2022 Annual Results Report

SERVICES SECTOR DEVELOPMENT

Services is cross-cutting with the services providers touching every industry and having the ability to support the regions transformation through digitalisation, adoption of green energy, enhancing operational efficiency and conforming to international standards of certification. As the Agency continues to support the development of the services sector, many interventions were developed to improve the competitiveness of regional firms thereby creating jobs and opportunities for our people. In 2022, the Agency implemented a range of interventions supporting service providers from industries such as business and professional services, animation, information communication technology (ICT) and the creative industry including fashion and music. These interventions include both capacity building, technical assistance and export promotion activities and the provision of funding. International trade in services is touted as one of the fastest growing sectors in the global economy, generating over two thirds of global economic output. The sector continues to play a critical role in the economic and social development of Caribbean economies, with statistics from the ITC’s Trade Map indicating that CARIFORUM countries exported over US$18 billion in services for the year 2021. The COVID-19 pandemic served to emphasize the importance of the services sector in transforming the economies of the Caribbean. By taking advantage of the digitalization of processes and systems, new innovative approaches led to the evolution and development of many industries thereby positively impacting the socio-economic development of the region. In the Caribbean, the export of services provides the opportunity to expand production, boost employment and increase revenue. In addition, trade in services generates foreign exchange for the region, improves firms’ competitiveness and adds significant value to the development of new products through innovation as well as research and development activities.

33

Annual Results Report - 2022 | Transforming to a Greener, Smarter, Resilient Caribbean