October 27th, 2023 -- Republic Bank Financial Holdings Limited and the Caribbean Export Development Agency have officially extended a Memorandum of Understanding (MOU) aimed at enhancing economic growth and creating jobs throughout the region.
The landmark MOU, which was originally signed in Trinidad in March 2022, combines the resources and expertise of these two major Caribbean business organisations to enhance the global competitiveness of Micro, Small, and Medium-Sized Enterprises (MSMEs) in CARIFORUM states through a referral system.
By extending this agreement, both entities have renewed their commitment to boosting commerce regionally andinternationally, while offering MSMEs much-needed practical advice, training, and support on how to access export markets.
Executive Director of Caribbean Export, Deodat Maharaj, outlined the significant value of the ongoing strategic partnership. He said: "In today's globalised and rapidly evolving business landscape, the importance of fostering robust public-private and private-private partnerships cannot be overstated. Collaborations like the one we've established with Republic Bank Financial Holdings Limited are pivotal in accelerating the growth of Caribbean businesses”.
“These alliances facilitate knowledge sharing, resource pooling, and synergistic efforts that empower ourlocal entrepreneurs and SMEs to tap into the vast potential of internationalmarkets."
Unlocking Opportunities for Caribbean Businesses
The joint MOU unveils acomprehensive framework for continued cooperation and focuses on key areas that promise significant economic benefits for the region:
Building Export Potential: CaribbeanExport will provide capacity-building programmes tailored to enhance the export potential of RFHL's business customers, enabling local businesses to access international markets.
Sustainable Private Sector Development:The MOU establishes an operational partnership aimed at fostering sustainable private sector growth and regional integration in the Caribbean. This partnership seeks to bolster economic resilience by supporting entrepreneurship and regional trade initiatives.
Mutual Promotion of Services: Both parties will work hand in hand to promote their respective services among theirclients, increasing awareness of their offerings and helping clients leverage abroader spectrum of resources.
President and CEO of Republic Bank, Nigel Baptiste, explained the value of exporting goods and services for the Caribbean. He stated: "Serving markets beyond our borders and region hasnot only become increasingly possible, but it has also transformed into a businessimperative.”
Mr Baptiste added: “Today’s localand regional businesses of all sizes - including SMEs – should be exploring theexpansion of export capacity as a progressive growth strategy. At Republic Bank, we seek to foster a mindset of exporting what we produce - whether goods,services, skills, or talent - to discover and satisfy demand in untappedmarkets, and positively impact the foreign currency earning capacity of theterritories in which we operate. With this MOU, Republic Bank and Caribbean Export are solidifying a meaningful partnership that paves the way for eligible businesses across the Caribbean region to benefit from inspiration, guidance,and support to become export ready."
Fostering Regional Economic Growth
Republic Bank, a leading Caribbean financial institution, and Caribbean Export, the regional trade and investment promotion agency, are dedicated to the ongoing development of Caribbean economies and equipping local businesses with the tools they need to learn,advance, and grow.
The extended MOU signed by these two vital Caribbean business organisations is further testament to the unwavering commitment of Republic Bank and Caribbean Export to accelerating Caribbean MSME expansion and improving the region's export capabilities.
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