The Organization for Economic Cooperation and Development (OECD), the Inter-American Development Bank (IDB) and CINDE (Costa Rican Investment Board) will hold a conference on the Caribbean Rim Investment Initiative, in San José, Costa Rica, on September 5-6.
This meeting is a continuation of the on-going dialogue between the OECD and the Caribbean countries on investment issues. Previous conferences were held in Lima, Peru; Santo Domingo, Dominican Republic; and Curaçao.
High-level officials from OECD, the IDB and Caribbean Rim countries, other international organizations and the private sector will attend the conference. Costa Rica’s Foreign Trade Minister, Mr. Alberto Trejos, will inaugurate the conference.
The welcoming address will be followed by a Ministerial Round Table with participation of the Hon. Phillip Paulwell, Minister of Industry and Commerce of Jamaica; Mr. Errol A. Cova, Vice Prime Minister and Minister for Economic and Labour Affairs, Netherlands Antilles; and Mr. José Lois Malkum, Secretary of State for Finance, and Mr. Frank Guerrero Prats, Governor of the Central Bank, both from the Dominican Republic.
This conference, building on the initiatives developed during the previous meetings, will encourage continued policy dialogue in search of investment strategies that promote sustainable development in the region. Reports on business environments of pilot countries (Jamaica, Dominican Republic and Costa Rica) will be reviewed; recommendations for reform, monitoring of progress and initiatives of regional cooperation will be discussed to set the stage for future work.
In recent years, countries in the Caribbean Rim have taken significant steps towards liberalization and regulatory reform by recognizing the benefits of foreign direct investment (FDI) and the importance of creating a favorable environment for private investors. Some of these initiatives include the granting of national treatment to foreign direct investors in an increased number of industries and the elimination of most restrictions on capital and profit remittances.
The conference will explore key policy issues for countries in the region and identify actions necessary to further improve the investment climate and to maximize the inflows and derived benefits of FDI over the coming years. This includes the development of positive linkages between foreign investment and local enterprise development.
A press briefing will be held at 10:30 am on Thursday, Sept. 5 at the Hotel Real Intercontinental, following the ministerial round table discussion.