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Caribbean Sub-Regional Meeting of the Trade and Integration Network: Attracting Foreign Direct Investment in the Caribbean

Date: 12 May 2016

Time: 8:00 AM

Location: Miami, United States

Foreign direct investment (FDI) may be a key driver for development in host economies as they facilitate: the transfer of foreign technology, knowledge and managerial skills; the integration into international marketing, distribution and production networks; and the improvement of the international competitiveness of local firms. In the current global environment, with fewer greenfield projects on offer and an increasing number of destinations competing for FDI, attracting investment is becoming more challenging. Investment Promotion Agencies (IPAs) can play a key role as they can influence not only the attractiveness of countries for inward investments, but also the benefits accruing to the local economies. Among the most difficult tasks facing IPAs is finding ways to differentiate their locations from competitors. An innovative approach becomes essential: just as companies must innovate to compete, so must policymakers.

The objective of the meeting is to discuss policy options to attract and retain foreign direct investment in the Caribbean in times of economic slowdown. The dialogue will provide an opportunity to review global best practices and to hear the voice of the private sector in order to identify a set of key action items that policymakers of the region may implement regionally or nationally.

The Regional Policy Dialogue is an IDB initiative that seeks to create a space for the exchange of experiences and to reflect upon important policy issues and the identification of cooperation opportunities among countries of Latin America and the Caribbean. The Trade and Integration Network is comprised of high-level government officials responsible for trade and integration policy in Latin America and the Caribbean. The network conducts annual meetings with the objective of providing a forum for discussion and knowledge sharing between the main policymakers of the region and the Bank’s specialists in key topics related to regional trade and integration.

The Integration and Trade Sector (INT) of the IDB is organizing the Regional Policy Dialogue this year in collaboration with the Caribbean Association of Investment Promotion Agencies (CAIPA) and the Caribbean Export Development Agency (Caribbean Export). CAIPA is an umbrella organization of investment promotion agencies of CARIFORUM countries, as well as of Curaçao, the Cayman Islands, Montserrat and the Turks and Caicos Islands. The Association is dedicated to the promotion of the Caribbean as an investment location. Caribbean Export is a regional export development and trade and investment promotion organization whose mission is to increase the competitiveness of Caribbean countries, by providing quality export development and trade and investment promotion services through effective program execution and strategic alliances, including with the European Union. Caribbean Export serves as the Secretariat for CAIPA. Attendance at the meeting is by invitation only.

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