Afreximbank roots for Caribbean-Africa Trade amid rising global tensions

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank during a previous event. [File, Standard]

The African Export-Import Bank (Afreximbank) is pushing for a significant boost in trade and investment between Africa and the Caribbean, with its chief highlighting the urgent need to strengthen ties in a turbulent global economic environment.

The Pan-African Bank announced Thursday that the fourth AfriCaribbean Trade and Investment Forum (ACTIF2025) will take place in Grenada in July 2025, aiming to unlock billions in untapped potential.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasized the urgency, noting that despite deep historical bonds, trade between the two regions currently stands at less than 1 per cent of their total exports.

"In today's turbulent global economic environment, it is more urgent than ever for Africa and the Caribbean to strengthen their economic ties," Oramah said.

He described ACTIF as a platform "for rewriting the future of Afri-Caribbean economic relations, grounded in solidarity, shared values, and a common vision of prosperity."

The ACTIF2025, scheduled for July 28-29, 2025, in St. George's, Grenada, will operate under the theme: "Resilience and Transformation: Enhancing Africa-Caribbean Economic Cooperation in an Era of Global Uncertainty." It is Afreximbank's flagship initiative to deepen commercial, economic, and cultural links.

The International Trade Centre (ITC) estimates that AfriCaribbean trade could reach $1.8 billion by 2028, driven by investments in sectors such as minerals, processed foods, and transportation.

Grenada's Prime Minister, Dickon Mitchell, echoed the sentiment, calling ACTIF a "clarion call for unity, enterprise and a reimagined global role for our people," aimed at bringing a shared vision for African-Caribbean unity to life through economic transformation and trade expansion.

Oramah highlighted a significant milestone in the bank's commitment to the region: the groundbreaking of the Afreximbank African Trade Centre (AATC) in Bridgetown, Barbados, on March 27. The AATC is envisioned as a gateway for AfriCaribbean trade, offering a base for African businesses in the Caribbean and opening doors for Caribbean entrepreneurs into Africa.

The ACTIF2025 is expected to draw about a thousand delegates, including heads of state, government officials, and private sector leaders.

The forum will spotlight key sectors such as agribusiness, energy, infrastructure, logistics, creative industries, tourism, health, manufacturing, and financial services, with a focus on promoting regional value chains.

The previous ACTIF edition in 2024, held in The Bahamas, resulted in over 15 deals and Memoranda of Understanding valued at over $4 billion, setting a precedent for the upcoming event in Grenada to achieve greater commercial and economic linkages.