Caribbean Investment Forum Magazine

Caribbean Export’s Role

We also need to embrace technology where our micro, small and medium-sized enterprises are le ft behind to enable them to become greener and also take advantage of new opportunities. To address this, we must seize the opportunity to leverage the upswing of technologies and industries of the future such as arti fi cial intelligence (AI), blockchain technology, digital platforms and cloud computing. These technologies and others have the potential to radically transform existing enterprises and create new ones including precision agriculture and generating new opportunities for the services sector in areas such as the business of music. In fact, these kinds of technologies have cross-sectoral applicability and for this reason, they have the potential to reshape energy systems through the integration of distributed, low-carbon energy generation and new demand-side energy management services. At the same time, another key technological shi ft is taking place is more e ffi cient energy systems, as countries all over the world contend with the necessity of low carbon energy transition. The steady march of environmental, social and governance considerations as a strategic priority for enterprises is causing sustainability to be increasingly prioritised. This is expected to be further heightened in the post COP26 period.

2022

Given the imperative of a green economy transition and the critical role of the private sector in leading the charge, we at the Caribbean Export Development Agency are already supporting regional businesses in this pathway. For example, our work in the area of investment promotion focuses on attracting investors to in the green economy including the renewables sector. Our e ff ort in agriculture is geared to leveraging technology into agriculture or AgTech to boost food security, taking into consideration the importance of climate resilient agriculture. In the direct support we provide to fi rms, technical and policy support through innovation mechanisms to drive energy e ffi ciency continues to be a signature service. We recognise that we need to provide support, where it matters, on the ground and at the level of the fi rm. Consequently, with the support of the European Union we have provided over Euros 12.8 million in grant fi nancing in areas that support and foster innovation and green economy transition such as digitalisation of business, research and development and renewable energy. Finally, we recognise that globally consumers are demanding products that are climate friendly and meet sustainability criteria. This is precisely why with the United Nations International Trade Centre, we have established a Green to Compete hub here in the Caribbean, which is one of seven established globally.

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