Food security push hinges on private investment, Munro-Knight says

A strong and targeted change in private investment is urgently needed to curb the Caribbean’s rising food import bill and drive long-term economic transformation, agriculture minister Dr Shantal Munro-Knight has said, warning that incremental approaches will not deliver the scale of change required.

Addressing the opening ceremony of the Regional Food Systems Investment Forum at the Hilton Barbados Resort, Dr Munro-Knight pointed to the region’s growing dependence on imported food as evidence that a more ambitious and investment-driven approach is needed.

Referring to the CARICOM initiative to reduce the region’s food import bill by a quarter by 2025, she said: “When CARICOM announced the 25 by 25 and then later 25 by 25 plus 5, it was about a recognition that we needed again to advance the issue of food security in a big and single way.”

Caribbean countries import billions of dollars in agricultural products annually, with imports reaching $13.76bn over a recent three-year period, equivalent to about five per cent of regional gross domestic product.

Attendees of the Regional Food Systems Investment Forum. (Photo Credit: Shamar Blunt/Barbados TODAY)

“That’s not small, that’s not insignificant,” she said.

Dr Munro-Knight argued that agriculture must no longer be viewed solely through the lens of production and small-scale farming, but as a modern economic sector offering significant investment opportunities.

“The dialogue around food systems has moved beyond just production,” she said. “What we have come here to talk about today is a conversation that revolves around one of the most significant economic and development opportunities that the Caribbean has to offer.”

Food systems encompass logistics, agro-processing, cold storage infrastructure, digital transformation and technology, which the agriculture minister said creates opportunities for investors while strengthening regional food security.

“When we think about food systems, we have to break out of that traditional frame,” she said. “We can challenge ourselves, and we can look at the big investable opportunities that are there.”

Drawing parallels with climate financing initiatives under the Bridgetown Initiative, Dr Munro-Knight said governments must play a catalytic role in attracting private capital into agriculture and food systems development.

“Government understanding its role as playing that catalysing partner, crowding in private capital,” she said, is key to unlocking growth.

But, she stressed that investors also require confidence in public institutions.

“Capital needs surety. It needs governments that have clear policies, clear pathways, frameworks, that are transparent and data-driven,” the minister said.

Dr Munro-Knight said technological innovation could significantly reduce the region’s food import dependence, noting that investment in technology-driven agriculture and modern farming solutions could produce a 15 per cent improvement in the current equation.

In Barbados, she said that commitment is reflected in the country’s Strategic Crop Escalation and Production Plan, which focuses on expanding production of 15 priority crops.

She also highlighted the proposed Barbados-Guyana Food Terminal as a major investment opportunity.

Describing the project as a $25m venture, Munro-Knight said it would leverage Barbados’ strategic location to create a regional logistics hub, strengthening food distribution networks and supporting broader efforts to build a more resilient Caribbean food system.

(SB)