100 businesses from Venezuela and the Caribbean to participate

(Caracas, October 15, 1993). -- A meeting to promote and identify business opportunities between private Caribbean and Venezuelan companies was held on October 18 to 20 October in the Hotel Eurobuilding in Caracas.

The event, organized by CAF in coordination with the Foreign Ministry, the Foreign Trade Institute (ICE), and Caribbean Association of Industry and Commerce will bring together around 100 business leaders in a series of working groups formed by economic sector.

The event will be attended by representatives from the following areas: agro-industry, packaging and packing, chemicals, construction (hardware), automotive parts, electrical appliances, food, alcohol, light manufacturing (plastic products), footwear, textiles, toys and carpets.

The Caribbean was represented by a delegation of 15 exporters and importers from Trinidad and Tobago, Jamaica, Barbados, Guyana, St Lucia, St Vincent, headed by the president of the Caribbean Association of Industry and Commerce (CAIC), Jesus Persaud.

The opening ceremony was held on October 18 in the Venezuela Room of the hotel.

CAF's role This event is part of a series of activities initiated by CAF to promote trade between the countries of the Andean Group and the Caribbean Community (CARICOM), based on a wide-ranging 1992 study which analyses the commercial potential of both regions which together cover 18 countries with 100 million inhabitants.

Caribbean exports have been generally linked to the area’s traditional commercial partners in North America and Europe. However, Caribbean companies and investors are now developing closer ties with the Andean region and Latin America in general with evident benefits for all.

One of the obstacles in the region is lack of information on alternative sources of supply of products, and the difficulties in accessing credit.

In this respect, CAF has signed a series of agreements with public and private banks in the Caribbean region which grant lines of credit to Royal Bank of Trinidad and Tobago Ltd, Central Bank of Barbados and Century National Bank Ltd of Jamaica, for a total of US$13 million.

The lines will finance foreign trade operations between the Caribbean countries and any member nation of the Andean Group, along with third countries provided the exported product contains at least 50% of inputs from the Andean countries.

The setting up of these lines of credit has led to various commercial transactions, which are expected to increase significantly by the end of the Business Round.