Portia Simpson Miller, the Prime Minister of Jamaica launched, in the context of the Jamaica Investment Forum 2012, the Caribbean Idea Marketplace initiative (CIM), a business plan competition platform that encourages local and diaspora entrepreneurs to forge partnerships around innovative projects that will generate employment and economic opportunities in the Caribbean region.

Mr. Kris Balderston, US Secretary of State's Special Representative for Global Partnerships, introduced a video message from US Secretary of State Hillary Rodham Clinton, highlighting US Government support for CIM. Special Representative Balderston explained that CIM is part of the International diaspora Engagement Alliance (IdEA), an innovative platform for public-private partnerships designed to engage diaspora communities, the private sector, and public institutions in a collaborative process. He stated that the goal of IdEA is to support the development of diaspora-centered partnerships that promote trade and investment, volunteerism, philanthropy, diplomacy, entrepreneurship, and innovation in countries of origin.

Compete Caribbean will manage the initiative and will provide US$100,000 grant funding for winning projects. Compete Caribbean is a program that provides technical assistance grants and investment funding to support private sector development in the Caribbean region. The program is jointly funded by the Inter-American Development Bank (IDB), the United Kingdom Department of International Development (DFID) and the Canadian International Development Agency (CIDA). The Program supports projects in 15 Caribbean countries in partnership with the Caribbean Development Bank.

The program’s estimated value is US$40.0 million, of which DFID and CIDA contributed US$32.55 million. Projects in the OECS countries are implemented in partnership with the Caribbean Development Bank.

Mr. Jose Saavedra said that "CIM is an opportunity for entrepreneurs on both sides of the Atlantic to upgrade and expand their businesses and increase revenue. At the same time, this initiative can also help to solve some of the Caribbean region's most pressing challenges by increasing investment, employment and the availability of goods and services. It is therefore fitting that we launch CIM at this Jamaica Investment Forum where public and private sector actors from across the region have come together [...]"

Ms. Martinez-Nadal invited local and diaspora entrepreneurs to submit applications for CIM funding. She stated "CIM will award grants on a competitive basis. Individuals and firms in CARIFORUM countries wishing to participate in CIM can obtain additional information by writing to 'Compete Caribbean' diasporacim[@]iadb.org The application window will be open from today until May 31st, 2012."

HL/ HaitiLibre