Caribbean Investment Forum Magazine

F o r u s a t C a r i b b e a n E x p o r t Development Agency, there is a path forward. We have worked with the Caribbean Association of Investment Agencies (CAIPA) to identify AgTech as a priority sector to attract foreign direct investment as well as to stimulate regional capital fl ows. Caribbean Export is fully committed to the goal of 25 in 5 and we have begun our work in concert with our partners to de fi ne a mechanism to position the region’s AgTech opportunities to regional and international investors. However, with few exceptions, the Caribbean has been slow to embrace the widescale use of new technology in our food production systems. This is not a challenge solely faced by the Caribbean, as the World Economic Forum has noted that for its member territories, only $14 billion in investments in 1,000 food sys tems-focused s tar t-ups was generated since 2010, whi le healthcare attracted $145 billion in investment in 18,000 start-ups during the same time period. 7 For us in the Caribbean, the introduction of new technologies presents a major opportunity to accelerate food production, create jobs and attract investment. Embracing and accelerating the use of technology in agriculture or AgTech makes sense since it allows us to produce more with less, making food production more e ffi cient. Innovations using technology such as h y d r o p o n i c s a n d a q u a p o n i c s h a v e circumvented the need for extensive tillable land, which is a major constraint in many of the region’s small territories, especially island nat i ons . The i nt roduct i on of ar t i fi c i a l intelligence, analytics, connected sensors, and other emerging technologies could further increase yields, improve the e ffi ciency of water and other inputs, and build sustainability and resilience across crop cultivation, animal husbandry and agro-processing.

During the highly anticipated Caribbean Investment Forum under the theme - Building a SMARTer, GREENer, Caribbean - held 8-11 November, 2022 in Trinidad and Tobago, AgTech featured prominently as one of the sectors on showcase for investment. Together with presenting partners the European Union, the Caribbean Development Bank, CARICOM and Trinidad and Tobago’s Ministry of Trade and Industry, Caribbean Export and its esteemed panelists explored how AgTech innovations can transform the region’s agr icul tural landscape and review the investment opportunities on o ff er across the region. More information on the event can be found at: caribbeaninvestmentforum.com There is enormous potential for the Caribbean to strengthen market linkages and help farmers, fi shers, and agri-food businesses to catch up with current best practices and technologies. As the COVID-19 pandemic demonstrated, the pivot to digitalization and the swi ft adoption of technology was a sine qua non, whether for consumption of food or entertainment. Similarly, if the region is to succeed in ful fi lling its potential of feeding itself, without further compromising its natural capital and related ecosystem services, agriculture and agro-processing practices will have to move from the traditional mode of production. Practitioners ought to embrace and adapt to the technological innovations available to spur on economic growth and contribute to poverty reduction, particularly for marginal communities and households in the informal sector. Moreover , through the promotion of inclusive and sustainable agricultural development, these sectors can contribute positively towards socio-economic and environmental goals of food and nutrition security, increasing youth employment, gender equal ity, the sustainable use of natural resources, and climate change.

CARIBBEAN INVESTMENT FORUM

31

7 https://www3.weforum.org/docs/WEF_ Innovation_with_a_Purpose_VF-reduced.pdf SOURCE