By Shamar Meusa in Nassau, The Bahamas
WITH discussions underway regarding possible areas of collaboration and partnerships between the African and Caribbean regions, President, Dr Irfaan Ali has highlighted that renewable energy and biodiversity should be considered as areas of mutual interest for collaboration and investment.
The Head of State alluded to this point during his remarks at the African Export-Import Bank’s (Afreximbank) 31st Annual Meeting and the AfriCaribbean Trade and Investment Forum in Nassau, The Bahamas.
While noting that partnerships in the Caribbean could open up African businesses to a new and large market, Dr Ali said that the competitive natural environment exists in the Caribbean, while the technology and capital exist in Africa.
Further, he highlighted the possibility for collaboration in renewable energy, noting that the Caribbean region has the advantage of high sunshine radiation with an average of some 2,755 hours of sunshine per year.
“This offers an interesting opportunity in solar energy,” President Ali said.
Additionally, he indicated that in the region, there is the possibility for investment in wind energy as the average annual wind speed is at approximately eight metres per second in some territories.
Dr Ali indicated that these are some of the advantages which the region offers.
As the Head of State spoke of charting new paths, he said: “We are going to create new areas of wealth. If we look at the biodiversity that exists, the marine economy in this region, we have to shape the conversation and that is the power we have. We have the capacity to shape the conversation [because] for too long, the conversation has been shaped for us.”
He went on to add that in biodiversity services and environmental services, the world has lost in the last 50 years more than 60 per cent of its biodiversity collectively and as such, the rich opportunity exists in the region’s biodiversity service.
President Ali said: “Let us place a value on it and start the conversation to shape the discussion around biodiversity; it is these things that fora like this offer the opportunity to find new ideas, to create new avenues and to look at new areas of wealth creation; that is what is important.”
