The second UK-Caribbean Trade and Investment Summit commenced in London, drawing participation from UK and Caribbean government officials, as well as senior investors.
Organized by UK Export Finance (UKEF), the event aims to spotlight opportunities for collaboration and highlight how UKEF can facilitate UK businesses contributing to significant projects in the Caribbean.
Strengthening UK-Caribbean Economic Ties
UK exports to CARIFORUM countries reached a value of £2.7 billion in the year leading up to April 2024, marking an impressive 36% increase compared to the previous year. The summit serves as a platform for exploring avenues to deepen economic partnerships, focusing on infrastructure, transportation, and renewable energy projects where UK expertise and innovation are in high demand.
Expanding Financial Support for Projects
UKEF, as the UK’s export credit agency, offers robust financial support to help UK businesses engage in overseas projects. This year’s summit underscores UKEF’s expanded capacity to fund projects, particularly in Jamaica, Guyana, and Trinidad & Tobago, thus opening new doors for British enterprises.
UKEF’s financing capabilities have also extended to new markets, including Grenada, St Lucia, and St Kitts & Nevis. This expanded coverage positions UK exporters to benefit from enhanced access to financial resources to support their work in these Caribbean countries.
Industry Success Stories
The summit will showcase recent successes illustrating how UKEF backing has enabled UK firms to secure and deliver large-scale projects:
Severfield Steel secured a £4.5 million contract, supplying steel for a new paediatric and maternity hospital in Georgetown, Guyana.
MICEM UK Ltd won a €23.5 million subcontract for mechanical, electrical, and piping services for the same hospital project.
Lagan Construction completed a $7 million resurfacing project at Norman Manley International Airport in Jamaica and is set to undertake significant work at L.F. Wade International Airport in Bermuda.
Remarks from UKEF Leadership
Tim Reid, CEO of UK Export Finance, emphasized the mutual benefits of enhanced UK-Caribbean trade relations: “The UK can offer quality and innovation which make it a partner of choice for trade and investment in the Caribbean. There are huge opportunities for UK business to support the region’s major investment in infrastructure and energy security. Closer trading ties will support all our countries in achieving a shared goal of sustainable economic growth and a more prosperous future.”
As the Caribbean nations pursue ambitious development goals, the summit serves as an essential step toward fostering stronger commercial bonds and sustainable progress for both regions. Photo by amanderson2, Wikimedia commons.