(World Bank, 2020)
Frequently Asked Questions
Who is CAIPA?
The Caribbean Association of Investment Promotion Agencies (CAIPA) was established as an umbrella Association of CARIFORUM Investment Promotion Agencies (IPAs), with the objective of enabling collaboration among Caribbean IPAs. CAIPA promotes investment in the Caribbean by supporting key initiatives to promote the Caribbean as an investment destination and offers training and support opportunities to CAIPA members.
What countries are members of CAIPA?
To date, CAIPA’s membership comprises 23 IPAs within the region including representation from the Dutch and British Overseas Countries and Territories. The member countries include: Anguilla, Antigua and Barbuda, Aruba, the Bahamas, Barbados, Belize, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, Dominican Republic, Grenada, Guyana, Haiti, Jamaica, St. Kitts and Nevis, Montserrat, Saint Lucia, Sint Maarten, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, and the Turks and Caicos Islands.
What can CAIPA do to help investors?
CAIPA has worked with partner organizations and consultants to gather data, develop reports, and create documents that demonstrate the plethora of investment opportunities that exist within the Caribbean. These reports and materials are available to investors. In addition, CAIPA can serve as a first point of contact for investors looking to do business in the Caribbean.
Why should I invest in the Caribbean?
The Caribbean offers investors a nearshore advantage that comes from proximity to the U.S. and Canada, being in the same time zone as New York and Miami, having an English-speaking workforce, and a cultural affinity with the U.S., U.K. and Europe. In addition, the Caribbean offers the unique opportunity to serve a growing local market and the millions of tourists who visit the region from throughout the world annually. This unparalleled opportunity to increase brand exposure while serving a diverse clientele, makes the Caribbean an ideal destination for FDI. In addition, the Caribbean’s educated, multilingual workforce is well suited to a variety of industries. These advantages have made the Caribbean one of the top destinations for foriegn direct investment (FDI) in the entire world.
What types of companies do well in the Caribbean?
The Caribbean is home to entrepreneurs and innovators, homegrown multinational corporations and international companies. Companies of all sizes and industries do well here. In addition, we are seeing significant growth potential in high-tech agribusiness, renewable energy, niche tourism, technology and business support.
Is the Caribbean a good place to invest?
Yes, the Caribbean is an excellent place to invest. The proof is in the numbers. The Caribbean is one of the top recipients of direct investment (FDI) in the entire world. Between 2015 and 2019, yearly investment in the Caribbean increased by 25.9 percent, from 5.8 billion to 7.3 billion USD. During that same time there were 247 foreign direct investment projects into the CAIPA region.
What industries are growing in the Caribbean?
The industries that are growing the fastest in the Caribbean are those that are able to meet local demand, serve the millions of tourists visiting each year, develop infrastructure, and leverage our incredible talent. Specifically, we are seeing significant growth potential in high-tech agribusiness, renewable energy, niche tourism, technology and support. That being said, the Caribbean’s enabling business environment provides support to a myriad of business opportunities.
Is it safe to invest in the Caribbean?
The Caribbean offers a level of safety and peace of mind to investors that comes from our stable political climate. “The Caribbean is well ahead of the broader Latin American average in terms of the quality of its government systems, and even outperforms OECD countries in terms of political stability and risk of violence, ranking among the top 5 percent in the world,” according to a World Bank report.
Is the Caribbean a good place to start a business?
Yes, the Caribbean is a good place to start a business. CAIPA members are working to support businesses within their individual countries. Across the CAIPA membership there exists additional services such as: incubators for startups, existing industrial parks, research initiatives, and the talent needed to support growing companies.
Is it affordable to do business in the Caribbean?
Compared to the U.S., UK, and Europe, the Caribbean can offer cost savings for businesses moving some or all of their operations to our near shore location. Wages are more affordable, as an example.
What language do they speak in the Caribbean?
Multiple languages are spoken in the Caribbean. Our multilingual talent is one of our greatest assets, especially for investors in search of an overseas location where the talent speaks their native language. The languages spoken in the Caribbean include: English, Dutch, French, Chinese, Spanish, and Creole.
Is the Caribbean close to the U.S.?
Yes, the Caribbean is very close to the United States with flights from the U.S. ranging from 45 minutes to 4 hours. Some CAIPA members can be accessed by a direct flight from U.S. cities like New York and Miami, while others require a connecting flight via a local provider. The Caribbean can also be accessed by boat and even ferry, as is the case with the ferry from Fort Lauderdale, Florida to Grand Bahama Island. The southernmost Caribbean countries are closer to Venezuela, as is the case with Trinidad & Tobago and Aruba. Click here for a map.
What’s the workforce like in the Caribbean?
The Caribbean’s workforce is highly educated, multilingual and has a cultural affinity with the U.S., UK, and Europe. 82.3% of the Caribbean’s workforce has an advanced education - well ahead of OECD’s 76.7% (World Bank, 2020)