Lofty ambitions for a trade bonanza between Africa and the Caribbean collided with hard practical realities at an ongoing high-level meeting in the Bahamian capital of Nassau.
Government and business leaders from both sides gathered dreaming big of catapulting commercial flows. But their flashy target belies deep paradoxes lurking beneath the surface that could derail such rosy forecasts.
While speakers enthusiastically touted opportunities in tourism, manufacturing and blue economy partnerships, their prescriptions for direct flights, boosted investment and student swaps risk overlooking knotty on-the-ground challenges.
Direct Connectivity Key to More Trade
According to Deputy Prime Minister Chester Cooper of The Bahamas, direct air links will be pivotal in boosting two-way trade projected to reach 1.8 billion dollars annually by 2028.
"Direct connectivity is imperative if we want to do more business," Cooper told delegates, noting his government is negotiating with African carriers to launch non-stop flights. He stressed the aviation links would facilitate the movement of both goods and visitors between Africa and the Caribbean.
Cooper's view aligns with the long-held position of experts who have advocated for improved transportation connections.
While no direct sea or air routes currently exist, in the past companies like Dangote Industries have found creative multi-modal solutions to ship cargo. Officials hope scheduled passenger and freight services could help open up new markets by bringing buyers and sellers into easier contact.
Support for Financing Deals, Student Exchanges
On the sidelines of promoting air links, Cooper also pledged support for deals through cooperation agreements signed between Afreximbank. The memorandums aim to boost access to trade financing that can facilitate procurement between the regions.
Cooper further proposed student exchange initiatives, arguing exposure to different education systems could foster skills transfers and longer-term partnership opportunities. Technical collaborations in manufacturing were also put forward as a sector primed for alliances.
Addressing Information Gaps Over Infrastructure
While transportation solutions garnered focus, Afreximbank President Benedict Oramah highlighted a more pressing constraint - a lack of information between players in Africa and the Caribbean. In his assessment, "soft" impediments around market knowledge and contacts represented the core hurdle inhibiting two-way trade.
Oramah cited intra-African trade stats showing information gaps, not infrastructure, primarily constrained commerce even between neighbors.
To remedy this, his bank is utilizing digital information platforms to better link African and Caribbean exporters, importers, and investors. The president maintained solving "soft" issues around forging productive relationships could spark untold partnerships.
Private Sector Engagement Encouraged
In courting further participation, Cooper made a direct appeal to African billionaires - urging them to purchase Caribbean vacation properties and invest portfolios in local stocks and bonds. His encouragement for direct private involvement aimed to incentivize those with capital to explore opportunities for mutually-beneficial ventures. Cooper stressed both The Bahamas and wider Caribbean nations stand "open for business" and welcoming of outside engagement.
Analysts saw potential for impactful collaborations to emerge from such engagement between private enterprises. Partnerships in key industries like tourism, manufacturing, agriculture and fisheries were highlighted as fields well-placed for Africa-Caribbean alliances that could drive economic growth. Experts argue a focus on private-led projects may offer the most tangible avenue for realizing trade ambitions.