Sharing best practices in investment facilitation

May 6, 2013 - PRLog -- PRONicaragua, the official investment and export promotion agency of the country was invited as guest speaker earlier this month to the CAIPA Investor Facilitation Training in Kingston, Jamaica, an event organized by the Caribbean Export Development Agency (Caribbean Export), in collaboration with the Caribbean Association of Investment Promotion Agencies (CAIPA) and the World Bank Group.

PRONicaragua’s presentation during the event was on good investment facilitation practices and provided an overview of the work the agency has been doing in terms of inquiry handling and investor servicing, efforts that led to a recognition in the Global Investment Promotion Best Practices 2012 (GIPB), published by the World Bank, as the top performing investment promotion agency in the world. PRONicaragua’s participation in this event is part of a long standing collaborative relation with the agencies of the Caribbean region.

During the 3 day intensive training session, more than 30 representatives from investment promotion agencies (IPAs) were present from 18 Caribbean countries. The capacity building exercise was one of the series of training undertaken by the Caribbean Export within the framework of the 10th European Development Fund Regional Private Sector Development Programme funded by the European Union.

‘’It is anticipated that, following the development of targeted strategies during the training to assist the IPAs to improve on their inquiry handling processes, that the region will be better placed to attract and facilitate investment’’, noted Pamela Coke Hamilton, Executive Director of Caribbean Export. To achieve this goal, it is important to have relevant, up-to-date and accurate information, which must be presented in a fast and efficient way, according to Anthony Hylton, the Jamaican Minister of Industry, Investment and Commerce.

The inflows of foreign direct investment (FDI) represent a key engine for sustained economic development. This has been visible through the inflows the Caribbean economies have witnessed and which helped to stimulate growth through the injection of additional capital, job creation and the transfer of knowledge and technology.

CAIPA is a regional Association of 19 IPA’s, including CARIFORUM Agencies and IPA’s from Curacao, the Cayman Islands, Montserrat and Turks and Caicos Islands. CAIPA aims to promote the Caribbean for investment through increased collaborative efforts among the region’s IPAs.