Minister Proposes Establishment of CARICOM-Africa Investment Council

The establishment of a CARICOM-Africa Investment Council to boost trade between Caribbean and African countries has been proposed by Minister without Portfolio in the Office of the Prime Minister, Senator the Hon. Ambassador Audrey Marks.

Minister Marks, who has responsibility for Efficiency, Innovation and Digital Transformation, explained that the Council would identify, vet and co-finance projects that build shared prosperity in a long-term, structured, and mutually accountable way.

She made the recommendation while delivering the main address at the Realign Business & Investment Conference, held at The Jamaica Pegasus hotel in New Kingston, on June 25.

The Minister spoke on the theme ‘Strategic Alliances for Shared Prosperity: Engaging the Diaspora and Africa in the Investment Agenda’.

The conference brought together business stakeholders from across the island.

Senator Marks emphasised the importance of building strategic alliances that transform economies, accelerate technology transfer for innovation and productivity and modernise regulatory environments to match global investment demands.

“Across the world, millions of Jamaicans and millions of Africans in the diaspora are innovators, investors, and subject matter experts that have much to offer. They are eager to contribute to transform their countries’ economy, not just through remittances, but in a strategic and meaningful way,” she said.

The Minister argued that it is time to move beyond periodic engagements and towards building sustained political and economic alliances between the African continent and the global diaspora.

“Imagine coordinated investments in agro-processing between Jamaica and Ghana, or joint ventures in tourism between Kingston and Lagos. These strategic alliances should not be mere fantasies. They are opportunities waiting for structures and the will to engage and execute,” Ambassador Marks said.

She encouraged business stakeholders to forge ties with their African counterparts, noting that the foundation of any national transformation lies in the ability of its leaders to forge meaningful and mutually beneficial relationships.

“And the best part is that we are not going to be starting from scratch. This relationship would already share cultural bonds, historical connections, and emotional ties,” the Minister added.

She further pointed out that Africa and the Caribbean can benefit from technology exchange.

“In the modern investment landscape, capital is not enough, technology is the multiplier, and Africa is rapidly emerging as a technology hub. From FinTech (financial technology) in Kenya to digital infrastructure in Rwanda, there’s much we can learn and adopt. Likewise, Jamaica and the diaspora include engineers, data scientists and entrepreneurs who can help digitise sectors like agriculture, logistics, healthcare and energy,” Senator Marks outlined.

She emphasised that Jamaicans in the diaspora are welcome to do business on the island, while noting that she will be working to implement policies that will ensure the inclusion of young entrepreneurs and the diaspora in more meaningful ways.

Ambassador Marks added that Government is modernising the country’s regulatory framework for investment readiness.

This includes efforts to streamline digital investment approvals, implementing strong intellectual property (IP) protection and data privacy regulations, clear tax incentive programmes for investors, and a harmonised legal structure for cross-border e-commerce and fintech.

She pointed to work being undertaken on the Diaspora Investment Passport as one example of the Government’s efforts to incorporate investment from Jamaicans abroad.

The Diaspora Investment Passport is a mechanism that will allow trusted diaspora and African investors to launch projects, access incentives and monitor performance transparently.

“By realigning our regulatory ecosystem with the pace of modern investment, we will turn red tape into red carpet. Investment thrives where regulation is clear, modern and supportive. To truly unlock the power of partnerships with the diaspora and Africa, Jamaica must present itself as investment-ready, not just in spirit but in structure… and that’s what I am pushing,” the Minister said.