The Caribbean Community’s (CARICOM) Private Sector Organization (CPSO) has expressed strong support for the recent adoption of the CARICOM Industrial Policy and Strategy (CIPS) 2035. This significant development took place during the Fiftieth Regular Meeting of CARICOM Heads of Government in St. Kitts and Nevis in February 2025.
The CPSO stated in a press release that it sees this milestone as a major step forward for the region’s economic future. They believe that the new framework “provides a regional framework to support private sector-led industrial growth,
encourage innovation and strengthen linkages across industries within CARICOM. This coordinated approach aims to position the Region as a more competitive producer of goods and services within global value chains.”
The CIPS offers a comprehensive regional blueprint aimed at fostering private sector-led industrial expansion. It emphasizes encouraging innovation and building stronger connections across various industries within the Caribbean. This coordinated strategy is designed to position CARICOM as a more competitive player in the production of goods and services on the global stage, integrating the region more effectively into international value chains, as per the release.
As the voice of the private sector in the region, the CPSO was actively involved in shaping the policy. It participated in consultations and technical discussions that helped inform the final version of the strategy. It is reported that the organization contributed valuable insights from the regional business community and collaborated closely with the CARICOM Secretariat, member states, and other regional institutions. Their goal was to ensure that the policy truly reflects the realities, priorities, and opportunities facing Caribbean businesses today.
Dr. Patrick Antoine, CPSO’s CEO and Technical Director, highlighted the importance of this new policy, calling it a key milestone for the Caribbean. He pointed out that it provides a clear framework for CARICOM to adopt a more deliberate and cohesive approach to industrial development.
“This is a first and very important step toward strengthening the Region’s productive sectors and unlocking new opportunities for CARICOM businesses,” he stated.
He emphasized that the private sector’s next move should be to turn this policy into actionable initiatives—such as operationalizing the Competitiveness Council—to expand regional supply chains, support innovation, and enable Caribbean firms to compete more effectively on the global stage.
The CPSO also took a moment to commend the leadership of Suriname’s President, who oversees Industrial Policy within the CARICOM Quasi-Cabinet, along with the government. They praised the efforts that guided the development, finalization, and approval of the Industrial Policy.
Looking ahead, the Organization says it remains committed to working hand-in-hand with the CARICOM Secretariat, member states, and regional partners to make sure that the goals outlined in the CIPS are turned into real, tangible results for the region.
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