The British Virgin Islands is exploring the possibility of becoming a member of the Caribbean Association of Investment Promotion Agencies (CAIPA). This follows the Territory’s participation in the third Caribbean Investment Summit in Miami.

Junior Minister for Trade, Investment Promotion and Consumer Affairs, Honourable Marlon A. Penn, led a delegation to the summit that was held on May 12-13.

Honourable Penn said he was very grateful for the opportunity to explore the possibility of the BVI becoming a member of CAIPA and to have discussions on matters that are of great importance to the economic development of this Territory.

He added that the benefits to be derived from such membership are not only essential to our regional integrated efforts, but that membership is also key in establishing an investment promotion agency, and developing the regulatory framework in order to create an attractive investment climate. 

Honourable Penn was able to meet with the President of CAIPA, Mr. Andrew McHale and other Caribbean ministers responsible for investment during the summit.

Topics covered during the summit included investment opportunities in the Caribbean, tourism sector opportunities and renewable energy opportunities. Participants also had an opportunity to explore the technological advances being made to easily facilitate investment and networking opportunities.

The delegation also viewed a demonstration on the Foreign Direct Investment (FDI) map, an online mapping system in the Caribbean allowing investors and stakeholders to view, in real time, the key sectors and investment opportunities in the region by countries, current FDI projects, joint ventures, franchises and commercial branches of foreign firms registered in the region.

Honourable Penn was accompanied by Policy Analyst/Strategic Advisor in the Premier’s Office, Ms. Lizette George, the Project Management Unit of the Caribbean Overseas Small and Medium Enterprise (COSME) Programme and representatives from the other Overseas Countries and Territories (OCTs).

Participation in the Caribbean Investment Summit is part of the COSME Programme's overall objective to explore how the Caribbean OCTs can use the CAIPA platform to strengthen and integrate their respective investment promotion agencies or government departments responsible for investment promotions.

The COSME Programme is also seeking to encourage non-CAIPA OCTs to consider membership in order to help strengthen the representation of the Caribbean OCTs on this regional platform, and to promote collaboration, trade and investment relations among the European Union, CARIFORUM and the Caribbean OCTs.