Government confirms need to address escalating retail price inflation
Photo by Felix Tchverkin Marino Murillo, the Head of the Permanent Commission for Implementation and Development, has confirmed that retail price inflation in Cuba’s domestic economy is now one of the principal problems facing the country and that government must address it. Speaking to members of Cuba’s National Assembly on 27 October, he said that the […]
Ransom demanded for kidnapped missionaries in Haiti
Photo by Markus Spiske Authorities are racing against time to secure the release of 17 missionaries who have been kidnapped by a gang in Haiti. According to reports, members of the Ohio-based Christian Aid Ministries were on a trip to visit an orphanage in Ganthier, a commune east of the capital Port-au-Prince, when they were taken. […]
Sherritt confirms plans to increase nickel production
Photo by Philipp Arlt The new President and CEO of Toronto-based Sherritt International Corp, Leon Binedell, has confirmed that the Canadian mining entity intends to maintain its presence in Cuba, and has said that it will increase nickel production at its plant in Moa. Speaking to the Cuban media during a first visit to the company’s […]
Costa Rica awarded £1mn via Duke and Duchess of Cambridge’s Earthshot Prize
Photo by Louis Maniquet Costa Rica is one of the first five winners of the Earthshot Prize, which awards £1mn to nominees “developing solutions” pertaining to nature conservation, waste management, ocean revival, air quality, and/or climate change. Funded by the Royal Foundation of the Duke and Duchess of Cambridge, the Earthshot Prize, whose name pays homage […]
Economy minister says 2.2% growth this year will usher in gradual recovery
Photo by Jeremy Bezanger Cuba’s economy is expected to grow by 2.2% this year, initiating what Deputy Prime Minister Alejandro Gil, the Minister of Economy and Planning, has said will be a gradual economic recovery. Speaking to the media, Gil noted that despite an 11% fall in GDP in 2020, the country was likely to see […]
Jamaican Central Bank facing backlash over interest rate hike
Photo by Pedro da Silva The Bank of Jamaica (BOJ) is facing widespread criticism over its decision to increase the key policy rate in a bid to curb inflation. After inflation broke through the upper limit of the 4% to 6% target in August to reach 6.1%, the BOJ had signalled its intention to increase interest […]
Tourism’s reactivation vital to recovery of other economic sectors: Marrero
Cuba’s Prime Minister, Manuel Marrero, has said that reactivating tourism will be the key to Cuba’s economic recovery, due to its ability to stimulate growth in many other sectors of the economy. Speaking at a meeting with Cuban tourism professionals in Varadero on 2 October, he said that there could be no going back after […]
Global Facebook outrage lays bare Central America’s dependence on the platforms
Photo by Brett Jordan For over seven hours on Monday, beginning at around 15:30 GMT, Facebook and its subsidiaries (namely, Messenger, WhatsApp, and Instagram) became completely inaccessible worldwide. The outage—which Facebook confirmed to be the result of an accidental internal server error, rather than a hack as some observers had initially suspected—wiped 5% off Facebook’s stock price and $6 billion from its founder, Mark Zuckerberg’s, personal wealth. In Central America (and Latin America more broadly), this episode […]
First Cuban non-state private companies approved
Photo by loli mass Cuba has approved as legal entities the first privately owned micro, small and medium-sized enterprises (MSMEs). The decision will initially see 32 private and three state entities begin operations in food production, manufacturing, recycling, and establish IT related businesses in the Science and Technology Park of Havana. The decision marks the start […]
New Bahamas government facing debt crisis
Photo by Georgy Trofimov A looming debt crisis and another sovereign credit rating downgrade are just two of the many challenges facing the newly elected Philip Davis Administration. Prime Minister Davis led the Progressive Liberal Party (PLP) to a resounding victory in the 16 September election, securing 32 seats to the Free National Movement’s (FNM) seven. […]
UN regional commission announces $45bn investment in Central America
On 17 September, in Mexico City, the day before the VI Summit of the Community of Latin American and Caribbean States (CELAC) took place in the same locale, the Economic Commission for Latin America and the Caribbean (ECLAC), which is one of the five regional commissions of the United Nations, announced its Comprehensive Development Plan for Central […]
France agrees US$53mn investment in Cuban vaccine production
Photo by Ed Us France will provide Cuba’s Finlay Vaccine Institute (IFV) with €45mn (US$53mn) to expand production capacity for its vaccines against pneumonia and meningitis that are mainly destined for Sub Saharan and other parts of Africa. The announcement and recent COVID vaccine production-sharing and supply agreements with other countries suggests that Cuba will in […]
Mexico provides Cuba with a political lifeline
Photo by Jorge Aguilar Mexico’s President, Andrés Manuel López Obrador, has reiterated his belief that the US government should lift its embargo on Cuba, and not take advantage of what he described as the misfortunes of other people. Speaking in the presence of Miguel Díaz-Canel, Cuba’s President, and his guest of honour at the official event […]
COVID measures hitting bottom line for Jamaican business
Photo by Shyam Many Jamaican businesses are reeling as the financial impact of the Government’s COVID-19 mitigation measures take their toll. According to businesses, the so-called “no-movement” days recently announced by Prime Minister Andrew Holness, where curfews span the entire day have significantly limited economic activity. No business can survive on three and a half days […]
Cuba to gradually reopen its borders to tourism in November
Photo by Jeremy Bezanger Cuba’s Ministry of Tourism has said that, as of 15 November, the country will gradually reopen its borders to international tourism. It is doing so, the Ministry said, on the basis that, by then, more than 90% of Cubans will have been vaccinated, and a high percentage of travellers from its principal […]
El Salvador’s Bitcoin debut serves as cautionary tale
Photo by André François McKenzie Ever since 9 June, when the legislature of El Salvador passed a law that would allow, facilitate, and encourage the use of Bitcoin in “all transactions” beginning on 7 September (with the US dollar remaining the country’s official tender), observers worldwide had awaited this day to see how the controversial cryptocurrency’s […]
Central Bank regulation may indicate wider future use of cryptocurrency
Photo by drmakete lab Cuba’s Central Bank (BCC) has gazetted a resolution establishing rules for the use of cryptocurrencies in the country. The legislation makes clear that the BCC, ‘for reasons of socioeconomic interest’, may agree to ‘the use of certain virtual assets in commercial transactions and grant a license to virtual asset service providers for […]
The Caribbean’s ‘big fish small fish’ problem
Photo by Pawel Czerwinski David Jessop believes that the recommendations of the CARICOM Commission on the Economy represent the region’s last best hope of achieving the re-engineering required if the Caribbean is ever to compete globally as a bloc. Some years ago, the then Prime Minister of Barbados, the late Owen Arthur, told me that unless […]
Donors slow to help Haiti after devastation by earthquakes in South West
Photo by Sunyu Kim Aid remains limited two weeks after Haiti was hit by a magnitude 7.2 earthquake which severely damaged several cities, killing 2,200 and injuring thousands more. The United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) estimates that about 800,000 people have been affected and an estimated 650,000 people – 40% of […]
Cuba’s health care system struggles under weight of new COVID infections
Photo by Artur Tumasjan Cuba’s health care system is continuing to struggle under the weight of the pandemic and the difficulties the country is having in purchasing equipment, spares, and medical supplies. During August, the situation became acute with government reporting shortages of critical care beds in some provinces, and a collapse in the supply of […]
Opposition win landslide victory in St Lucia General election
Photo by Arnaud Jaegers The opposition St Lucia Labour Party (SLP) has won a landslide victory in the country’s 26 July General Election. The new Prime Minister is Phillip Pierre. The SLP secured 13 of the 17 parliamentary constituencies, while the incumbent United Workers Party (UWP) led by Former Prime Minister Allen Chastanet retained only two […]
Why is the Caribbean letting others shape its future?
Photo by Callum Wale In this, the second of six monthly commentaries taking the long view of change in the Caribbean, David Jessop suggests that if CARICOM is unable to deliver a modern single market and economy and drive transformational reform, others from outside the region will exploit this and try to define its future. A few days […]
US broadcasts 30,000 radio ads per month to dissuade Central American migrants
Photo by Barbara Zandoval On 15 July, a spokesperson for the US Department of State told CNN that it is disseminating “more than 30,000 radio ads a month” throughout the Northern Triangle. The ad buys cost the US government nearly $600,000 per month, and the content is broadcast in Spanish and five indigenous languages. According to this spokesperson, […]
Biden outlines future US policy options on Cuba
Photo by Jose Matute President Biden and senior US officials have outlined some of the options they are considering to increase pressure on the Cuban government to induce change. In a statement issued on 25 July, in which he announced new sanctions intended to “hold accountable for their actions” Cuba’s Minister of the Armed Forces, General […]
Ariel Henry sworn in as new Haitian Prime Minister
Photo by Patrice S Dorsainville Ariel Henry has been sworn in as Haiti’s new prime minister following the resignation of Claude Joseph, as interim Prime Minister. Joseph, who had assumed the leadership of the country after the assassination of the country’s President, Jovenel Moïse, had lost the support of the International Community. (Caribbean Insight 10 July […]
Uneasy calm returns after unprecedented wave of street protests across Cuba
An uneasy calm has largely been restored to the streets of Cuba’s cities following an unprecedented nationwide wave of public protests on 11/12 July. Responding to the protests in Havana and other cities involving many thousands, significant numbers of whom were young, Government brought the police, and large numbers of uniformed and plain-clothed security personnel […]
Panama Canal transits on the rise as global trade rebounds
Image: Panama Canal Authority The reopening of economies worldwide, often coinciding with increased vaccination rates, has had a knock-on effect on global trade and the vessels that transport it. On 15 July, the Panama Canal Authority released its ship transit estimates for the 2021 fiscal year (ending 30 September): 13,000, compared to 12,245 during the […]
Popular unrest in Havana and multiple cities – Government reacts
Photo by Jeremy Zero As Cuba Briefing closed for press, some of the largest demonstrations and confrontations seen in Cuba in recent years were taking place in several Cuban cities, including Havana. Largely spontaneous and widely reported on social media within Cuba, the unrest was a response to growing concerns about food shortages, severe power outages, […]
Jovenel Moïse, sitting President of Haiti assassinated
Photo by BBC News President Jovenel Moïse was assassinated at his private residence in Port-au-Prince, after it was stormed by armed men in the early hours of 7 July. The President was reportedly shot 12 times, and succumbed to his injuries at the residence, which was heavily vandalised. First Lady Martine Moïse was also injured […]
The Caribbean Council & Georgetown Chamber of Commerce & Industry Business Networking Mixer
The IMF forecasts Guyanese GDP growth to be 16.5% in 2021. The country’s GDP is expected to nearly double by 2025, reaching US$11bn.As the oil and gas sector continues to rapidly develop, opportunities to trade with and invest in Guyana are multiplying across the economy, including in agriculture and agribusiness, services, real estate and construction, tourism and […]
Safely Reopening UK – Caribbean Travel: A Region Prepared
Friday, 21st May 2021 Various jurisdictions in the Caribbean now boast some of the highest per capita vaccination rates in the world and has been extremely effective in limited the spread of COVID across the pandemic. This success combined with the adoption of best-in-class health and safety protocols means that the Caribbean is now prepared and excited […]
As pandemic cases surge, Tropical Storm Elsa threatens
Photo by Johannes Plenio Cuba is facing the double threat of having to address surging pandemic levels, while preparing for the passage of damaging winds and rains, as Tropical Storm Elsa crosses central parts of the country. At press time, the Cuban government had announced that, given the proximity of the tropical storm, each of its […]
Reimagining the Caribbean
Photo by frank mckenna In this the first of a monthly series of columns, David Jessop identifies some of the issues the issues and themes that may determine the future trajectory of the Caribbean. Today a younger generation of Caribbean women and men have begun to challenge many of the assumptions that exist in and beyond the region. […]
UK mining firm strikes gold at new site in Nicaragua
Photo by Peter Olexa On 28 June, Condor Gold announced that it had discovered a gold intercept at its Cacao site in Nicaragua. The firms said this find indicates that the site “has the potential to host a significant gold deposit.” Cacao is located four kilometres away from the principal mine of Condor’s concession in the country, known as “La […]
Three dose Abdala vaccine potentially world class
Photo by Mika Baumeister Cuba’s Centre for Genetic Engineering and Biotechnology (CIGB) has said that after a third dose, the country’s Abdala candidate vaccine is 92.28% effective against COVID-19 and its variants. If formally confirmed, this places it at a level similar to vaccines developed by Pfizer or Moderna, and higher than those of AstraZeneca or […]
Difficult choices for the Caribbean
Photo by Nasik Lababan Decisions taken at the G7 summit in relation to China will become an issue the Caribbean will have to respond to. David Jessop believes that the coming chill in relations between the West and China will make finding solutions to the problems the region faces more challenging. Can the Caribbean avoid being caught up […]
Mottley says small tourism-dependent economies face two lost decades
Photo by iAko Randrianarivelo Tourism-dependent countries in the Caribbean have been set back by as much as 20 years as a result of the ongoing coronavirus pandemic, according to Barbados’ Prime Minister, Mia Mottley. Speaking at an IMF forum on Natural Disasters and Climate Change Mottley called for recognition of the plight of tourism-dependent nations and […]
FDI in Latin America down by 45% due to pandemic
Photo by Donald Giannatti According to UNCTAD’s World Investment Report 2021, FDI in Latin America has dropped by 45% in 2020 to US$88bn. According to UNCTAD’s Director of Investment and Enterprise, “Latin American economies faced a collapse in export demand, falling commodity prices, and the disappearance of tourism, leading to one of the worst contractions in […]
Cuba says its Soberana 02 vaccine has 62% efficacy
Photo by Mat Napo Cuba has announced that two doses of its Soberana 02 vaccine have a 62% efficacy, a figure that exceeds World Health Organisation (WHO) requirements for a candidate vaccine to be recognised as a vaccine. Further results about the efficacy of a combination of two doses of Soberana 02 with one of Soberana […]
Cryptocurrencies, central banks, and the Caribbean
Photo by Executium This year has seen the Bahamas and the Eastern Caribbean introduce Central Bank Digital Currencies (CBBCs) . Other nations are expected to do so soon. David Jessop believes that CBBCs could revolutionise Caribbean financial transfers, engage the unbanked, and do much to encourage intra-regional trade. In less than three months’ time, El Salvador intends becoming […]
Paris Club creditors agree to reschedule Cuban government debt
Photo by Jeremy Zero Cuba and its Paris Club creditors have agreed to reschedule the repayment of the country’s outstanding medium and long-term government debt. The decision came at a meeting in Paris on 9-10 June between Deputy Prime Minister, Ricardo Cabrisas, and members of the Club’s Ad Hoc working group on Cuba. According to a […]
Oil, the environment and climate change
Photo by Erebus Guyana and Suriname are about to experience levels of development most countries can only dream about. David Jessop believes that what is lacking is any debate about where further finds might lead, and what the environmental, economic, and geopolitical implications might be. It is not often that well-resourced and politically powerful companies such as ExxonMobil […]
PM Browne pledges to lower regional travel taxes amid COVID-19 fallout
Photo by Raphael Nogueira In a Twitter Spaces regional dialogue hosted by Kev Politics, Antigua’s Prime Minister Gaston Browne has conceded that high travel taxes are negatively impacting intra-regional travel. Challenged to address the issue, Browne signalled his intention to lobby his regional counterparts to operationalise a reduction in air travel taxes. The Prime Minister, who […]
Ministers approve changes to legal status of state and non-state enterprises
Photo by Jeremy Stewardson Cuba’s Council of Minsters has approved changes to the legal status of all state and non-state enterprises and cooperatives, including the country’s many small, medium, and micro private businesses that deliver services from clothing design to vehicle repairs. The new laws, when published, are expected to confirm that state enterprises remain the […]
Cuba, Argentina, and a vaccine for the Americas
Photo by Braňo It is quite possible that as the year goes on, Cuba and Argentina enter into a production agreement for two of Cuba’s COVID-19 candidate vaccines, if certified for use. David Jessop writes that the region should be proud that a relatively small Caribbean nation may soon be able to supply a self-developed vaccine to the […]
US Vice President encouraging multinationals to invest in Northern Triangle
Alex Wong/Getty Images According to Reuters, US Vice President Kamala Harris has reportedly met with senior executives of 12 companies and business groups, as well as with representatives from the World Economic Forum to promote investment opportunities in the Northern Triangle. As part of the Biden Administration’s commitment to help Central America to drive economic […]
Is the lure of the beach enough
Photo by Fernando Jorge The pandemic has proved conclusively that without tourism much of the Caribbean economy is unviable. Echoing a recent IDB report, David Jessop asks whether the basic product of sun, sea and sand is sustainable? Sometime in the next twelve months, when the pandemic is fully brought under control in North America and Europe, visitors […]
Caribbean tourism must innovate to fully recover IDB says
Photo by Lucas Swennen A study published by the Inter-American Development Bank (IDB) suggests that for Caribbean tourism to fully recover from the pandemic it will need to innovate and adapt its product to meet changing global demand. Speaking about the report, ‘Imagining a Post-COVID Tourism Recovery: A Regional Overview’, Olga Gómez, the IDB’s lead tourism […]
Argentina and Cuba sign letter of intent on COVID vaccine production
Photo by Markus Spiske Argentina’s Health Minister, Carla Vizzotti, and her Cuban counterpart, Dr José Angel Portal, have signed a letter of intent that is expected to see the two countries collaborate in the production of Cuban vaccines developed against COVID-19. The letter specifies that the collaboration relates to ‘the immunisation of the population of Cuba […]
Cuba hopes to restore economy to pre-pandemic levels by start of 2023
Photo by Jeremy Zero Cuba’s Minister of Economy and Planning, Deputy Prime Minister Alejandro Gil, has said that despite the pandemic and the tightening of the US embargo he believes that the Cuban economy can return in 2023 to the same level of GDP recorded in 2019. Explaining this to the media during a review of […]
Home porting, the cruise lines, and the Caribbean
Photo by Alonso Reyes Several US cruise lines have said they will sail out of the Caribbean this summer. David Jessop believes that the need for a strong post pandemic economic recovery requires the region to find ways to ensure cruise ships home port in the Caribbean for a part of every year. Will the decision by several […]
El Salvador ratifies agreement with China after officials named by US as corrupt
Photo by Wilson Edilberto Santana Suarez The President of the Legislative Assembly, Ernesto Castro has announced on Twitter that El Salvador will ratify a framework cooperation agreement with China in order to boost Chinese investment in agriculture, trade, tourism and sports, and in an effort to facilitate economic and technical cooperation. Though negotiations have been ongoing […]
Decree law confirms primacy of Cuba’s state enterprise sector
Photo by Florian Wehde Cuba has confirmed in a decree law that socialist state enterprises will remain the principal economic entities in the Cuban economy, play the main strategic role in the production of goods and services, but in future have autonomy in administration and management. This new decree law contains 15 measures that make up […]
The future of CARICOM
Photo by The World News The CARICOM Commission on the Economy put forward last year a number of genuinely radical proposals on how the regional integration process might be resuscitated. David Jessop suggests that if set aside it will be time to ask if CARICOM and its single market has any long-term future? The appointment of Dr […]
Guyana seeking large scale investments in agriculture
Photo by Ryo Yoshitake Guyana’s President, Dr Irfaan Ali, has said that the country is interested in encouraging large scale investments in food production for export, particularly to CARICOM. Speaking to about 150 potential US investors, he said that the development of the sector and the country’s extensive tracts of productive land was a priority of […]
Cruises after COVID, a Strategic Outlook on the Future of the Cruise Industry in the Caribbean
Friday, 7th May 2021 The global cruise industry is now facing a unique set of opportunities and challenges on the heels of COVID-19, as cruise lines prepare to restart routes in the Caribbean in 2021. At its peak in 2019, the cruise industry catered to 30m passengers with the Caribbean representing 32% of deployments and generating […]
Seventy per cent of Cubans to receive vaccine by August
Photo by The Associated Press Cuba has said that it expects to have vaccinated 70% of all its citizens by August using its nationally developed Abdala and Soberana 02 vaccines. In the meantime, it is to begin an intervention study which will see it administer the two candidate vaccines on an emergency basis in provinces […]
Biotech company Nextern announces new plant in Costa Rica
The US-based medical company, Nextern, has confirmed that it is building a manufacturing facility in Cartago, Costa Rica, in the La Lima Free Trade Zone. In addition to producing the company’s signature medical devices in the country, Nextern will develop a local research and engineering team to create new products and to improve existing technology, […]
Cyber Security: an unavoidable priority
Photo by FLY:D When the Caribbean finally emerges from the pandemic a key task will be to upgrade its connectivity. David Jessop argues that governments and the private sector will also need to focus in parallel on becoming fully cyber secure. If the pandemic has demonstrated anything it is that much improved internet connectivity, reliability and security have […]
Jamaica says public-private partnerships key to avoiding future debt crisis
Photo by Pat Whelen Jamaica’s Finance Minister, Dr Nigel Clarke, has said that if it is to escape from being drawn into a looming regional debt crisis the country must do more to create public-private partnerships. Speaking at a Private Sector Organisation of Jamaica (PSOJ) virtual forum on post pandemic recovery, the Minister said that the […]
Pandemic showing little sign of abating in Havana
Photo by Adam Nieścioruk President Díaz-Canel has said that that the transmission and lethality of COVID-19 is increasing and above all is concentrated in Havana. He was speaking at a 28 April meeting of the high-level working group on the pandemic that had been told that 18 people had died in a single day of COVID-19; […]
Vaccine diplomacy and Caribbean economic recovery
Photo by Sam Moqadam Much of the Caribbean is still struggling to obtain vaccines against COVID-19. David Jessop writes that by sharing some of the 60m spare doses it has available, the US would powerfully signal its interest in a renewed partnership. Vaccine inequity has become a matter of deep global concern. The issue, the WHO’s Director-General, Tedros Adhanom […]
Continuity and modernisation, themes of eighth Communist Party Congress
Photo by Abrajam Escalante Generational change, continuity, and modernisation of the Cuban Communist Party so that it is better equipped to lead in a rapidly changing world, were the main themes of the eighth Party Congress which ended on 19 April. As expected, the fourday event saw the remaining members of Cuba’s historic leadership stand down, […]
It is time for a new US-CARICOM partnership
Photo by Caleb Perez A few days ago, CARICOM Foreign Ministers had a first meeting with their new US counterpart. The emphasis was on inclusivity and partnership. David Jessop suggests that this should be the moment when the US develops an integrated programme that supports Caribbean recovery and long-term development. Perhaps the most important aspect of the short […]
World Bank approves additional US$70m for vaccination rollouts in El Salvador and Honduras
Photo by Diana Polekhina The World Bank’s Board of Executive Directors approved additional financing of US$50m for El Salvador and of US$20m for Honduras under the auspices of their respective COVID-19 Emergency Response Projects. The funding for El Salvador is intended to help the country boost vaccine procurement and continue to progress key vaccination activities, such […]
Raúl Castro steps down, confirms Party will limit extent of economic reforms
Photo by AFP Raúl Castro has told delegates attending Cuba’s eighth Communist Party Congress that he will be standing down as its First Secretary despite the wish of some to encourage him to continue. Addressing delegates at the end of a report from the Politburo, which set the scene for the issues to be considered […]
Regional Tourism Outlook Brightening
Photo by Art Rachen Although the volcanic eruption in St Vincent has cast a temporary shadow over tourism in the South East Caribbean, the regional outlook is brightening. David Jessop reviews the statistics and recent statements about the sector’s role in the region’s post pandemic economic recovery. Recently published visitor arrival figures indicate that Caribbean tourism has started […]
Thousands evacuated as St Vincent volcano erupts
image: @VincieRichie/twitter After decades of inactivity, St Vincent’s La Soufriere volcano erupted on 9 April casting huge clouds of ash up to six miles into the sky causing government to implement plans to evacuate thousands of citizens living in its vicinity. In the days following the eruption St Vincent’s government implemented plans to evacuate thousands […]
Upgraded tourism to be locomotive of recovering Cuban economy
Photo by Aurélien Courtet Cuban tourism will continue to be a locomotive of the country’s economy, generating income that contributes to increasing the well-being of all, Prime Minister Manuel Marrero has told a meeting of the Ministry of the Tourism (Mintur). Speaking to more than 300 regional tourism executives by video link, Marrero, a former Minister […]
El Salvador talks with IMF officially begin
Photo by Giorgio Trovato The Government of El Salvador has announced that it has officially begun talks to secure US$1.4bn in finance from the International Monetary Fund (IMF). The negotiations are reportedly being led by IMF Senior Economist Alina Carare, and are being held virtually. In addition to talks with the Government, the private sector as […]
Is a new relationship between Britain and its Caribbean Overseas Territories needed?
Photo by Elena Mozhvilo The relationship between Britain and its Caribbean overseas territories has been relatively stable over a long period. However, voices in some have begun to argue for new approach to address what is seen as an increasingly brittle, unequal relationship. David Jessop explores changing attitudes and options. Last month Britain published two significant post-Brexit policy […]
What does Brexit mean for trade and development in the UK Caribbean Overseas Territories?
After four years of Brexit negotiations, the EU-UK Trade and Cooperation Agreement entered into force on 1 January 2021, setting out new opportunities and challenges for businesses and investors. The outcome of the negotiations has significant implications for bilateral trade and investment between the EU and UK Overseas Territories, as the latter were not included in the Brexit […]
Cuba: Commercialisation, Currency Unification & A New US Administration
11th February 2021 Cuba is facing a pivotal moment for its economy and history. The country is undergoing deep economic reform. Efforts to promote commercial development are underway as business management is being decentralised, subsidies decreased and markets liberalised. After over a decade of planned currency reform, the unification of the Peso Cubano and the […]
CARICOM could receive doses of Russia’s Sputnik vaccine via Grenada
Photo by Hakan Nural The Government of Grenada and the Russian Direct Investment Fund (RDIF) have signed a collaboration agreement which, in part, will facilitate the registration and distribution of Russia’s Sputnik V Coronavirus vaccine across CARICOM. The announcement comes as concern continues about the slow arrival of vaccines through the World Health Organisation’s COVAX facility […]
Australian gold miner moving ahead with venture in Isle of Youth
Photo by Christina Deravedisian The Australian company Antilles Gold has reported that it is hoping to discover gold and silver in exploitable quantities on a site that it is exploring at La Demajagua on Cuba’s Isla de la Juventud. It is also considering a similar acquisition at Golden Hills in Las Tunas in central Cuba. The […]
A better approach to UK-Caribbean relations
Photo by Jurica Koletić In recent weeks Britain has spelt out its thinking about post-Brexit relations with the much of the Caribbean. David Jessop writes that while the desire to reinvigorate and broaden its partnership with the Caribbean is to be commended, much will depend on a sustained commitment to implementation. There is an old saying that you […]
Lafarge Holcim announces US$20m investment in El Salvador
Photo by ElSalvador.com Industrial materials producer Lafarge Holcim, has announced that it will invest US$20m to increase the production capacity of its El Salvador facilities. US$11.6m will be invested to boost production at its Maya Plant located in Metapán, after the factory had significantly scaled back production after the 2008 global financial crisis. The remaining […]
The Dominican Republic – From Lockdown to Restart and Recovery
Businesses of all sizes and sectors across every region have been impacted in an unprecedented way by the current pandemic caused by COVID-19. In this webinar, organized by the British Chamber of Commerce in the Dominican Republic (BritchamDR) in partnership with the Caribbean Council, we will inform and guide our stakeholders through what actions are required for the recovery and future economic development in various sectors following COVID-19, and provide a unique perspective to the regulatory and economic challenges and opportunities for […]
Trade and Investment in El Salvador: Opportunities Post Covid-19
The global rollout of COVID-19 vaccines is raising hopes that the global pandemic will soon end. To remain regionally and internationally competitive ahead of the post-pandemic boom, El Salvador is continuing to strive for growth across sectors by progressing investments in renewable energy, infrastructure development, as well as in its business support services industry. Missed our webinar? Full recording now available, please contact mariatereza.laino@stagingcaribbean.wpengage.uk to learn more.
Jamaican Economy – The Growth Path ahead”
Thursday 12th November Vision 2030 Jamaica is the first long-term National Development Plan which aims to put Jamaica in a position to achieve developed country status by 2030. The plan envisages a major transformation from a middle-income developing country to one which affords its citizens a high quality of life and world-class standards in areas […]
Growth and Opportunity: Where next for Trinidad?
On 28 October 2020, the Caribbean Council was pleased to welcome Shelly-Ann Mohammed Head of ACCA Caribbean, Asha Javeed, Senior Journalist at Trinidad Express, and Nirad Tewarie CEO of AMCHAM Trinidad, to provide insight on Trinidad and Tobago’s future for a webinar titled: “Growth and Opportunity- Where next for Trinidad?” The August elections resulted in a victory for incumbent Prime Minister Rowley’s […]
Guyana – What does the future hold for Guyana and its New Administration
Tuesday 8th September 2020 Guyana is expected to see an overall economic growth in 2020 with further positive projections over the next two years. This is mainly due to the new oil production in Guyana which is projected to boost the country’s GDP growth to an unprecedented level despite the decline in oil prices.With the new […]
ESG – The must-have toolkit for investors to the Caribbean and Central America
Tuesday, 1st September 2020 ESG investing is growing rapidly and its popularity will continue to increase. What does this mean for your investments or business in Central America and the Caribbean? The financial argument in favour of ESG investments is now established as they rival andsometimes outperform conventional investments. ESG criteria, therefore, form an investor toolkit that will play an important role in the Caribbean and Central America as awareness rises among consumers and investors about global supply chains, corporate governance, as well as the societal and environmental impacts of commercial […]
The New Business Norm – What changes Business Sectors in the Caribbean need to plan after COVID-19
Thursday 25th June 2020 The spread of COVID-19 is changing how we live and work in ways we would not have thought possible Today’s new normal for businesses includes work-from-home difficulties, disrupted supply chains, cash crunches, uncertain compliance obligations, and themechanics of applying for new government programs. Governments around the world have pumped trillions into their economies directly and have also cut interest rates and applied other forms of monetary stimulus. The world will see the rise […]
Economic Resilience and Capital Markets in the Caribbean after COVID-19
Tuesday 26th May 2020 LIVECaribbeanCouncil provides a unique perspective to the regulatory and economicchallenges and investment opportunities in the Caribbean. We will host a series of webinars guiding stakeholders through the different Caribbean governments’ response to the COVID-19 pandemic, and both their short and long term consequences in the different economic sectors. Missed our webinar? Full recording now available, please contact mariatereza.laino@stagingcaribbean.wpengage.uk to learn more.
Visitor arrivals fell by 25.4% in 2020
Photo by MJ Haru The number of visitors to Cuba fell by 25.4% in 2020 despite the country experiencing positive arrivals numbers in January, February and March 2020. The figures, which reflect the serious impact of the pandemic and the closure of the country’s borders for much of last year, can be found on the website […]
COVAX vaccines start to arrive in Caribbean – supply concerns remain
Photo by Mat Napo The first vaccines to be supplied to the Caribbean under the World Health Organisation (WHO) linked COVAX facility have arrived in Jamaica. However, most countries in the Caribbean are still awaiting details on when they will receive their allotment. In a news release, the Pan American Health Organisation said that the delivery […]
Britain seeks a new place in the world
Photo by Artur Tumasjan The British Government has just published a forward-looking post-Brexit integrated review of its security, defence, development, and foreign policy objectives. David Jessop highlights its main features and some of its implications for the Caribbean. What global role should a post-imperial, post-Brexit Britain play? Can it reinvent itself in a manner that convinces a population increasingly […]
Havana Club has good year despite pandemic
Photo by Tim Rüßmann The CEO of Havana Club Internacional SA, Christian Barré, has said that although 2020 was an unusual year due to COVID-19, the company had been able to adapt, show good results and increase market share in most of the markets in which it is present. Speaking to the media he said that […]
Perception, actions and explanations matter
Photo by Simon Maage For many in the idea of building a wall or a fence wall to halt migration is not just discriminatory, but largely unworkable. David Jessop writes that if the decision by the Dominican Republic to construct a ‘fence’ along its border with Haiti is to be understood, it needs to be better explained across […]
President Bukele’s party wins landslide victory in the legislative election
Photo by Element5 Digital El Salvador’s President and leader of the Nuevas Ideas party, Nayib Bukele, has declared a major victory in the 28 February legislative elections, following a projection that his party and its allies have won the biggest congressional majority in the country’s history. According to electoral authorities, Nueva Ideas and GANA won approximately […]
CARICOM Chair calls for reset in US relations with Cuba
The Chair of CARICOM, Dr Keith Rowley, the Prime Minister of Trinidad, has called for the US to return to a policy of engagement in its relations with Cuba. Speaking on 26 February in an online event organised by the Washington think tank, the Atlantic Council, he called for a reset in relations between the […]
Can CARICOM Heads of Government deliver?
At their recent summit CARICOM heads of Government agreed multiple regional responses to address the looming post-pandemic economic crisis facing the region. David Jessop asks whether this time they will overcome past implementation failures and fulfil the promises they have made. A little over a year ago this column observed that the pandemic will pass, but noted that […]
CARICOM Heads stress need to act now to ensure post pandemic recovery
Photo by Aron Visuals CARICOM Heads of government, meeting virtually on 24-25 February, have stressed the need to rapidly address past implementation failures and involve the Caribbean private sector in planning for post-pandemic economic recovery. Expressing concern about the continuing lack of progress on implementation of the CARICOM Single Market and Economy (CSME), Heads “agreed to […]
Better local planning required in sensitive tourism locations
Cuba’s Prime Minister, Manuel Marrero, has said that Cuba needs to end the construction of ‘anachronistic’ buildings in areas of environmental and visitor importance. Speaking in Varadero during a visit to review progress on a Council of Ministers development plan approved in 2019, he urged the local and the provincial authorities in Matanzas to do […]
Vaccine passports may hold the key to tourism’s safe return
Photo by John Cameron Safely restarting tourism is arguably the biggest economic challenge facing most Caribbean governments. David Jessop believes that despite the difficulties involved, tourism’s return can only happen once significant numbers of at-risk citizens and key workers are vaccinated, and a viable vaccine passport scheme is in place for visitors. From Russia to Singapore, nations around […]
Panama remains on EU tax haven blacklist
Panama remains on the European Union’s (EU) list of non-cooperative jurisdictions for tax purposes, updated as of 22 February 2020. The EU says that the purpose of the list is “not to name and shame, but to encourage positive change” in tax governance. In Panama’s case, the implication is that the country has not sufficiently […]
Ministers defend the impact of economic reforms
Photo by Peter Zimmermann via Getty Images Cuban ministers have said that Government is monitoring closely public concerns about the impact of currency unification on prices and wages and have stressed that, where possible, remedial action will be taken to ensure fairness. Speaking on the flagship Television programme Mesa Redonda – the principal vehicle for […]
Will the new WTO Director General be able to revive multilateralism?
Photo by Umaizi The World Trade Organisation is in desperate need of resuscitation. David Jessop writes that much will now depend on its newly appointed Director General rebuilding consensus and driving forward reform and a new agenda. A few days ago, the Nigerian-American economist, Dr Ngozi Okonjo-Iweala, was appointed to lead the 164 nation Geneva-based […]
EU-CARIFORUM EPA has ‘done little’ to increase Caribbean trade
Photo by Chris Pagan The European Union has published the findings of an assessment of the impact of the EU-CARIFORUM Economic Partnership Agreement (EPA). It indicates that over the 10-year period 2008-2018 the principal beneficiary has been the EU and the Dominican Republic, and that the overall trade between the two regions has changed little other […]
