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 […]
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 […]
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 […]
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 […]
A new US initiative for the Caribbean is needed
Photo by Renan Kamikoga In April, the US will host a virtual Summit of the Americas. David Jessop believes that a new generation of Caribbean business leaders should participate in the parallel CEO summit to make the case for a new initiative that supports private sector post-pandemic recovery initiatives in the Caribbean and Central America. When the economies […]
Greater economic role envisaged for the private sector
Photo by Jeison Higuita 15th February 2021 Cuba’s Council of Ministers has approved and published a list of more than 2,000 forms of employment that in future can be undertaken by the country’s embryonic private sector. The announcement, which had been expected, confirms that Cuba’s non-state sector is likely to grow and will be given new […]
MPC creates new entity, raises US$100m for new projects including El Salvador plant
Photo by Giorgio Trovato 12 February 2021 German asset management firm MPC Capital has raised US$100m in an oversubscribed private placement to fund seven new projects – five in Colombia and the others in El Salvador and Jamaica. It has launched a new platform, MPC Energy Solutions, focused on renewable energy investments. MPC Energy Solutions’ website […]
Cuba ramping up its vaccine production capacity
Photo by Ivan Diaz 9 February 2021, Issue 1084 Cuba is scaling up its bio-pharma production facilities to manufacture millions of doses of its COVID-19 Soberana vaccines. Speaking on the television and radio programme, Mesa Redonda, Eduardo Martínez, the President of the Business Group of BioCubaFarma, said that Cuba is currently working on having the capacity […]
Has the EU-CARIFORUM EPA worked?
Photo by Anthony Ingham Although the 2008 EU-CARIFORUM Partnership Agreement may have saved the Caribbean from tariffs on its exports to Europe, a recent report suggests the EPA has done little to increase Caribbean trade with the EU. David Jessop wonders whether this indicates a indicates a weakening of the relationship. More than a decade has passed since […]
IMF says Bahamas post- pandemic economic recovery ‘will likely take years’
Photo by Luis espinoza 5 February 2021, Volume 43 Issue 3 The IMF has said that economic recovery to pre-pandemic levels in the Bahamas ‘will likely take years’ and that the ‘downside risks loom large’. In a statement following the conclusion of its annual Article IV consultation, the Fund’s Executive Board noted that the archipelago had […]
China, the US, and a new world order
Photo by Macau Photo Agency 30 January 2021 Speaking recently, China’s President made clear that Beijing intends playing a global leadership role. David Jessop suggests that for the Caribbean, co-existing in a world in which two dominant, philosophically different powers vie for supremacy will require new thinking. A few days ago, China’s President, Xi Jinping, addressed the opening […]
White House confirms early review of Cuba policy
Photo by Tabrez Syed 1 February 2021, Issue 1083 The Biden White House has confirmed that it will review the former Trump administration’s policy towards Cuba. Speaking on 28 January the White House press secretary, Jen Psaki, said that in doing so the new administration “will take its own path”. In answer to a question, she […]
Kimberly-Clark invests US$18m in Salvadoran plant
Photo by estrategiaynegocios.net 29 January 2021 Vol 9, Issue 2 Personal care manufacturing company Kimberley-Clark is expanding the capacity of its manufacturing plant in Sitio del Niño, El Salvador for a reported investment of US$18m. The investment will go toward the construction of a 13,000sqm warehouse and technology update. The expansion will increase the plant’s […]
It’s time to abandon sanctions on Cuba
Photo by Remy Gieling 24 January 2021 CARICOM has ‘denounced’ the US decision to redesignate Cuba as a state sponsor of terrorism. David Jessop writes that sanctions on Cuba have failed, have the effect of consolidating power, harm those least able to cope with their economic and social impact, and require urgent review by the Biden administration. In […]
EU rejects US terrorism designation
Photo by Chris Hardy 25 January 2021, Issue 1082 The European Union’s High Representative, Vice-President Josep Borrell, has criticised the inclusion of Cuba in the US list of state sponsors of terrorism. An EU statement following the third EU-Cuba Joint Council meeting noted that Borrell regretted that the decision by the outgoing Tump administration “will have […]
Venezuela ups claim to Essequibo
[Photo: Dan Lundberg / CC BY-SA 2.0] 22 January 2021, Volume 43 Issue 2 Guyana has increased the number of troops present on its border with Venezuela and signed a maritime security cooperation agreement with the US. Both moves follow a declaration in Caracas by President Nicolás Maduro, again laying claim to the Essequibo region, […]
Winter 20/21 – Part Three – Aviation Opportunities in the Caribbean – Post COVID 19 pandemic
Photo by Stefan Fluck Aviation expert and advisor, Richard Nanton, writes: Fortune favours the bold, and those organisations that are not bold or willing enough to plan their post-pandemic projects now, will be left far behind when the Covid pandemic is over. Three factors will influence whether Caribbean airlines survive or thrive as Covid’s legacy lingers […]
Trump administration redesignates Cuba a state sponsor of terrorism
Photo by Ricardo IV Tamayo In the dying days of the Trump administration the US State Department has again designated Cuba as a ‘State Sponsor of Terrorism’. The decision could slow efforts by the incoming Biden administration to take calibrated steps to gradually restore US-Cuba relations. The decision to redesignate by the US Secretary of State, […]
Responding to Washington’s new thinking
Photo by Cameron Smith As President, Joe Biden is expected to embrace the Americas, seeking a relationship that is both collegiate and developmental. David Jessop argues that it is incumbent upon Caribbean private sector leaders to develop new working relationship in Washington to make clear what is required. In a few days’ time, Joe Biden will become […]
PepsiCo opens US$27m distribution centre in Guatemala
(Photo Prensa Libre: PepsiCo) PepsiCo has invested US$27.1m in its new 43,500msq distribution centre located in Villa Nueva, in the south-west of the country. General Manager for PepsiCo Alimentos, North Central America, Clara Contreras, said that the investment positions the company in a key location for East-West connectivity, enabling efficient response to market demands. This […]
ESICUBA sets out currency unification implications for Cuban insurance policies
Photo by tiago claro Cuba’s state insurance company ESICUBA (Seguros Internacionales de Cuba SA) has issued an official note indicating how the process of monetary and exchange rate unification will affect its clients both individual and corporate. ESICUBA reported that following currency unification on 1 January all current policies will maintain current rates, until expiration. It said […]
President calls for ‘extreme measures’ as virus surges again
11 January 2021, Issue 1080 President Díaz-Canel has called on Cubans to exercise greater responsibility to drastically reduce the spread of a third outbreak of the COVID-19 pandemic which is reported to have reached a new peak. Leading a meeting of the country’s high level ‘Temporary Working Group for the prevention of COVID-19’, Díaz-Canel said […]
Full Caribbean tourism recovery possible post 2021
The pandemic has demonstrated conclusively that a vibrant tourism industry is central to Caribbean economic growth. David Jessop writes that industry leaders have begun to focus on how recovery might lead to a better integrated industry able to support national and regional development. Last year was a disaster for Caribbean tourism. Estimates suggest that visitor arrivals to […]
Tourism leaders optimistic about full Caribbean recovery post 2021
[Photo by Johnny Chen] 8 January 2021, Volume 43 Issue 1 Caribbean tourism professionals have expressed cautious optimism that by the end of 2021 the industry will begin to experience a gradual but full recovery. Speaking recently to Caribbean Insight, Frank Comito, the outgoing CEO and Director General of the Caribbean Hotel and Tourism Association (CHTA), […]
Government reduces energy price hike following widespread objections
In an indication of the political sensitivity of the economic, exchange rate and currency reforms being implemented, the Cuban government has reconsidered the sharp increase in electricity prices it had planned for 2021. Before Christmas and following criticism on social media as well as objections by many Cubans, Vice President Marino Murillo, Head of the […]
Britain and Europe: the moment of truth
As the Brexit negotiations stagger towards some sort of conclusion, David Jessop argues that whatever the outcome, leaving the EU will diminish Britain’s place in the world. This will require, he believes, significantly upgrading the Caribbean relationship with one or more EU states present in the region. Very soon, possibly by the time that this column is […]
Intel to invest US$350m in Costa Rica over three years
Intel Corporation will invest US$350m over three years as its Manufacturing and Operations division establishes microchip assembly and testing operations in Costa Rica. This will expand the global tech company’s production capacity and will help meet consumer demand, according to Intel Costa Rica’s General Manager, Ileana Rojas. “The existing infrastructure, synergy with the test operations that already exist on-site, the […]
Winter 20/21 – Part Two – What can be done to ensure Caribbean aviation is economically sustainable?
Aviation pricing and revenue generation expert, Oliver Ranson, writes: Stingray City – that sounds cool. Of the top 15 Caribbean attractions listed on Trip Advisor today, that’s the one I will visit first in 2021. But it will not just be Stingray City enjoying my custom, an entire travel ecosystem involving my hotel, dinner restaurant […]
Reform of Cuba’s dual currency system, salaries, and prices to start on 1 January
Photographer: Yamil Lage/AFP/ Getty Images The Cuban government has announced that the unification of its present dual currency system will begin on 1 January 2021. The exchange rate will be CUP24 to US$1 and as previously announced, the convertible peso, the CUC, will be abolished. Speaking on Cuban television and radio, Cuba’s President, Miguel Díaz-Canel, […]
What future now for Venezuela?
Despite concerted external pressure, the outcome of recent elections means that Venezuela’s President, Nicolas Maduro, now has both de facto and de jure control of his once wealthy country. David Jessop suggests that this is the time for new thinking about sanctions, dialogue, and the future. It is hard to know what the future holds for Venezuela, […]
Guyana and Suriname to link their economies
The Governments of Guyana and Suriname have launched an unprecedented series of actions intended to more closely integrate their economies and, over time, their commercial links to neighbours in South America. In a series of recent announcements, visits, and exchanges, the Surinamese President Chandrikapersad Santokhi, and his Guyanese counterpart, Irfaan Ali, have outlined a programme […]
Winter 20/21 – Part One – Regional Air Cargo
Aviation expert and advisor, Richard Nanton, writes: As a panellist last week, at the Caribbean Council’s Economic Recovery Conference Post-Covid, I was asked about the importance of air freight to the Caribbean region. The use of air freight is essential for the Caribbean, given its geographical position. Air Freight has traditionally entered countries on commercial […]
Central Bank enables alternative remittances provider
Cuba’s Central Bank has granted a license to Servicios de Pago Red SA (REDSA) to enable it to facilitate the processing of remittances. Although the decision in relation to REDSA comes shortly after Western Union withdrew from Cuba as a consequence of US sanctions on FINCIMEX (Cuba Briefing 2 November 2020), Cuban officials have indicated […]
Protest, climate change and the environment
Investor interest in the Caribbean’s undersea oil is accelerating, environmental activism is growing, and the world appears to be moving towards a consensus on climate change. David Jessop suggests this may require a more nuanced future regional narrative. Intensely national in character, environmental protest is on the rise across the Caribbean. From French Guiana, to […]
US$628m multilateral financing approved for Nicaragua’s economic recovery and electrification
The Central American Bank for Economic Integration (CABEI) and the International Monetary Fund (IMF) have each approved significant financing for Nicaragua, not usually a recipient of such large sums from multilateral financial institutions. CABEI will provide a loan of US$300m for the country’s economic reactivation and social protection, supporting dozens of projects across sectors including […]
Cuba’s President demands officials battle surging food prices
President Díaz-Canel has called on provincial Governors and officials to “battle” the steep rise in the price of foodstuffs and essential items now being seen across Cuba. “Abusive and speculative prices cannot be allowed, and we must go out to discuss with those who are currently raising prices, why they are doing it”, he was […]
Democracy alone is not enough
This was the year when much of the Caribbean went to the polls. General elections were held in Anguilla, Belize, Jamaica, the Dominican Republic, Puerto Rico, St Kitts, St Vincent, Sint Maarten, Sint Eustatius, Suriname, and Trinidad. In each case the losers conceded rapidly and governments either continued in office or saw power transferred peacefully. […]
Environmental group seeks halt to Bahamas offshore oil exploration
The Bahamian umbrella environmental group ‘Our Islands, Our Future’ has said that it will take legal action in relation to a judicial review it is seeking if the Bahamas Petroleum Company’s (BPC) starts a planned offshore drilling programme. The activist group said that it will seek an injunction if the company does not halt its […]
Díaz-Canel tells Cuban business it must become competitive
Cuban business must ‘immediately promote a culture of innovation to solve the most pressing problems of the country’, President Díaz-Canel has told a high-level meeting. In remarks critical of the state enterprise sector’s failure to respond to previous calls for change, he told the bodies that effectively control state enterprises that Cuba has the expertise […]
The next COVID-challenge – mass immunisation
The Caribbean is now well placed to obtain one or another proven COVID vaccine through the World Health Organisation’s COVAX facility. David Jessop writes that recent breakthroughs mean that governments must address rapidly the complex logistical challenge of citizen immunisation. In the last few days, Pfizer BioNTech a German-US company, and the US company Moderna […]
Biden expected to restore working relationship with Cuba
[photo – CNN Español] Cuba’s President, Miguel Díaz-Canel, has recognised the outcome of the US elections. Writing in a Tweet on 8 November, he noted ‘The US people have chosen a new direction in the presidential elections. We believe in the possibility of a constructive bilateral relationship respectful of differences’. Although Cuba has yet to […]
The US and the Caribbean: time to seize the moment
[photo – CadenaSER] The election of Joe Biden as the next President of the United States hold out the hope of a much improved and less divisive Caribbean relationship with Washington. David Jessop writes that if the Caribbean is to benefit, it must engage now to make the case for the policy changes that will […]
Guyana’s energy matrix set to change radically
Guyana’s President, Irfaan Ali, has said that he expects the country’s proposed ‘Gas-to shore project’ to be operational by the end of 2023. The project is intended to deliver affordable energy to Guyanese consumers, utilising natural gas presently being flared off from the country’s world class offshore oil finds. The project is expected to have […]
Cruise lines facing a much-changed future
An order issued by the US Centre for Disease control is likely to result in ‘test sailings’ by US cruise lines and a gradual return to the region in 2021. David Jessop believes that the high volume, short-stay model they promote faces a much-changed future. From Bridgetown’s Carlisle Bay to England’s south west coastal town […]
Cuba turns to the market to increase food supply
In a bid to encourage agricultural production and offset food shortages, Cuba has announced a raft of market related reforms effectively commercialising food production. The new policy will in part enable all state and non-state farmers and others involved in food production, processing and distribution to sell surplus produce directly once government contracts have been […]
Hurricane Eta hits Central America
Hurricane Eta (now classified as a tropical storm) has caused severe flooding, strong winds, and heavy rain across parts of Central America, with evacuations in Nicaragua and Honduras. Nicaragua remains on high alert for landslides, flooding, and damage to property in the aftermath of the storm, which at the time of writing is moving north […]
Partnerships are always better than hostility
Caribbean governments recently received a sharp reminder of how US thinking about the region seeks to link the ideological with the economic and commercial. David Jessop writes that the Caribbean’s history suggests that being told is not the best way to proceed. A few days ago, the US Ambassador in Kingston, Donald Tapia, gave an […]
US sanctions cripple Cuba’s remittances system
Over 400 offices in Cuba that receive remittances from Western Union are expected to close on 27 November if no immediate alternative mechanism is found to receive funds sent to Cubans from family members in the US. Fincimex, the Cuban state entity that is Western Union’s agent on the island, made the announcement after the […]
Washington increases its 5G pressure on Jamaica
The US Ambassador to Jamaica, Donald Tapia, has said that the country has to make a decision as to whether it is going to look East to the ‘two headed dragon’, China, or North to the United States when it comes to deciding where its economic priorities lie. In an exclusive interview with the Jamaica […]
Reassessing relations with a post-Brexit Britain
25 October 2020 The signs are that an eleventh-hour post-Brexit trade agreement between Britain and its neighbours in the EU may be possible. David Jessop suggest that this is the moment when the Caribbean should consider the implications of the UK’s review of its global policy priorities. By mid-November, the outcome of the saga of […]
Murillo provides detail on currency unification and exchange rate policy
The Head of Cuba’s Permanent Commission for the Implementation of the Guidelines (lineamientos), Marino Murillo Jorge, has said that the US Dollar exchange rate to the Cuban Peso (CUP) will be fixed when the country unifies its dual currency system (see Cuba Briefing 19 October 2020). He said, however, that if over time business does […]