Caribbean Investment Forum Magazine

As more Caribbean businesses sell online to foreign markets there will be a need for improved logistics services. The cost e ff ective provision of these services will encourage the adoption of E-Commerce by more businesses, creating a virtuous cycle of digitalisation in the wider economy. In traditional industries like agriculture and agro-processing there are investment opportunities for the use of appropriate technologies in production; creating digital marketplaces to integrate the value chain; as well use of sensors for traceability of products from farm to factory to consumer, enhancing trust and building reputation among va l ue-based consumer s and intermediaries. Consistent with recent near shoring e ff orts, the Region is a prime destination for new investments in call centres, information processing and business process outsourcing, given our strategic location, our languages, and the availability of the requisite skills to support these operations. From the perspective of new product development, there are opportunities to take advantage of our unique culture including music to create innovative products with mass appeal for non-traditional markets taking advantage of existing in-market consumer behaviour and infrastructure for consumer engagement. I want to end this section with what I believe is a winner. The Caribbean Region possesses the creative capacity to pursue big bold initiatives in partnership with world class technology companies in areas where we h a v e a d e c i d e d l y c omp e t i t i v e advantage. The concept of the Virtual Caribbean through Virtual Reality Tourism is a tremendous opportunity for investment through strategic partnerships given the

Regions’ unparalleled diversity of beautiful landscapes and seascapes that can be virtualized and gami fi ed for a growing market of “Digital Dwellers”. As the consumer hardware for accessing virtual real ity content becomes more a ff ordable, adoption of VR adoption would be driven by the availability of a new type of quality and i nterest i ng content for new mar ket segments. Virtual Reality Tourism (VRT) is a prime content area to drive new adoption. The Digital Economy presents tremendous opportunities for digital entrepreneurs to exploit. Conclusion The individual, businesses, investors, and governments must conceptualize and equip themselves as entrepreneurs in this multi dimensional digital economy. The task requires a winning mindset with a focused global-local approach to knowledge building of our indigenous resources and emerging trends, and visionary yet attentive leadership to initiate and sustain strategic partnerships with local stakeholders, key development actors, and global industry players.

2022

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SOURCES

1 See https://www.pwc.com/cb/en/issues/assets/ digital-readiness-survey-2021.pdf

2 Pacheco and Pacheco (2020). Available at: Microso ft Word - SST-3-2-2020-Pacheco-Pacheco (um.edu.mt)