The Caribbean needs to strengthen business ties within the region, in
addition to developing private and public sector partnerships.
The
findings of a survey of 200 private sector firms by consultant and
well-known business executive James Moss-Solomon included the view that
there was a lack of trust between the public and private sectors in the
region.
Moss-Solomon announced the findings of the study,
financed by the Caribbean Export Development Agency (Caribbean Export),
on the opening day Tuesday November 11, 2014 of the second annual
Caribbean Exporters’ Colloquium 2014 at the Hilton Barbados resort.
Making
a case for stronger collaboration among regional businesses as well as
the private and public sectors, Moss-Solomon, Executive in Residence,
Mona School of Business and Management in Jamaica, argued there was no
“We” in the Caribbean Community (CARICOM). “Without ‘We’ we can go no
further,” he contended during a panel discussion on the role of the
private sector in economic development.
More than 200 business
executives, representatives from academia, technical experts and
politicians have gathered for two days for a dialogue, organised by
Caribbean Export, and funded by the 10th European Development Fund (EDF)
on “Building Economic Resilience in the Caribbean”.
The Caribbean Export Development Agency survey noted that business
leaders were familiar with the Caribbean Community (CARICOM) Secretariat
and recognised its continuing role and value.
But Moss-Solomon
said one conclusion was the Secretariat was not empowered. There was
also limited access to information on markets and access. The survey
suggested a lack of trust existed between the private and public
sectors. “The private sectors reverted to insularity and protection, or
worse, ignored CARICOM and the CARICOM Single Market,” Moss-Solomon, a
long-standing Grace Kennedy executive and former head of the Caribbean
Association of Industry and Commerce (CARIC) and the Jamaica Chamber of
Commerce (JCC), added.
A recent study, CARICOM-CARIFORUM
Public-Private Sector dialogue : A Roadmap for Re-engagement” emphasised
the essential role the private sector has in achieving economic growth
and development goals at a time when poor growth rates have persisted in
the Caribbean.
During Tuesday’s sessions of panel discussions
and presentations the participants heard and applauded the economic
progress being made by Jamaica and the Dominican Republic.
Moss-Solomon
said the way forward for economic growth required a commitment to
private sector dialogue and “We” as well as sharing of information.
Minister
responsible for Foreign Relations and Foreign Trade in Barbados Senator
Maxine McClean underscored the value of private sector partnerships
working with Governments to identify critical
initiatives. She
said the two roles for the private sector in contributing to regional
economic development were advocacy and taking action.
Managing
Director of Viking Trading Ltd. Nicholas Zephirin issued a plea for
support from the region for Caribbean farmers, saying the
Agro-processing industry with support could reduce the import bills of
countries and improve their balance of payments. “If we do not support
what is within CARICOM then our growth will always be limited,” he
argued. While noting supporting initiatives from Caribbean Export and
the German development agency GIZ in opening doors for exports to Europe
Zephirin suggested that free trade in the Caribbean should benefit the
farmers.
The Agro-processing sector and the cultural industries
were identified during a presentation by Caribbean Export’s Executive
Director Pamela Coke-Hamilton as bright prospects for economic
diversification.