Prime Minister Spencer (center) with Heads of Government and CARICOM Delegation on the floor of the New York Stock Exchange [view photo]

The New York Conference on the Caribbean Community 2008 focused on: Investment, Trade, Education and the Diaspora.

The Education Symposium brought together professors, policymakers, political leaders, students and members of the Diaspora to discuss strategies to strengthen collaborative ties between higher education institutions in North America and the Caribbean. Dr. Edison Jackson, President of Medgar Evers College spoke about successful articulation agreements with institutions in Trinidad and Tobago, Jamaica and Dominica. At the Symposium a Memorandum of Understanding (MOU) was also signed between Medgar Evers and the University of the West Indies to jointly engage in research in areas of Health Education, public policy and crime and security. A five member panel discussed various ways to develop new ties and to expand existing collaborations. They also suggested ways to involve educators in the Diaspora and provide more opportunities to facilitate the transfer of knowledge back to the region. Suggested methodologies were posited by panelists to enable more scholars from the CARICOM region to conduct research in the U nited States. The Prime Minister of St. Kitts and Nevis, Dr. Denzel Douglas, who spoke on behalf of CARICOM, suggested that a Charles Rangel education research center be established to further strengthen these collaborative ties. A full report on these and other recommendations will be compiled by the CARICOM Secretariat.

Trade: On Thursday June 19 Heads of Government and Delegates discussed the Caribbean Basin Initiative extension, the Agriculture Bill and other trade issues with Congressman Rangel and U.S. Trade Representative Susan Schwab and the Deputy Assistant Secretary of Commerce, Walter Bastian. Prime Minister of Antigua and Barbuda Hon. W. Baldwin Spencer raised the WTO dispute with the U.S. representative and stressed the view that Antigua and Barbuda is interested in reaching a mutually acceptable agreement with the U.S. over the internet gaming dispute. Other Heads of Government raised concerns that small states in CARICOM are not given consideration regarding trade incentives in order to compete in the global marketplace. A prepared list of issues for follow-up discussions and action is being prepared for the Heads of Government.

There was a meeting between CARICOM Trade Ministers and Senior Officials from the Empire State Development Corporation (ESDC). Issues involving joint ventures in tourism, investment and trade were discussed. Also Consul General McChesney Emanuel held talks with officials of the agency and urged them to open up an office in the Caribbean. The corporation is considering this request for establishing such an office in the Caribbean. He argued that the Empire State Development Corporation has offices in other parts of the world and the time has come to consider the Caribbean as a strategic location for such an office. He further suggested that there are close to one million Caribbean nationals residing in New York which makes this state an attractive destination for Caribbean products. There are many Caribbean companies that could benefit from having a functional office based in the region. The Empire State Development Corporation can provide grants, loans and other incentives to Caribbean businesses looking to penetrate the New York market.

Wall Street: A two hour investment meeting was hosted by global investment and securities firm Goldman Sachs. Present at the meeting were Representatives of CARICOM and Partnership for New York City.

Hosted by
Lloyd C. Blankfein, Chairman & CEO
Goldman Sachs & Co.

Friday, June 20, 2008
8:30 – 11:00 am
Heads of CARICOM

• Hon. Winston Baldwin Spencer, Prime Minister, Antigua and Barbuda
• Rt. Hon. Hubert A. Ingraham, Prime Minister, The Commonwealth of The Bahamas
• Hon. David J. Thompson, Prime Minister, Barbados
• Hon. Dean Oliver Barrow, Prime Minister & Minister of Finance, Belize
• H.E. Denis Antoine, Ambassador to the USA and Permanent Representative to the O.A.S., Grenada
• H.E. Mr. Fritz Longchamp, Secretary General of the Presidency, Haiti
• Hon. Karl Samuda, Minister of Investment, Industry and Commerce, Jamaica
• Hon. Stephenson King, Prime Minister, Saint Lucia
• Sir Louis Straker, Deputy Prime Minister, Minister of Foreign Affairs, Commerce & Trade, St. Vincent & The Grenadines
• H.E. Clifford Marica, Minister of Trade and Industry, Suriname
• Hon. Patrick Manning, Prime Minister, Trinidad and Tobago
• Ambassador Lolita Applewhaite, Deputy Secretary General, CARICOM
• Hon. Lenworth Johnson, Chairman, Antigua and Barbuda Investment Authority
• Hon. McChesney Emanuel, Consul General, Consulate General of Antigua and Barbuda New York

Private Sector Attendees

• David Barger, CEO, JetBlue Airways Corporation
• John Catsimatidis, Chairman & CEO, Red Apple Group, Inc.
• LaMae Allen DeJongh, Partner, Accenture
• Michael Della Rocca, President, North America, Halcrow
• Alan H. Fishman, Chairman, Meridian Capital Group, LLC
• Paul Fribourg, Chairman & CEO, Continental Grain Company
• Richard Friedman, Managing Director, Goldman Sachs & Co.
• Andrew Gray, Managing Director & COO for Latin America and the Caribbean, Merrill Lynch & Co.
• Monish Kumar, Partner and Managing Director, The Boston Consulting Group
• Robert C. Land, Senior Vice President, Government Affairs & Associate General Counsel, JetBlue Airways Corporation
• Jerome Maxwell, Managing Director, Operations, Alcoa Jamaica
• Kenneth B. Mehlman, Managing Director & Head of Global Public Affairs, Kohlberg Kravis Roberts & Co.
• William R. Rhodes, Senior Vice Chairman, Citigroup Inc.
• Peter Rose, Managing Director, The Blackstone Group
• Faryar Shirzad, Managing Director, Goldman Sachs & Co.
• Kathryn Wylde, President & CEO, Partnership for New York City
• Tim Zagat, Co-Chairman, Zagat Survey LLC

Outline of CARICOM-Partnership Meeting on June 20

Background: This meeting with members of the Partnership was intended to discuss possible assistance from New York City’s international business community to help address issues of concern to the CARICOM nations, focusing on economic challenges and the need for increased investment.

Some of the challenges identified by CARICOM are chronic and immediate, such as the food price crisis and the cutback in airline services due to fuel costs. The leaders of CARICOM are looking to re-engineer their economies. Their top priority is to increase their capacity to raise or attract capital, particularly to invest in infrastructure, agricultural production and tourism. They discussed possible assistance in securing additional sources of capital, such as:

• Three nascent stock markets that they hope to develop into a regional source of capital to support growth of locally based businesses.
• Expanded investment by sovereign wealth funds and creation of a regional approach to pension funds as sources of additional investment capital.
• Increased contribution from offshore financial services to their economies and development of indigenous capacity in the financial services sector (M&A and private equity in particular).
• Capturing some value from remittances for community development ventures.

Going Forward:

I. Further discussion will be held with JetBlue regarding low cost airline services to the region

II. Work jointly on ways to expand agriculture in the region

III. Work jointly on developing ethanol industry

IV. Work with those private sector companies present at the meeting to Increase Foreign Direct Investment Flows to the region

V. Work in partnership to establish a framework for International Financial Institutions to investment capital to the region

VI. Work cooperatively to develop a structure to more effectively utilize Diaspora remittances for community development

VII. Work with investment firms and financial institutions to strengthen the regions offshore financial services

A team spearheaded by Consul General Emanuel will work with New York City Partnership firms and their representatives to develop a mechanism to advance these objectives going forward.