(CARICOM Secretariat, Turkeyen, Greater Georgetown,
Guyana) The Investments and Capital Markets
Conference in Jamaica on Wednesday was visionary and
timely as participants had the opportunity to infuse
new impetus into the 1989 Grande Anse decision to
create a Regional Capital Market, the Most Hon.
Percival J. Patterson, Caribbean Community (CARICOM)
Special Representative to Haiti said.
At Grand Anse, Grenada, Heads of Government had
signaled the new path the Region would take by
agreeing to move from a Common Market to the CARICOM
Single Market and Economy (CSME) including the
establishment of a Regional Capital Market.
Mr. Patterson said “when I handed over to the
Conference of CARICOM Heads in 1992, the results of
Jamaica’s remit to bring together the then three
existing Stock Exchanges, I made it clear that was
merely a first stage. The process was to have
continued and it did for a while, but it has come to
a halt. The need for the Caribbean to finance an
increasing portion of its development now makes a
restart of that work an imperative.”
The Jamaica Stock Exchange Investments and
Capital Markets Conference was held under the theme
`The Revival of the Fittest’ which the former
Jamaica Prime Minister said was “most apt as you
gather an array of institutions engaged in raising
long-term capital and directing such capital into
profitable long-term investments”.
The timing of the event, he said, was opportune
as the Caribbean struggled for survival in a changed
and “most uncertain global economic environment and
as the international community struggles to help
Haiti rebuild after the devastating earthquake of 12
Delivering his remarks under the theme
`Rebuilding Haiti: A Priority for the Caribbean’,
Mr. Patterson pointed out what was required for
Haiti’s renaissance and the potential that existed
for that country to drive Caribbean development.
He made reference to the Haiti Action Plan for
National Recovery and Development which estimated
US$11.5B for public sector side of the
reconstruction process, and the development of a
US$1B-target CARICOM-Haiti Fund to facilitate the
Caribbean Private Sector investment in Haiti.
“In light of the volume and types of financing
required, I can see major possibilities for our
Commercial banks, our Development Banks, Export
Import Banks, and the Stock Exchanges,” Mr.
He expressed the hope that participants would
take up the challenge to create the kind of Regional
Capital Market to foster development not only of the
original members of CARICOM, but also of Haiti, the
grouping’s newest Member State “with this obvious
need for capital for reconstruction and development.
The rebuilding of the new Haiti, he said, would
create opportunities in virtually all areas and
would require strategic alliances and partnerships
among all actors, “those in Haiti, those in the
Caribbean and those who belong to the Caribbean
The former Jamaica Prime Minister issued a
challenge to all Caribbean investors and
facilitators to organize themselves to take
advantage of this opportunity.