(CARICOM Secretariat, Turkeyen, Greater Georgetown, Guyana) In spite of the global economic downturn that has spawned several challenges, the Caribbean Community (CARICOM) had the capacity to turn the situation into an opportunity to exploit its attractiveness as a dynamic business location, His Excellency Edwin Carrington, Secretary-General of CARICOM said Wednesday.

Addressing the Commonwealth Business Forum in Port of Spain, Trinidad and Tobago, Mr. Carrington declared the Community “open for business” and highlighted its appeal particularly to the Commonwealth.

“The current global economic and financial crisis has hit the Region hard as regards commodity exports, for example bauxite, tourism, remittances and other activities. This situation, however, can be turned around into an opportunity to exploit the attractiveness of the CARICOM as a dynamic business location – an ideal region for doing business. This is certainly not beyond the capacity of our governments and our capable regional private sector organizations,” the Secretary-General said at the gathering of more than 800 business leaders of the Commonwealth.

CARICOM Member States, the Secretary-General pointed out, were open, market-driven economies, with significant natural resources and a stable political environment. High priority, he added, was given to the encouragement of private enterprise and foreign investment, and Governments were positive to foreign investments, especially those designed to make a contribution to the region’s economic and social development.

He identified a number of international companies that had taken advantage of the profitable investment environment in the Region including British Petroleum, British Gas, BHP Billiton, Repsol, Citicorp, Coca-Cola, Fujitsu ICL, Johnson & Johnson, PricewaterhouseCoopers, Royal Bank of Canada, Mittal Steel, 3M Interamerica, Deloitte & Touche, Lever Brothers, and Toyota.

Among the bonds the region shared with the rest of the Commonwealth that would help to strengthen business cooperation with CARICOM, the Secretary-General said, were similarities in language, legal systems and certain institutional arrangements.

“CARICOM countries have benefited, for example, from investment coming from our Commonwealth partners, in particular the United Kingdom, Canada and latterly, Australia and India,” the Secretary-General pointed out.

“I therefore end by saying, Ladies and Gentlemen, that notwithstanding the global economic and financial crisis - perhaps in light of the crisis - and I recall well the Prime Minister of Jamaica saying ‘let us not waste a good crisis’, “CARICOM IS OPEN FOR BUSINESS.” That is the message I bring you and we in CARICOM are beckoning you to come on board. We are ready and waiting to welcome you,” Secretary-General Carrington said.

The Business Forum was one of several meetings held ahead of the Commonwealth Heads of Government Meeting, which opens on Friday in Port of Spain.

Contact: piu@caricom.org