A Bold New Caribbean

Recent examples from the Eastern Caribbean demon- strate the importance of logistics infrastructure in times of crisis. Antigua, Barbuda, and Barbados have been identified as regional hubs to facilitate air and cargo throughput, food distribution, and other disaster relief supplies to neighboring islands. During natural disasters such as Tropical Storm Erika and hurricanes Irma and Maria, Antigua and Barbuda played a vital role in dis- tributing food, fuel, and other relief supplies to other islands in the region. Investing in logistics infrastruc- ture and services can also create new opportunities for training and technical development. As countries upgrade their logistics facilities, they can train a cadre of technically trained people to operate the new facil- ities, creating new opportunities for employment and economic growth.

The construction of the US$220mn International Air- port in Dominica, the US$250.8mn Kingstown Port Modernization Project in St Vincent and the Grena- dines, and the US$190mn Linden to Mabura Road proj- ect in Guyana are some of the noteworthy develop- ments. These public investments have the potential to create thousands of job opportunities, thus contrib- uting to the sustainable livelihoods of small and me- dium enterprises. As a private investor, you can take advantage of these investments to advance your business interests while fostering economic growth and development in the region. TheCaribbean regionhas thepotential tounlock enor- mous economic growth and prosperity by moving up the value chain from traditional resource extraction to more sophisticated manufacturing. However, this can only be achieved by developing advanced lo- gistics capabilities that cater to high-value prod- ucts’ needs. It’s important to realize that exports of primary agricultural and mining commodities do not require advanced logistics capabilities, but sophis- ticated manufacturing requires freight forwarding, third-party logistics, cold storage, and warehousing. As the region moves towards exporting more sophis- ticated products, its demand for logistics and trans- port services will increase substantially. Manufacturing firms require low transport costs, reli- able delivery schedules, well-managed cold storage chains, and, most importantly, security. Basic trans- port infrastructure is insufficient to meet global man- ufacturing firms’ complex logistics needs. To achieve this goal, the region must stimulate innovation in transport services, develop new products, advance regulation using electronic services, and encourage investment in new areas. Only by doing so can the Caribbean region meet the logistics requirements of global manufacturing firms and unlock the full poten- tial of its economy.

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With the signing of the Saint Barnabas Accord with Guyana, Barbados has emerged as a key player in the logistics hub. The Barbados-Guyana food terminal and abattoir not only caters to local consumption but also serves as a transhipment point for exports, in line with the Caribbean Heads of Government’s commit- ment to reduce food importation by 25% by 2025. This presents an incredible opportunity for private inves- tors to capitalize on this growing market. Moreover, the Greater Caribbean region has seen a surge in in- frastructural developments, providing ample oppor- tunities for private investors to scope for investment opportunities. The year 2022 marked a significant milestone for the Caribbean region. During the Agri-Food Investment Forum and Expo, Prime Minister Mia Mottley highlight- ed the strategic importance of Barbados in promot- ing food security for the Caribbean.

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