CE- Annual Results Report 2023 FINAL

NAVIGATING THE DIGITAL WAVE: EMBRACING TRANSFORMATION IN THE CARIBBEAN

In an era of unprecedented global digitalization, the Caribbean stands at a pivotal juncture and risks being left behind. A 2023 Statista report titled "Global digital economy market size - forecast to 2027" projects the global digital economy to reach around USD 10.5 trillion by 2025. In view of this, coupled with the threats of climate change, the region cannot afford to lag behind. Caribbean Export has recognised the importance of supporting the Region’s business especially the MSME sector to become ‘fit for purpose’ in the digital space. Consequently, the Agency has made major steps to develop, access financing and implement pioneering programmes in this space.

DATA POINTS

Digital transformation could add US$1.2 TRILLION to the Caribbean's GDP by 2025.

Investing in digital infrastructure in the Caribbean could boost trade by

Digital transformation could create

Digital adoption can increase firm productivity by up to 20% in developing countries.

new jobs in Latin America and the Caribbean by 2025. 1.3M

and increase internet penetration by 15%. 20%

VEAP also focused on equipping Business Support Organizations (BSOs) across the Caribbean with the necessary knowledge and resources to effectively assist firms at the national level. Further the initiative aimed to deliver tangible outcomes, including: Empowering Caribbean firms with practical e-commerce capacity building, covering various aspects such as strategy development, website creation, e-payment integration, and digital marketing. Equipping Caribbean BSOs and e-commerce service providers with the tools and knowledge necessary to effectively support firms at the national level, thereby acting as catalysts for e-commerce growth in the region. At the end of the second cohorts a total of:

Programme funded access and onboarding of 61 businesses onto three (3) regional online marketplaces: ShopCaribe, GetPaid, and Ethniv.

235 companies

a total of,

• New customers, • Increasing sales and exports • Contributing to the advancement of the regional e-commerce ecosystem. 61 businesses have fully-functional online stores reaching

79% of which are women-owned businesses.

were trained and coached with the assistance of participating in the programme

40 | CREATING A BOLD NEW CARIBBEAN | RESULTS REPORT 2023