Second India-CARICOM Summit 2024

Source: This post on Second India-CARICOM Summit 2024 has been created based on the article “Prime Minister proposes seven key pillars to strengthen ties between India, ‘CARICOM’” published in The Hindu on 21st November 2024.

Why in news?

Recently, Prime Minister Narendra Modi arrived in Guyana marking the first visit by an Indian head of state to the country in over 50 years. The visit was part of his participation in the second India-CARICOM Summit held in Georgetown, Guyana.

About the summit 

1. The 2nd India-CARICOM Summit was co-chaired by Indian Prime Minister Narendra Modi and Grenadian Prime Minister Dickon Mitchell.

2. It  took place on November 20, 2024, in Georgetown, Guyana.

3. This historic event marked the first time an Indian Prime Minister visited Guyana in over 50 years.

4. Discussions revisited the 2019 India-CARICOM agreement on renewable energy and climate change, supported by a $150 million credit line from India.

5. The summit highlighted the significant presence of the Indian diaspora in Guyana, with approximately 320,000 people of Indian origin residing there.

6. Focus Areas for Collaboration: Discussions during the summit centred on enhancing ties in key areas: Economic Cooperation, Agriculture and Food Security, Health and Pharmaceuticals and Science and Innovations

Seven Key Pillars Proposed

 Prime Minister Modi outlined seven pillars to bolster India-CARICOM relations, emphasizing a multifaceted approach:

1. Trade – Increasing bilateral trade opportunities.

2. Technology – Promoting technological collaborations.

3. Tourism – Enhancing cultural and economic exchanges through tourism.

4. Talent – Leveraging skilled professionals for mutual benefit.

5. Tradition – Preserving and sharing cultural heritage.

6. SME Development – Implementing a $1 million grant for SME sector growth, announced in a prior meeting.

7. Online Portal – Proposing a digital platform to connect private sectors and stakeholders across member nations.

Key Outcomes of the Summit:

1. Technological Collaboration: India committed to sharing its advancements in seaweed management technology to help Caribbean nations address the challenges posed by seaweed infestations.

2. Educational Initiatives: Over the next five years, India will offer more than 1,000 scholarships to students from CARICOM countries, aiming to enhance educational exchanges and capacity building.

4. Transportation Enhancements: The introduction of river and sea ferries is intended to bolster marine transport and connectivity among Caribbean nations.

5. Energy Security: Recognizing Guyana’s growing significance as an oil-producing nation, Prime Minister Modi emphasized its potential role in contributing to India’s energy security.

UPSC Syllabus: International Relations