Regional consultations with principal stakeholders have commenced to finalize the CARICOM Industrial Policy and Strategy, aiming for approval by Trade Ministers later this year.
A CARICOM report shared that Suriname, which oversees the Industrial Policy within the CARICOM Quasi-Cabinet, is leading efforts to complete the document for presentation at a special session of the Council for Trade and Economic Development (COTED) scheduled for October 2025. This process involves extensive engagement with key players in the business sector to ensure comprehensive input before the deadline.
It further stated that the initial discussions have already taken place with representatives in St. Vincent and the Grenadines, with additional consultations planned for later in August.
According to Ambassador David Prendergast, Director of Sectoral Programmes at the CARICOM Secretariat, there is significant interest from the private sector across the region in the proposed policy. Rooted in the Revised Treaty of Chaguaramas, its goal is to foster the growth of a wide range of businesses—from micro-enterprises to large corporations.
“Essentially, [this policy] seeks to boost productivity, to create more opportunities for employment across the Region, to use our resources optimally, and to connect us into global value chains which are critical for production with the ultimate objective of improving the standard of living of our people across the Region,” Amb. Prendergast sated.
Mr. Sandiford Ruel Edwards, an industrial policy development advisor to the CARICOM Secretariat, emphasized that given the current global economic landscape, the Strategy is well-positioned to contribute meaningfully to economic diversification and promote indigenous growth and prosperity. It aims to do so by supporting both established industrial sectors and emerging innovative fields and technologies.
He noted,“It is important to acknowledge that this industrial policy is not a universal remedy; historical global initiatives have sometimes resulted in notable failures, and there remain valid concerns regarding government intervention in market selection. This strategic framework proposes a collaborative model between regional governments and the private sector, targeting 12 industrial ecosystems alongside five cross-cutting enablers.”
The twelve core ecosystems identified in the Strategy are: Agriculture and Food Production, Fisheries and Processing; Construction; Culture and Creative Industries; Digital Technologies; Education and Human Capital Development; Energy; Health and Wellbeing; Transportation and Mobility; Micro, Small, and Medium Enterprises; Non-Food Manufacturing; Research, Development, and Innovation; and Tourism.
The five cross-cutting enablers supporting these ecosystems include: Financing, Competition Policy and Consumer Protection, Intellectual Property Rights, Standards, and Environmental Sustainability.
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