Government and business officials in Barbados and other regional states are being urged to ramp up their efforts to build more resilient economies.
The call came as one of the Caribbean’s leading promotion and investment agencies pushes for greater foreign direct investment in some key sectors in the region.
On Tuesday, the Caribbean Export Development Agency officially launched the Caribbean Investment Forum, which is scheduled to take place in Trinidad from November 8 to 11 and is expected to be one of the largest face-to-face gatherings of business officials in the Caribbean since 2019.
During the launching ceremony, Manager of Competitiveness and Export Promotion at Caribbean Export, Dr Damie Sinanan stressed the importance of building more resilient and diversified economies in the region.
“The COVID-19 pandemic has taught us that it cannot be business as usual, not only in the Caribbean region but globally. We have to think differently, we have to act differently, we have to diversify our economies and focus on innovation, green energy, build resilience and build sustainability because we don’t know what the future holds for us,” he said.
Sinanan noted that the Caribbean was vulnerable to several shocks, including natural disasters, geopolitical instability and other global challenges.
However, citing the region’s ability to “bounce back fairly quickly” from the impacts of the COVID-19 pandemic, he expressed confidence that governments and business leaders can partner to build resilience across various sectors.
Acknowledging that there is stiff competition among countries globally when it comes to attracting more foreign direct investment, Sinanan said he believed the region has what it takes to adequately compete, as he pointed to the stable political climate, an educated population, and supportive governments and investment promotion agencies.
“The Caribbean cannot be left behind. We have to put our best foot forward to show what we have to offer so that the eager investor with the capital, the know-how and the projects can come to the Caribbean region and establish their presence,” he said.
The Caribbean Investment Forum is expected to bring together more than 400 regional and international investors, national promotion agencies, business operators and lawmakers, as officials seek to attract major investment to help build a greener and smarter Caribbean.
The forum will focus on a number of sectors including agriculture technology, renewable energy and energy efficiency, the digital economy, transportation and logistics.
Executive Director of Caribbean Export Deodat Maharaj acknowledged the challenges facing the region, including high debt and climate vulnerability, adding that businesses and investment in key sectors had a critical role to play in driving transformation in the region.
“The last two years have demonstrated to us more than ever that building resilience must be the top priority of our region. The COVID-19 pandemic placed enormous stress on our economies and societies across the Caribbean. One clear recognition has been that business and investments have a vital role to play in creating much-needed jobs and opportunities for our people,” said Maharaj.
“At the same time, for us at Caribbean Export, it is crystal clear that we need to have a forensic focus on sectors that can drive and advance this transformation.”
Maharaj said sectors of focus during next month’s high-level forum can help to drive the transformation needed in the Caribbean.
He said the time had come for the region to boost its food security and create more opportunities for young people in the agriculture sector through greater use of technology.
“Boosting investments in the areas of e-commerce, technology and digitalisation is absolutely critical. Being one of the most climate vulnerable regions on the planet, a green economy transition for us is not an option. It is truly an imperative,” he added.
In relation to transportation and logistics, Maharaj suggested that the private sector should take the lead in building out this area.
“To function as one Caribbean we need to have easier transportation and transportation links, but the state cannot continue to carry the burden of providing much-needed transportation; hence, the critical importance of steering investment our way to boost intra-Caribbean transportation,” he said. (MM)
