Business Interaction of the Caribbean Countries and EECO Institutes


The interaction of the business and humanitarian cooperation of the countries of the Caribbean Community (CARICOM) and Eurasian Economic Cooperation Organization (EECO) institutes was discussed at a meeting in Moscow by Vladimir Piskurev, EECO Secretary General and His Excellency Oleg Firer, Ambassador Extraordinary and Plenipotentiary of Grenada.

During the meeting, parties discussed mutual interests of cooperation in the trade, economic, cultural and humanitarian spheres.

Vladimir Piskurev noted that the EECO highly appreciates the friendly relations that are developing today at the level of non-governmental, economic and humanitarian dialogue, as part of contacts between various organizations in the educational, cultural, humanitarian and tourist fields, both with partners from Grenada and with partners from the countries of the Caribbean Community (CARICOM). “Today we note the presence of good prospects for increasing economic and humanitarian cooperation. We hope to establish and open EECO trade and economic representation in Grenada and the countries of the Caribbean Community in the near future,” noted EECO Secretary General Vladimir Piskurev.

His Excellency Ambassador Extraordinary and Plenipotentiary of Grenada Oleg Firer noted that one of the most important components of our relations are cultural, humanitarian, and of course economic contacts. Mr. Firer presented the economic and investment potential of Grenada, spoke about international and foreign economic relations. “We have a great interest in enhancing cooperation in the private sector, which is an important mechanism to help develop people-to-people contacts,” noted Mr. Firer.

The parties outlined ways to enhance bilateral cooperation in various fields, as well as interaction in the international arena, deepening cultural and humanitarian exchanges and contacts between people. The parties adhere to similar approaches on key issues of international cooperation, including problems of sustainable development, as well as on such basic principles of economic and humanitarian dialogue as multilateralism, respect for international law, a collective search for answers to the many challenges and threats of our time.

The particular importance of joint and consistent coordinated work of specialized nongovernmental institutions in promoting the export of the parties in order to strengthen the position of national producers and remove barriers to goods and services was emphasized.

The parties agreed to continue cooperation in the field of trade, economic and investment cooperation, including in the field of tourism, medicine, education and innovation, expansion of interregional relations, increasing contacts and projects in the cultural and humanitarian sphere.

The Caribbean Community and Common Market (CARICOM) consists of twenty countries. Fifteen of these countries are full-fledged members of the community while five of them only retain associate member status. The fifteen full-time countries are Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Lucia, Saint Kits and Nevis, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago. The associate members are Anguilla, Bermuda, British Virgin Islands, Cayman Islands and Turks and Caicos. Associate members retain part-time privileges.

These nations have collectively joined together to expand their trade and economic relations internationally, including further development of activity in international markets.

CARICOM was formed on July 4, 1973 after the founders had enacted the Treaty of Chaguaramas. The Caribbean Community and Common Market was established to replace the Caribbean Free Trade Association that existed since 1968.

The community was created to “coordinate the economic and political activities of the Caribbean countries.” The organization’s tasks also included joint trade and industrial policy and technical and financial assistance programs for its less-developed members.

Within the community, economic cooperation of member countries is developing, foreign policy is being coordinated; cooperation has been established in such areas as healthcare, education, culture, science and technology, and taxation. Within the framework of the common market, the following measures are being implemented: the introduction of a unified external tariff; pursuing a unified protectionist policy; strengthening the coordination of foreign trade policy; harmonization of tax incentives for industry and other activities.


V Annual International Macroeconomic Seminar

A delegation of the Embassy of Grenada composed of the Ambassador and the First Secretary, participated in the V International Macroeconomic Seminar

On November 23, the V International Macroeconomic Seminar “Can Coordinated Macroeconomic Policy Help to Avoid Trade Confrontations and Wars?”, Organized by the Eurasian Economic Commission (EEC) together with the UN Conference on Trade and Development (UNCTAD) and the Interstate Bank.

Welcoming words to the participants and guests of the seminar were addressed by the Member of the Board (Minister) of the EEC on integration and macroeconomics, Tatiana Valovaya and President of the Interstate Bank Igor Suvorov.

Igor Paunovich, head of the UNCTAD Globalization and Development Strategies Division, made a presentation on the trade and development report in 2018. He stressed that 10 years after the 2008 crisis, the situation in the global economy had not changed much. “Trade wars are a symptom of a deeper economic illness. Substantial changes are necessary in view of the redistribution of resources and capital to labor,” said Mr. Paunovich.

Gabriel Di Bella, Resident Representative of the IMF, presented the “Overview of Global Trends and the Economy of the Russian Federation – 2018”. He noted that the macroeconomic situation in Russia is now stable, but the country is subject to geopolitical pressure and that in the Russian Federation an economic growth of 1.5-1.8% is predicted for the year. The report also said that the current trade wars add tension to the markets, and if they are not stopped, this will be a significant blow to the entire global economy.

A video report from Bangkok heard a report from Mia Mikis, heads of the ESCAP Trade, Investment and Innovation Division. She spoke about trade and investment in the Asia-Pacific region in 2018. Mia Mikis said: “Russia and Kazakhstan received the most direct foreign investment in new projects among the states of Central and North Asia. They amounted to 7% and 3%, respectively, of all foreign direct investment in new projects in the Asia-Pacific region.”

Also, representatives of the UN Economic Commission for Africa – Shamnaaz Sufrah and Batanay Chikven made a video presentation on the presentation of the “African continental free trade zone”. They stressed that the integrated pan-African market will take effect from 2019 and this will attract large investments from outside the region and minimize migration flows.

Further reports were presented by Steward Lawson, EY Senior Advisor on servicing financial institutions and participation in government projects in Russia and the CIS, Violetta Tayar from the Institute of Latin American Studies, Russian Academy of Sciences and Art Franchek from the American Chamber of Commerce.

The general theme of the presentations was devoted to economic relations and trade policies of countries in the context of sanctions.

“The countries of Latin America did not join the sanctions imposed by the West against Russia in 2014-2016, which allowed to intensify trade, economic and investment cooperation with the region of Latin America. The anti-sanction policy has a limited policy; it is extremely difficult to protect oneself from financial and other consequences,” said Ms. Tayar.

Steward Lawson in his report noted that sanctions affect the cost structure, efficiency of banks and introduce uncertainty, and Art Franchek said that the commodity market began to decline and, as he suggests, this will be the most important issue at the next G20 meeting.

At the end of the seminar, a report was made by the Deputy Department of Macroeconomic Policy of the EEC S. Urustemova: “EAEU – Current macroeconomic trends and challenges.”

Mr. Urustemov said that the quality of macroeconomic policy is improving in the EAEU, there is an increase in the correlation of macroeconomic indicators, inflationary processes are being synchronized.

“In September 2018, for the first time since 2012, inflation in all countries of the EAEU was below the level established by the EAEU Treaty,” said Mr. Urustemov. He also highlighted the following risks for the EEU countries: the growth of protectionism, the tightening of the global financial market, the decline in world commodity prices, low long-term economic growth and other specific country risks.

The seminar participants, from among the academic circles, took an active part in the discussion of global issues of economy, trade, investment and development of countries. 

The largest agrarian exhibition of Russia “YUGAGRO” opened in Krasnodar

On November 20, the International Exhibition of Agricultural Machinery, Equipment and Materials for Crop Production “YUGAGRO” opened in Krasnodar, in the exhibition and congress hall “Expograd Yug”. This year it is held for the 25th time. The organizer of this event is the ITE Group of Companies, the leader in the organization of exhibitions in Russia.

The opening ceremony was attended by Krasnodar Region Governor Veniamin Kondratyev, Chairman of the Krasnodar Region Legislative Assembly Yury Burlachko, First Deputy Chairman of the Federation Council Committee on Agrarian and Food Policy and Environmental Management Sergey Lisovsky, Extraordinary and Plenipotentiary Ambassador of the Kingdom of the Netherlands in the Russian Federation, Ms. René Jones-Bos Ambassador Extraordinary and Plenipotentiary of Grenada to the Russian Federation, Mr. Firer, Minister Plenipotentiary, Economic and Trade Advisor skim the Embassy of the People’s Republic of China in the Russian Federation, Mr. Li Tszinyuan and other honored guests.

This year, more than 650 companies from 35 countries of the world take part in the YUGAGRO exhibition, the total area of ​​the exposition exceeds 65,000 m2, more than 100 companies are new participants.

“Companies from the Netherlands, Spain, Canada, India, China and many others present their products. But it is fundamentally important for us that among the foreign partners in the fields of the exhibition are 40 regions of our country, including 100 companies from the Krasnodar region,” said Veniamin Kondratiev in his welcoming speech. The governor of Kuban also noted that the site of the international exhibition of agricultural machinery is a unique opportunity to learn and learn from the experience of partners and competitors.

Yakip Burlachko, Speaker of the Land Legislative Assembly, noted with satisfaction that more than 20 years ago the exhibition was a more regional agricultural fair. At this stage, YUGAGRO has become a solid international platform, he pointed out.

At the end of the solemn ceremony, the Governor and the guests of honor viewed the expositions of the companies CLAAS, Rostselmash, KUHN and other exhibitors.

The 25th international exhibition is divided into four thematic clusters: equipment for storage and processing, spare parts and agricultural machinery, agricultural chemistry and seeds, equipment for irrigation and greenhouses.

The exhibition “YUGAGRO – 2018” is accompanied by a rich program for visitors: conferences, business meetings and round tables, in total more than 30 events, which will feature 80 speakers.

On the opening day of the exhibition, a plenary session “Food Exports: Strategy, Tactics and Realities” was held. Sergey Lisovsky, First Deputy Chairman of the Federation Council Committee on Agrarian and Food Policy and Environmental Management, Andrey Korobka, Deputy Governor of the Krasnodar Territory, Andrey Korobka, General Director of Rosagroleasing, Pavel Kosov, Russian Grain Union, Sergey Kremenetsky, Deputy General Director of the South Group Russ and other experts.

The exhibition will continue its work until November 23.


Molinere Underwater Sculpture Park is included in the World List of Tangible Tourist Attractions


Ambassador Extraordinary and Plenipotentiary of Grenada Oleg Firer was awarded the International Certificate confirming the inclusion of the Molinere Underwater Sculpture Park (Grenada) in the World List of Tangible Tourist Attractions.

Grenada, also known as “Authentic Caribbean” and “Spice Island”, is one of the most beautiful and lush islands in the West Indies. Unusual and exotic, dramatic landscapes of Grenada, tropical forests, mountains, waterfalls and golden beaches attract visitors from all over the world.

Grenada was discovered by Columbus in 1498 during his third voyage to America. The island was inhabited by Caribbean Indians. The first European settlements on the island were created by the Spaniards, then by the French and the British.

The unique and one-of-a-kind underwater sculpture park in the Molinere Bay is the only park in the world with a collection of underwater modern art, located in the Caribbean Sea off the west coast of Grenada.

The coast of Grenada is a haven for sea horses, turtles, sharks and rays due to the warm waters and healthy systems of coral reefs and sponges. Divers and underwater photographers have the opportunity to see many species of fish and sea creatures in the waters of the islands.

The sculptures were created by the British sculptor Jason de Cairse Taylor in 2007 as a project on environmental sustainability. The seabed in this bay has suffered greatly from several tropical storms, so this project is gradually creating a new foundation for the formation of marine life. Various corals are born on sculptures and attract other forms of life, thereby recreating the underwater environment.

The sculptures that adorn the seabed of the Molinere Bay are among the outstanding landmarks of Grenada. The sculptures are human figures and the fact that they are underwater creates an impressive atmosphere. In total there are more than sixty individual sculptures occupying an underwater area of ​​over 800 square meters at a depth of up to 12 meters. You can get to the underwater park by boat from the main port of St. George or from Grand Anse Bay on the west coast.


Ambassador of Grenada visited “Agrosalon 2018” exhibition

Moscow, October 11, 2018 – Ambassador of Grenada visited the largest International specialized exhibition of agricultural machinery in Russia – “Agrosalon 2018”, held in Moscow. The event is organized every two years. The exhibition spreads on an area of 60,000 square meters where visitors are able to see exhibits of more than 500 Russian and foreign manufacturers of agricultural machinery and equipment from 32 countries.

Grenada hosts second annual Pure Grenada Dive Fest

Grenada, home of the world’s first Underwater Sculpture Park and the Caribbean’s largest wreck dive, the Bianca C, will take the party beneath the surface with the second annual Pure Grenada Dive Fest. The four-day event will take place from October 3-6 and is designed to showcase the destination’s rich and diverse eco-system as well as the bountiful and vibrant marine life that can be found off the islands’ shores.

“This is the only event of its kind on the island and we hope that dive enthusiasts and lovers of the sea will travel to Pure Grenada to enjoy the events we have scheduled,” said Patricia Maher, CEO of Grenada Tourism Authority. “It is the second year of the event and our continued goal is to put the spotlight on Grenada and Carriacou’s amazing undersea world and one-of-a-kind aquatic offerings.”

The first two days of the festival provides participants with the opportunity to discover the destination’s reefs and wreck sites. The festival kicks off on October 3 with the theme of Reef Diving in Grenada and Carriacou, which is known as the Isle of Reefs. Underwater photo enthusiasts can register to participate in the photography competition with the chance to win prizes for categories such as the most creative selfie, best reef photo and best wreck photo. Day two, themed Wreck Diving, caters to all divers offering a beginner’s pool diving course and the opportunity for certified divers to explore some of the islands’ 14 wreck dives including the newest, M/V Anina.

The second half of the festival presents a robust schedule of sustainable activities for participants to make a positive impact on Grenada’s underwater ecosystem. October 5, or Project Aware Dive Against Debris day, includes scheduled clean-up dives off the shores of all three islands and local school outreach presentations that aim to educate Grenada’s next generation on best practices in dive marine conservation. The final day of the festival, Invasive Lionfish Eradication Diving day, starts at Morne Rouge Bay/BBC Beach with the boats sent off to predetermined dive locations and reconvening with their catches at Coconut Beach Restaurant on Grand Anse Beach. The Lionfish are prepared and served at the evening social event where the underwater photographers will be awarded for their photos.

Grenada’s coast is a haven for seahorses, turtles, sharks and rays due to the warm waters and healthy coral reef systems and sponges. Divers and underwater photographers have the opportunity to see a plethora of species of fish and marine creatures in the islands’ waters.

Embassy of Grenada Marks its First Anniversary

Today, On August 1, 2018, we mark the first anniversary since opening the Embassy of Grenada to the Russian Federation in Moscow.

This past year has been a productive year for the Embassy, as we embarked on a path to introduce Grenada to the Russian Federation and enhance bilateral relations as the only Eastern Caribbean diplomatic mission in the region.

This past year has witnessed extraordinary initiatives being carried out by Grenada and Russia as the countries marked their 15th anniversary of the establishment of diplomatic relations, followed by the execution of a visa-waiver agreement between the countries during the 72nd United Nations General Assembly.

By maintaining a fully staffed local presence and working with various government and non-government organizations we have managed to make important first steps in creating bilateral relationships in the fields of educational, cultural and trade exchanges with the objective to promote Grenada as a tourist and investment destination.

In November of last year Grenada hosted “New Dawn”, the first ever joint Russian / Eurasian-Caribbean economic, media and academic forum, which has seen collaboration efforts between the regional representatives from the Caribbean and Eurasian regions. As a result of this successful event, organizers have formed the “St. George’s Club” in Grenada as a non-profit organization founded on the principle of networking and building relationships that last. It is St. George’s Club’s objective to improve contacts between the Caribbean and Eurasian businesses, cultural and government communities. This year on November 1, 2018, St. George’s Club will continue this trend and is preparing to host “The Next Step” forum in Grenada, which will offer an excellent environment for collaboration with the objective to enhance business communication and relationships between the regions.

We have participated in many events in the Russian Federation and the Eurasian region during this past year. Some of the most notable events included:

  • Civic Chamber of the Russian Federation, hosted a round table “Cooperation between the Russian Federation and Grenada in the Humanitarian, Cultural, Scientific and Tourism Fields”, organized by the Commission of the Russian Federation on the Development of Public Diplomacy, Humanitarian Cooperation and the Preservation of Traditional Values. Photo exhibition “Nature and Attractions of Grenada” was featured in the lobby of Civic Chamber of the Russian Federation at which the Commission Chairperson, Elena Sutormina, noted that Grenada, as an island state with magnificent nature, is of interest in terms of tourism, but there are other possible cooperations to be explored between the countries.
  • “Rossiya” television network produced several feature episodes about Grenada, which have aired in prime time – “Friendship of Grenada and Russia”, “From tourism to high technology: Grenada and Russia have something to share with each other” and “Grenada: Visa-Free”.
  • Embassy of Grenada celebrated the CARICOM National Day at the Astana World Expo 2017 and participated in dialogues with the Government of Kazakhstan within the framework of the development of further bilateral cooperation in the region.
    Opened “Grenada Business and Cultural Club” and during the course of the year established bilateral dialogues with the regional governments of the Russian Federation.
  • First Caribbean trade center “My Caribbean” was formed in Russia to promote bilateral trade and serve as a platform for businesses looking to promote products between the regions.
  • Grenadian delegation comprised of Grenadian students in the Russian Federation attended the 19th World Festival of Youth and Students in Sochi, Russia.
  • The Government of Russia in collaboration with the Government of Grenada is offering scholarships to Grenadian nationals who wish to pursue studies in Russia for the academic year 2018-2019. There are many programs to chose from including Bachelors, Masters, Doctorate and Short-term continued education courses from over 400 universities in the Russian Federation.
  • During the St. Petersburg International Economic Forum (SPIEF 2018), Grenada Ministry of Health and National Medical Research Center of Pediatric Hematology, Oncology and Immunology of the Ministry of Healthcare of the Russian Federation have executed the Memorandum of Understanding for Scientific and Clinical Cooperation in The Field of Healthcare.
  • Grenadian products were featured at the Russian Retail Week 2018, whereby Russian Association of Retail Market Experts and the Embassy of Grenada have executed a bilateral co-operation agreement.

During this year we have received a large amount of positive feedback and we are happy with our progress. I would like to thank the Ministry of Foreign Affairs of the Russian Federation for the warm welcome. I would also like to extend a special appreciation to the embassy staff and Grenadian students in the Russian Federation for making this a strong beginning.

Happy Birthday, Embassy of Grenada!

Oleg Firer
Ambassador Extraordinary and
Plenipotentiary of Grenada

PM Mitchell takes over as ECCU Chairman

  • ECCU chair tenure will be one of “implementation for transformation”
  • Monetary council provide directives and guidelines on matters of monetary and credit policy to the bank

Prime Minister Dr Keith Mitchell took over the chairmanship of the Eastern Caribbean Currency Union (ECCU) promising that his tenure will be one of “implementation for transformation” as efforts are made to tackle several sub-regional issues.

Dominica’s Prime Minister Roosevelt Skerrit handed over chairmanship to Dr Mitchell on Friday during a ceremony which preceded the 91st Meeting of the Monetary Council of the Eastern Caribbean Central Bank. The meeting was held at the Radisson Grenada Beach Resort, Grand Anse, St George, Grenada.

The monetary council is the highest decision-making authority for the ECCU. It is comprised of one minister appointed by each government of the participating countries. The function of the council is to provide directives and guidelines on matters of monetary and credit policy to the bank.

Highlighting some of the issues to be pursued, Dr Mitchell said that Fiscal and Debt Resilience; Dealing with the Threat of De-risking; Addressing Bank Fees and Charges; Establishing the Credit Bureau and FinTech Regulation and Supervision are among the measures that will be taking centre stage during his time as chairman.

Providing information in fiscal and debt resilience, Dr Mitchell said that as part of building resilience in the ECCU, leaders had taken note of the bank’s strong advocacy for the enactment of fiscal resilience frameworks in member countries and the intention is to all ECCU members will enact similar legislation.

“Grenada is the first country in the ECCU to adopt fiscal responsibility legislation and establish an independent fiscal responsibility oversight committee. Therefore, we fully support this call,” he said while praising the effort by members to comply with the monetary council agreement that all member countries would table their Medium-Term Debt Management Strategies in their respective parliaments.

“It is encouraging to observe that all member countries have now completed their strategies and we look forward to them being tabled in parliament, during my tenure as chairman,” he said.

With regards to dealing with the threat of de-risking, Dr Mitchell told the ceremony that the potential loss of correspondent banking relations continues to pose a serious threat and the region must remain vigilant and relentless in its efforts to combat this existential threat.

As for the addressing the bank fees and charges by commercial banks, Dr Mitchell said that the matter of high bank fees and charges is one that concerns all citizens and all members of the monetary council.

“That said, we also understand that banks are facing rising compliance costs because of various international requirements for Anti-Money Laundering and Combating Financing of Terrorism. We call on all banks and the ECCU Bankers Association to become more proactive in informing customers of these developments and helping them access no-cost or low-cost options, wherever possible,” he told the opening ceremony whose attendees included representatives of all financial institutions.

Russian Retail Week 2018: Russian Association of Retail Market Experts and the Embassy of Grenada Sign Co-Operation Agreement

MOSCOW, RUSSIA – June 6, 2018 – During the Russian Retail Week on June 6, Russian Association of Retail Market Experts (RARME) and the Embassy of Grenada have executed a bilateral co-operation agreement. Russian Association of Retail Market Experts was represented by the Chairman of the Board, Andrey Karpov and the Grenada Embassy in the Russian Federation, represented by Oleg Firer, Ambassador Extraordinary and Plenipotentiary of Grenada.

The Embassy of Grenada in the Russian Federation will provide comprehensive support to companies belonging to the RARME and intending to develop bilateral relations. The RARME, in turn, will also use its connections, knowledge and experience to promote the development of economic ties and cooperation.