to renew vows, celebrate engagements, honeymoons, and weddings – and sometimes divorces too.”
He then noted that The Bahamas is currently in talks with several African airlines about direct flights to The Bahamas – aimed at expanding tourism, cargo and trade.
The minister also pointed out that there are opportunities in The Bahamas for tourism, investments, construction, Fintech, renewable energy, and infrastructure.
“We have thousands of students who can use your universities to bring back solutions for the Caribbean and for Africa. And there are thousands of students in Africa who can attend our universities and schools of hospitality.
“We must actively pursue how we can use our Caribbean Tourism expertise to support Africa in further developing your Tourism and Hospitality industries.
“We must actively pursue the sharing of technical know-how and investments in key areas such as manufacturing, and agri-business,” he said.
The minister also mentioned that more than one billion dollars leaves The Bahamas annually to buy food outside the Afro-Caribbean region.
“The only thing stopping a huge portion of that money from staying here or going east or south instead of north, is us,” he stressed.
He said while there are thoughts of direct flights from Africa, he also called for a more commercial solution in traveling throughout the Caribbean.
“Respectfully, whilst the leaders of CARICOM for decades have lamented this problem of intra-Caribbean travel, it is time for us to put our heads together and find a commercial solution to this most vexing problem,” said the minister.
He said he was excited that The Bahamas signed a Memorandum of Understanding with Afrexikbank for the development of an Afro-Caribbean marketplace. This is designed to empower Bahamians in the creative industries, and to boost trade between The Bahamas, the Caribbean, and African nations.
“I am very excited to see this vision coming out of the ground in Grand Bahama and we thank you for your partnership,” the deputy prime minister said. “But we want more. We want you to help us with resilience building to combat climate change.
“We want your billionaires to buy second homes and use our trust and investment funds and private banking platforms.”
Concluded the minister “… I hope that you will remember this forum in The Bahamas as the place where deals were made.”
By LINDSAY THOMPSON/Bahamas Information Services
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