CASTRIES, St. Lucia – The Organisation of Eastern Caribbean States (OECS) Commission Monday said it has successfully concluded two high-level events aimed at bolstering investment facilitation reforms through the implementation of the Investment Facilitation for Development (IFD) Agreement at the World Trade Organization (WTO).
The St. Lucia-based OECS Commission said that the events were held in Miami last week in collaboration with the International Trade Centre (ITC).
“These events brought together ministers, heads of investment promotion agencies, and representatives from key international organizations to advance efforts in creating more transparent, efficient, and predictable investment environments,” the Commission said.
It said the OECS Investment Facilitation Self-Assessments: Strategies to Enhance the Investment Climate and Attract Sustainable FDI organized by the ITC focused on reviewing and finalizing the categorization of IFD provisions for notification to the WTO.
Six member countries, namely Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, and St. Kitts-Nevis had completed draft investment facilitation self-assessments in September 2024, providing a foundation for discussions on implementation strategies and capacity building to attract high-quality, sustainable investment.
The second event on the Strengthening Investment Facilitation in the Caribbean region was aimed at raising awareness and understanding of the developmental impacts of Foreign Direct Investment (FDI) and the transformative potential of the IFD Agreement for the Caribbean’s investment landscape.
It said speakers from the private sector shared insights on the importance of investment facilitation for their operations, fostering an exchange of experiences on the value of the IFD Agreement within national development plans and the associated technical assistance support.
OECS Director General, Dr. Didacus Jules, underscored the critical need to “reimagine investment as a pathway to inclusive prosperity”.
He said that while FDI has historically been a cornerstone of economic strategy in the OECS, contributing significantly to gross domestic product (GDP), job creation, and infrastructure development, traditional models require reassessment due to vulnerabilities like volatility, intra-regional competition, shallow linkages, and environmental and social risks.
Jules called for a new investment paradigm that is strategically diversified, socially inclusive, and environmentally sustainable, integrating diaspora capital, community financial institutions, and domestic entrepreneurship.
The Investment Facilitation for Development (IFD) Agreement, finalized at the 13th WTO Ministerial Conference in February 2024, is a landmark accord endorsed by 126 WTO members.
Its core purpose is to enhance transparency, streamline administrative procedures, and promote international cooperation to facilitate FDI flows, particularly to developing and least-developed countries (LDCs), thereby contributing to their sustainable development objectives.
“The successful conclusion of these events marks a significant step towards reinforcing national efforts on investment facilitation already underway in the Caribbean region, ensuring that FDI serves as a true catalyst for inclusive and sustainable development.” the OECS Commission noted.
