Release of Export-Import Bank of India’s joint research study with the Caribbean Export Development Agency titled, “Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation” at the hands of Mr Raju Sharma - Charge d'affaires High commission of India to Trinidad and Tobago and on the right is Mr Leo Naut - Deputy Executive Director - Caribbean Export Development Agency in the virtual presence of Mr. N. Ramesh, Deputy Managing Director, India Exim Bank at the “Caribbean Investment Forum” on November 11, 2022 in Trinidad and Tobago. 

Export-Import Bank of India’s (India Exim Bank) joint research study with the Caribbean Export Development Agency titled, “Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation” was released at the hands of Mr Raju Sharma - Charge d'affaires High commission of India to Trinidad and Tobago and on the right is Mr Leo Naut - Deputy Executive Director - Caribbean Export Development Agency in the virtual presence of Mr. N. Ramesh, Deputy Managing Director, India Exim Bank at “Caribbean Investment Forum” organized by Caribbean Export Development Agency and Caribbean Association of Investment Promotion Agencies (CAIPA)  in association with Ministry of Trade and Industry, Government of Trinidad and Tobago on November 11, 2022 in Trinidad and Tobago.

The study outlines opportunities that are present for both India and the Caribbean region in the areas of trade, investment and mutual cooperation. 

The study highlights that the Caribbean economies are characterized by high openness to trade and over the years, the trade between India and the Caribbean region has witnessed a robust growth.  From a meagre level of US$ 52.4 million in 2001, India and Caribbean trade witnessed a robust growth recording US$ 1.7 billion in 2021.  The study points out that India has huge potential to expand exports to the Caribbean in product categories such as refined petroleum, electronics, transport vehicles, cereals, optical instruments, animal or vegetable fats and oils, among others. 

India’s economic engagement with countries in the Caribbean region has remained below its true potential, mainly on account of factors such as geographical distance and connectivity, and size of individual economies.  With the Caribbean countries having numerous trade agreements with major global trade blocs, engagement with the region for India could prove to be a gateway to larger markets, besides the potential existing in the Caribbean region itself.

The study also presents an overview of investment framework in select Caribbean countries and highlights sectors such as creative industries, service industries, manufacturing, resort and hotel development, agriculture, ICT and business process outsourcing, logistics and transportation, renewable energy as priority sectors for attracting investments in the region. 

Some policy actions suggested in the study for improving economic relations between India and Caribbean are: increasing the coverage of trade and investment agreements, enhancing trade facilitation measures, undertaking proactive and targeted trade promotion activities, as well as boosting investment in infrastructure, promoting reforms in logistics sector, and enhanced diplomatic engagements by the way of increased missions/ embassies in Caribbean countries.  

For further information, please contact 
Mr. David Sinate
Chief General Manager
Research & Analysis Group
Export-Import Bank of India
Maker Chambers IV, Floor 8
Nariman Point, Mumbai – 400021, India 
Phone : +91 22 – 22860 333
E-mail : rag@eximbankindia.in 
Website : www.eximbankindia.in