European Union commits to supporting Caribbean’s economic, social development

GIVEN the substantial expansion in Guyana and the broader Caribbean region, investors and companies from Europe and other global regions perceive the area as highly favourable for investment.
This is according to the European Union (EU) Ambassador to Guyana, René Van Nes, who said that this is no surprise as the EU has had a longstanding relationship with the region founded on shared interests and strong economic, social, cultural, and historical ties.
He added this against the backdrop of Guyana’s hosting of the recently concluded Caribbean Investment Forum. He indicated that he could think of no better country to exemplify the growth potential of the Caribbean and illustrate that serious economic growth ambitions and environmental ambitions can go hand in hand.

However, he said, “I’m happy to see that more European companies recognise the Caribbean as a significant investment opportunity, and we aspire to be the business partner of choice for the Caribbean.”
With that, he disclosed that the EU is putting at the region’s disposal the comprehensive ‘Global Gateway’ and its associated investment agenda.
This strategy, he said, is something that the EU is rolling out in all countries that it works in and offers to bridge the investment gaps and leverage private capital to boost innovative, sustainable and transformative investments.
The implementation of the global gateway strategy will result in the European Union investing in projects and drawing in private investments to facilitate the development of projects with greater scale and value.
Against this backdrop, Van Nes added that the Union’s investment offer is substantial, combining hard infrastructure investments with flanking measures like the regulatory framework, improving business and investment environments, and developing human capital, among other things.

He expressed, “In short, investments that are good for profit are also good for the people and the planet.”
“And through this global gateway agenda, the Caribbean region has access to a broad range of EU instruments and tools, especially in the sectors [of] climate and energy, health, digital transformation, education and research,” he said.
Meanwhile, speaking of other partnerships to fuel growth and transformation in the Caribbean region, Van Nes added that it is impossible to think of economic development in the region without mentioning connectivity.
Against this backdrop, he revealed that the EU has set up an investment window with the Caribbean Development Bank to improve maritime connectivity so as to foster regional integration and promote economic growth.
Further to this, he said, “We are in discussion with a wide range of actors to make sure that transport options with cargo and passenger traffic can be increased in the near future.”
The Ambassador further noted that the EU will continue to work along with partners in the region to contribute to the continued growth in the Caribbean.