–countries must look beyond borders and embrace regional partnerships, Executive Director of Caribbean Export says

THE Caribbean region is ripe with investment opportunities in various sectors, and as such it was highlighted that nations must look beyond borders and embrace regional partnerships in this regard.

This call was championed by Executive Director of the Caribbean Export Development Agency (Caribbean Export), Dr. Damie Sinanan at the opening of the Caribbean Investment Forum (CIF), which is being held here at the Arthur Chung Conference Centre.

According to Dr. Sinanan, the CIF symbolises a remarkable shift in the region’s collective approach to securing vital investments required for economic development and diversification of Caribbean nations.

“The Caribbean is ripe for investment opportunities in various sectors, and the forum provides the platform to enable various public and private stakeholders to meet and advance this cause,” the Executive Director said.

To this end, he added that as the region continues to fortify its resilience against external shocks, it is paramount that the pivotal role played by the private sector in transforming lives is not lost sight of.

Dr. Sinanan told the gathering, “No longer can we sustain economic growth by relying solely on our domestic spaces. We must look beyond borders and embrace regional and international partnerships. We must come together as a single Caribbean to bring the required scale and market size needed to attract a high level of capital investment needed to achieve transformational growth.”

Further to this, he indicated that it cannot be businesses alone, and urged stakeholders to act with alacrity and in unity while embracing the changing environment.

Against this backdrop, the executive director added that the forum continues to provide an invaluable opportunity for Caribbean private and public stakeholders to maximize their potential in developing essential relationships that can revolutionise the region.

With that, he highlighted that the broader plan is to deepen trade relations thus encouraging the flow of economic activity within the Caribbean.

As such, the focus at this year’s CIF remains on three key areas: green economy transition, sustainable agriculture and digitalisation of business.

In relation to the Green Economy transition agenda, Dr. Sinanan stated that the increasing impacts of climate change necessitate an urgent and decisive shift towards greener economies.

He added that transitioning to green economies is not just about mitigating risks, but is also about seizing opportunities

“What is not spoken about with this green economy transition is, that there are potential opportunities for growth of the private sector, jobs and investment.

However, we are faced with a stark reality that a green transition is going to cost a lot and it requires significant investments,” he posited.

With this in mind, there is an immediate need to mobilise the right partners that can help to support the requisite infrastructure. This, he said is at the core of CIF’s rationale and as such a transition will bolster resilience and create opportunities for many in the region.

Meanwhile, as it relates to the digitalisation of business, he stated that innovation and technology are fundamental for the integration of the Caribbean’s private sector into the regional and global economies.

At Caribbean Export, Dr. Sinanan said, they see it as their duty to ensure that the private sector is not left behind and can leverage opportunities through innovative applications of technologies.

“It requires significant investment in innovative infrastructure in education, in technology adoption, in entrepreneurship and innovative tech; these can unlock new economic potential and create digitally empowered societies,” he added.

Conclusively, as he spoke on the push towards sustainable agriculture, the Executive Director added that while the Caribbean is blessed with rich biodiversity, it is challenged by hurricanes, droughts and rising sea levels that pose significant threats to agriculture systems.

Against this backdrop, Dr Sinanan added that this makes the adoption of sustainable agricultural practices more of a necessity than an option.