(CARICOM Secretariat, Georgetown, Guyana) Caribbean Community (CARICOM) Secretary-General, His Excellency Edwin Carrington has received an indication of interest from the Caribbean American Chamber of Commerce and Industry (CACCI) to assist in exploring contributions to the CARICOM Single Market and Economy (CSME) Development Fund. The Fund is considered a critical element of CSME arrangements.

The CARICOM Secretary-General received the indication last weekend, at a special International Business forum hosted by the CACCI. The event was held at the Brooklyn Network Office of the Empire State Development Corporation in New York City, where Mr. Carrington addressed the topic of Trade and Investment Opportunities in the CSME.

Secretary-General Carrington outlined to the CACCI that the establishment of a Development Fund was provided for by Article 158 of the Revised Treaty of Chaguaramas, for the purpose of providing financial and technical assistance to disadvantaged countries, regions and sectors of the Community.

He said the setting up of this Fund was of vital importance to the successful pursuit of the regional economic objectives of CARICOM, adding that contribution to the Fund would be a way in which the Caribbean Diaspora could make a tangible investment in the CSME.

Mr. Carrington noted that CARICOM leaders recognised the need for a facility to help the Less Developed Countries (LDCs) and said talks were already underway with the Caribbean Development Bank (CDB) about the creation of the fund. President of the CACCI, Dr. Roy Hastick, in responding to this challenge, said he would work with his members in actively pursuing contribution to the Fund.

The CACCI has also indicated its willingness to begin to establish a database of skills within the New York Diaspora which could be utilised by the Region across a variety of areas. This is in recognition of the need to contribute to the human resource needs of the Region for its sustainable development, while also allowing members of the Diaspora to make a tangible contribution to their homelands.

The CACCI has accepted an invitation from Secretary-General Carrington to visit the Region, in particular the headquarters of the CARICOM Secretariat, to hold further discussions on areas of collaboration. The Chamber is now moving to finalise arrangements for the construction of the Caribbean American Trade Centre aimed at promoting trade and investment in the Region, among other things.

While in New York, Secretary-General Carrington also attended a reception in his honour hosted by the Consul General of Trinidad and Tobago, Dr. Harold Robertson, during which the SG received an award from the CACCI. He visited New York on October 28 and 29 at the invitation of DNR Consulting Inc. (an international financial consulting firm) in consultation with the Caribbean American Chamber of Commerce and Industry (CCCI) and the Urban Financial Services Coalition.

CONTACT: Calvin G. Brown
cbrown@caricom.org