The Caribbean-American Chamber of Commerce and Industry wants better links with the region

As if on cue, prepared and anticipating that transformational moment in US history, a typically intrepid US street salesman started ‘capitalising’ on the historic event.

“Get your T-shirts, get your President Obama T-shirts!” he bellowed from the sidewalk on Times Square in New York.

It's that spirit of enterprise that Caribbean-Americans have embraced - in some instances very successfully.

And it's that success that they now wish to share - or otherwise transfer to the region where they- or their parents - came from.

Caribbean nationals resident the world over have been relied on to share their success with their relatives back home through remittances - money sent home - which, over the years, has become a key part of the economies of most Caribbean countries.

Now, those involved in business or who have money to invest, are being urged to consider the Caribbean.

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Consider the Caribbean

The Jamaica prime minister Bruce Golding took that message to the UK’s Jamaican diaspora earlier this year.

“Even though they are well established here they haven’t severed their ties with Jamaica...and we want to maintain that link.

“We are to informing them of the opportunities of setting up businesses in Jamaica.”

In the US, the Caribbean-American Chamber of Commerce wants to go beyond that.

In October, just days before the US presidential election, it organised a conference on 'Doing Business in the United States, Latin America and the Caribbean.'

The attendees for the most part were Caribbean American US government officials and business people.

Movers and shakers

From the government officials, there was a strong pitch for Caribbean-American business people to invest back in the region.

Among them was Yvonne Graham, of Jamaican heritage, and Deputy Borough president of Brooklyn.

“More than ever before New York City and Brooklyn are in a position of strength to partner with the region (the Caribbean) so that we can all more fully engage in, and benefit from the global marketplace,” she told the meeting.

	NYC Comptroller says the Caribbean a good for investment

William 'Bill' Thompson of Kittitian background is the Comptroller or Chief Financial Officer, of New York City.

He said tough economic times in the US - and globally - could very well signal new business opportunities for Caribbean-American business people.

The Caribbean, he told them, could provide such opportunities.

“When it comes to doing business between the United States and the Caribbean, and especially between New York and the Caribbean,” he said, “there are opportunities.”

Mr Thompson went on to suggest that New York City itself was viewing the Caribbean favourably as an investment prospect for pension funds.

We believe that the Caribbean is an area for growth   Bill Thompson, NYC Comptroller

New York City Pension Funds are about to make a major announcement about investing in the Caribbean,” he announced in October.

“We believe that the Caribbean is an area for growth (and) we are looking to put money there.”

Dr Mathieu Eugene is the first Haitian-born elected official in the state of New York.

He had this message for those in attendance: “See the Caribbean as a place for vacation but also as a place for doing business.”

Caribbean-Jamaican Congresswoman

US Congresswoman, Yvette D. Clarke, who is of Jamaican background (her mother is former Jamaica-born New York City Councillor, Una Clarke) gave the main address.

She spoke of the "opportunities to best leverage" the relationship between the US and the Caribbean and the need to "develop synergies between Caribbean and US businesses."

	Congresswoman Clarke expects improved US trade and business

Congresswoman Clarke, a Democrat, was dismissive of the Reagan-era led Caribbean Basin Initiative as not delivering on its promises and potential for the region.

In her view, US policy towards the Caribbean over the years has been "tested and found wanting."

She projected a promise for improvement, including trade, under an Obama administration (the CACCI event took place several days before the US election).

Congresswoman Clarke's advice to the Caribbean: "look beyond sun sea and sand to develop your economies ... and realise that Caribbean and hemispheric integration is not enough to compete and be viable in a global trade environment.”

Is CACCI the catalyst?

Dr Roy Hastick is the Chairman of the CACCI - the Caribbean-American Chamber of Commerce and Industry.

	CACCI president Hastick says there's more to the diaspora than remittances

Regarding possible US and US-Caribbean investment in the Caribbean, he said there was an air of optimism and expectation with the new US administration under Barack Obama.

Mr Obama who takes office on January 20th got overwhelming support from Caribbean American voters in his election campaign.

“We’re looking at cultural issues, health, trade and investment and making sure that the Caribbean benefits from our accomplishments and the election of Barack Obama,” he told BBC Caribbean at his home in Brooklyn.

But how realistic was that expectation and optimism?

More attention should be paid to the diaspora   Dr Roy Hastick

Dr Hastick says while not a decided shift, Caribbean-Americans were now clearly more interested in investing in the region and not just be seen as a source of remittances.

He also sees an intermediary role in US-Caribbean foreign relations.

“I’m exited that most Caribbean leaders and Caricom are focussing on a diaspora desk in New York. More attention should be paid to the diaspora.”

He said their contacts in business and government should be made better use of.

“I think that it’s important- and I think that they do – for Caribbean leaders to realise the role and influence of people in the diaspora.”

	Barack Obama got overwhelming support from Caribbean-Americans

So how encouraging is the investment environment in the region for the Caribbean diaspora?

And what’s keeping Caribbean-Americans and others in the diaspora from putting their money into projects ‘back home’.

Regional readiness

The Caribbean Association of Industry and Commerce says it welcomes interest by the Caribbean diaspora in investing in the region.

Nigel John is the President of the CAIC.

“In recent times the Caricom countries have been revisiting our approach to the diaspora,” he admitted.

“We recognise that we have people in our diaspora who are in very influential positions.”

He told BBC Caribbean that special concession might need to be put in place to attract them.

No diaspora policy yet   Nigel John, CAIC president

"We have not yet developed a policy to treat the diaspora as though they are local investors,” he declared.

He went on to wonder: “We speak regularly of Direct Foreign Investment (DFI) but I’ve never heard of Direct Diasporic Investment.”

For its part CACCI says it expects to soon sign a Memoranda of Agreement with both CARICOM and the OECS and will co-host an International Business Meeting in Barbados next year under the auspices of the CSME.

And as the Caribbean-American business community explores the investment possibilities in the region, likeminded regional diaspora groups in the UK and Canada have told BBC Caribbean that they too are 'considering the Caribbean.'

Their first priority, however, is carving out a niche for themselves in their respective countries of residence.