Afreximbank, Bahamas sign hosting agreement for annual meetings, AfriCaribbean trade investment forum

The Government of the Commonwealth of The Bahamas and African Export-Import Bank (Afreximbank) on Thursday signed an agreement for the Bahamas to host the 31st Afreximbank Annual Meetings (AAM) and the third edition of the AfriCaribbean Trade and Investment Forum (ACTIF), in June 2024.

The idea for ACTIF resulted from an official Afreximbank visit to Barbados in September 2021, which followed that month’s inaugural Africa/CARICOM summit.

At the signing ceremony, which was live streamed to reach a global audience,

Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said, Afreximbank’s historic decision to hold the 31st Afreximbank Annual Meetings in The Bahamas will be the first time it has been held in the Caribbean.

According to him, there is a hugely positive outlook for many African and CARICOM countries – as demonstrated by the IMF’s forecast that seven African countries and one CARICOM country will be in the top 10 fastest growing economies globally – so cementing closer links between the two regions is of clear mutual benefit to accelerate growth and prosperity.

“We are in an era where some major global economies are reaching geopolitical tensions by restricting international trade to prioritise their domestic industries. This partial move away from the rules-based trading system, where international trade is conducted according to agreed-upon transparent, non-discriminatory, and impartial rules, threatens the longstanding reliance of African economies on global support for shared growth and prosperity. In this context, the theme for the 31st AAM and the 3rd ACTIF is ‘Owing Our Destiny: Economic Prosperity on the Platform of Global Africa.’ This theme reflects our focus on broadening the discourse to determine solutions to the challenges that affect African Caribbean economies, the policy issues required to promote growth, development and prosperity across Africa and the Caribbean, and to accelerate intra-African trade and investment flows, including with the diaspora,” he said.

Philip Davis, K.C, Prime Minister of the Commonwealth of The Bahamas, said,“hosting both the AAM and ACTIF demonstrates the determination and commitment of The Bahamas to leverage on the shared history, identities, and cultures of AfriCaribbean nations to forge significantly greater trade, investment, and direct transport linkages. Doing so will stimulate economic growth and development, which will feed through to immensely beneficial societal impact. It is also vital that we enhance our global influence by speaking with a unified voice on matters such as securing global action to meaningfully address climate change.”

In this context of an emergent Global Africa, the holding of the 31st Annual Meetings in the Caribbean, and alongside the ACTIF, is emphasising and accelerating the global opportunities for the AfriCaribbean regions. The impact of the three-day event will be heightened by the Opening Ceremony, the Presidential Plenary and high-level panel sessions. The focus will be on the emerging neo-protectionism from advanced economies and the need for Africans to pursue self-determination in the context of a global Africa that includes the Caribbean and the diaspora generally. Seminars will continue on the second day, while 14 June will be dedicated to the AfriCaribbean Trade and Investment Forum (ACTIF) and will be marked by colourful events to celebrate shared AfriCaribbean culture, as well as elevating the essence of the two regions’ shared socio-economic aspirations.