The Minister of Economy and Labour, the Hon. Jason P. Hayward, JP, MP, represented Bermuda at the AfriCaribbean Trade and Investment Forum 2025 (ACTIF2025), held in St. George's, Grenada, from 28 to 29 July 2025. In partnership with the African Export-Import Bank (Afreximbank), the Government of Grenada hosted the fourth edition of this growing international forum.
Themed "Resilience and Transformation: Enhancing Africa-Caribbean Economic Cooperation in an Era of Global Uncertainty," the forum convened heads of government, ministers, business leaders, and development stakeholders from across Africa and the Caribbean. Discussions focused on deepening economic ties, promoting trade and investment, and strengthening cultural and creative linkages between the two regions under the broader umbrella of 'Global Africa.'
In attendance were high-level dignitaries, including Grenada's Governor-General H.E. Cecile La Grenade, Grenada Prime Minister the Hon. Dickon Mitchell, Barbados Prime Minister the Hon. Mia Amor Mottley, Afreximbank President H.E. Prof. Benedict Oramah, UN Deputy Secretary-General H.E. Amina Mohammed, CARICOM Secretary-General H.E. Dr. Carla Barnett, and other senior officials.
Even though Africa and the Caribbean currently trade less than 3% of their exports with one another, the forum underscored the urgent challenges and significant opportunities for mutual economic growth. Notably, Afreximbank announced an increase in its financial commitment to Caribbean nations, from $2.5 billion to $3 billion, directly supporting trade, investment, and infrastructure initiatives.
A key initiative discussed was the proposed Caribbean Payment and Settlement System, which will enable seamless cross-border payments within CARICOM countries in their local currencies. This move is expected to reduce reliance on external intermediaries and lower transaction costs.
During the forum, Minister Hayward held bilateral discussions with the Hon. Claudette Joseph, Grenada's Minister of Legal Affairs, Labour, and Consumer Affairs. The ministers explored areas of mutual interest, including labour market initiatives, occupational safety and health, workforce development, and immigration policy.
Minister Hayward also welcomed news that Grenada is working with the International Labour Organisation (ILO) to advance its Decent Work Country Programme, which aims to address decent work deficits and align national frameworks with ILO conventions. He expressed keen interest in reviewing Bermuda's labour legislation through the same lens and pledged to share local policy and legislation examples with Minister Joseph for mutual learning.
Minister Hayward explained, "This forum was an important platform for strengthening ties between Africa and the Caribbean and aligning on a vision for shared prosperity through economic cooperation. I look forward to continued collaboration with our Caribbean and African partners, especially in labour development, regulatory alignment, and inclusive growth."
Minister Hayward also emphasised the importance of more frequent engagement between countries, noting that peer collaboration and shared experiences are critical in shaping sustainable and people-centred labour policies.