Companies and organizations from countries in the Caribbean still come across many challenges when they want to do business in the region. During her keynote speech at the 16th edition of the Business Forum of the Association of Caribbean States that commenced in Torarica Warsha Sardjoe, representative of the Caricom Private Sector Organization (CPSO) and Chief Executive Officer (CEO) of the Rudisa Group of Companies, talked about the many challenges but also explained how the private sector in these economies that radiate so much potential could be more proactive when it comes to unlocking the potential for growth and development.

“Navigating the way of doing business in the vast Caribbean landscape can be complex. The standardisation of processes and the streamlining of legislation can sometimes differ from country to country. This inconsistency produces many challenges to companies that want to expand their reach in the region. However, the truth is that the Caribbean offered a wealth of potential through its abundant natural resources, blooming tourist sector and talented workers. By working together to tackle existing problems and to profit from ongoing reforms we could create a more streamlined and friendly environment for companies of different sizes,” said Sardjoe. The lack of standardisation produces several challenges especially when companies want to operate in the entire region. The limited infrastructure and the lack of access to loans also creates obstacles for small to medium sized companies.

“The Caribbean is known for its tourist products, sun shine and sandy beaches but is also confronted with a hidden double reality namely the strong dependence on imports. This dependency on external sources for essential goods makes the region vulnerable. Delays, shortages and high shipping costs produce a ripple effect which has consequences for the companies that operate within the Caribbean. It is getting increasingly difficult and expensive to import essential goods from base materials to final products.”

Sardjoe pointed out that the region could become more resilient against external shocks by concentrating on self-supplying in important sectors. Investments in agriculture, local production and renewable energy could help to decrease the dependency on imports while also creating a sustainable economic future. “We must make companies stronger so that they can have more growth opportunities in the Caribbean region. This is why the CPSO focuses its attention on certain aspects. One of the things that we focus on is improving access to the markets because our products get a different treatment on the markets of our Caricom partners. The free movement of people can also offer the Caribbean a wealth of talent. The CPSO was therefore disappointed when the Caricom missed its deadline to fully embrace the complete free movement of people by March 31, 2024. However, we remain optimistic that this promise could be actualized within the 3 year period that is offered to member states for making changes to their laws and administrative procedures. Another important thing that must be improved is the tariffs as this will provide the balance that enables the import of essential goods while also protecting the local producers,” said Sardjoe who added that the CPSO tackles these issues to create an environment where Caribbean countries could flourish. “We believe that the Caribbean region could secure a better economic future for everyone through collaboration and commitment to regional integration.”…[+]