President of the Caribbean Development Bank (CDB) Dr Warren Smith has called for the completion of regional integration projects in order to grow economies and advance the standard of living across the Caribbean in the novel coronavirus pandemic aftermath.
Speaking at a virtual staging of the CDB’s 50th annual general meeting held on Wednesday, Smith said that the countries of the region need to exploit the full potentials of integration if local firms are to gain access to larger protected markets in which they could grow. He said that this could also serve as a useful launching pad for countries that may want to tap into the global market.
“More than half of the actions agreed in the 2001 roadmap to a single market and economy still need to be implemented,” he said
“I believe that the full potential of the integration movement has been limited by significant non-tariff barriers to trade; a lack of harmonised investment codes, tax incentives, and macroeconomic policies; and restrictions on capital mobility,” he continued.
The CDB president, in his address, also called for a stronger private sector engagement in leading the charge for sustainable advancements in society and export expansions.
“Caribbean countries need to find a way to get the private sector to assume its place as the ultimate generator of jobs, incomes, and exports. In order to make this happen, the public sector needs to pay much more attention to creating an ecosystem that includes climate-friendly infrastructure, a healthy and skilled labour force, enabling legislative and regulatory frameworks, enabling culture, and access to appropriate types of finance,” he shared.
He also called for the more diversified structures in member countries as a means of building economic resilience, allowing for more productivity and competitiveness.
Smith, who will demit office in April next year, in reflecting on his tenure as head of the regional organisation, said that he is satisfied with the efforts that have been made thus far in transforming the region, however mentioning that more still needs to be done.
He said that during the last nine years the entity had approved US$2.5 billion in funding with some US$1.8 billion being disbursed to undertake significant projects across the region.
“Despite the setbacks caused by COVID-19, total approvals in 2020 are anticipated to reach US$470 million, and disbursements to be around US$367 million,” he added.
Dr Nigel Clarke, minister of finance and the public service who also brought short greetings, lauded the work of the CDB noting it as a helpful entity in providing substantial grants, investment and policy-based support to borrowing member countries especially in light of the pandemic’s realities.
“There is no denying that the current global pandemic has severely impacted the tourism-dependent and indebted economies of the Caribbean. This unprecedented event requires an unprecedented response, as such we welcome and acknowledge the various initiatives already undertaken by the CDB to support members as they respond to the varied impacts of the pandemic.
“As we turn to the future, the development and deployment of initiative that seek to secure long-term sustainable economic growth in the region becomes even more important,” he stated.
Clarke said that there is an opportunity for the CDB to further position and entrench itself in supporting members countries their recovery efforts especially as they chart new paths for growth and economic resilience.
“Post-pandemic recovery efforts will also require the ability of the private sector which includes a substantial number of micro, small and medium-sized enterprises (MSMEs) to robustly contribute to economic activity, output and employment,” Clarke added.
