The Caribbean Export Development Agency (CEDA) has received praise from Minister of Foreign Affairs and Foreign Trade, Kerry Symmonds, for its work in assisting micro, small and medium enterprises (MSMEs), in accessing equitable financing and export opportunities.
Mr. Symmonds commended the agency during its third Annual Results Report at the Accra Beach Hotel and Spa, last evening.
He said from reading the report he had observed that 53 per cent of beneficiaries from the organisation’s funding and support initiatives were female-led businesses.
“I perceive a substantial transformation in the performance of Caribbean Export during the course of the last few years. I obviously would not want only to congratulate you (Executive Director), but I want to congratulate your staff and of course your Board of Directors…. I think that what we have been able to witness with Caribbean Export over the course of the last few years is a targeted focus for females heading businesses and female entrepreneurship development, not only in Barbados, but across the region, and this is something which I think you also have to be congratulated for,” the Minister said.
Mr. Symmonds, in his advice to the organisation, said it should be proactive and respond sensibly to the changes being made internationally with respect to trade policies and urged local and CARICOM businesses, especially those exporting to Europe to pay close attention to the European Union’s (EU) Carbon Border Adjustment Mechanism.
CEDA’s Chairperson of the Board of Directors, Dr. Lynette Holder, outlined that the agency, which has offices in Barbados, the Dominican Republic and Haiti, has as its mission to develop initiatives that facilitate the expansion of Caribbean businesses nationally, regionally, and internationally.
She noted that in fulfilling its mission the organisation has a proven track record of performance with an annual implementation rate of close to 85 per cent.
CEDA’s outgoing Executive Director, Deodat Maharaj, shared that the agency, which managed a fund of US $39 million from five different international development partners, including the EU’s Regional Private Sector Development Programme under the 11th European Development Fund (EDF), emerged as the Caribbean’s premier private sector development agency. It achieved an “impressive” 90 per cent project implementation rate for 2023.
“We are staying true to our mission and our values and vision … making all businesses fit for purpose and able as well to take advantage of the immense opportunities … that could help in improving the competitiveness of firms,” he said.
Both Dr. Holder and Mr. Maharaj gave the assurance that CEDA would continue to pivot and transition to help Caribbean private sector businesses grow, and would enhance their focus on sectors that they believe could drive transformation and innovation, such as the green economy, digitalisation and technology, and sustainable agriculture.
EU’s Delegation Head of Cooperation, David Mogollon, also gave the EU’s commitment to enhancing and developing Caribbean businesses’ economic and empowerment growth.
He noted that the EDF programme is a prime example of its “engagement and commitment” to the development of Caribbean businesses and his organisation will seek to continue its efforts, whether through funding or technical support.
During the evening, three staff members from CEDA were recognised for their outstanding performance in assisting the agency in attaining its 2023 achievements. They were Research Officer, Market Intelligence, Mikaela Stoute; Programme Officer, Edna Simpson; and Manager, Operations, Lisa Rodriguez.