Caribbean Community Secretary General Dr Carla Barnett is advocating for more investment in the region’s agriculture as the sector presents opportunities for improving productivity and resilience.

Speaking at the launch of the Caricom Agri-Investment Forum and Expo, which will take place May 19-21 at the Arthur Chung Conference Centre in Guyana, Dr Bennett said the regional agri-food sector offers opportunities for investment in primary production, agro-processing, marketing, e-commerce and innovative technologies, adding that it accounts for 20 per cent of employment.

“It is also clear recognition that the cost of inaction is just too high. There is no better time than now to do what is needed to better withstand future crises as a region, whether those be disasters or supply chain bottlenecks,” the secretary general stated.

The forum and expo will bring together investors and other stakeholders who will share information on the specific opportunities that exist for enhanced commercial activity.

“It is therefore expected that, coming out of this engagement, there will be concrete investment opportunities that can be pursued and for which the necessary support can be provided,” Dr Barnett noted.

The forum will be held under the theme “Investing in Vision 25 by 2025” as countries within the trade bloc target the reduction in their food import bills by 25 per cent while boosting production of products including poultry, corn, soya, fish, sheep and goats, as well as a range of fruits and vegetables.

Under Vision 25, Caricom will also introduce initiatives that will address cross-border issues such as the removal of barriers to internal Caricom trade, mobilising financing, developing insurance, market facilitation, and transportation.

Dr Barnett also commended Guyana President Dr Irfaan Ali, who is the Caricom’s lead head of government for agriculture and food security, for championing “the thrust towards the revitalisation of our agricultural sector”.

“He has, therefore, helped the region to send out a clear message that we are serious about the development of the agricultural sector and, by extension, our food and nutrition security,” she added.

For his part, the Guyana president said that Caricom’s Vision 25 has gained recognition globally, with the Inter-American Development Bank (IDB) endorsing the campaign.

“…the minister of finance, this (last) week, was able to get the full commitment of IDB Invest to be part of the 25 by 2025 vision. Not only would they be part of the vision, but they would be part of the expo,” Dr Ali explained.

He added that addressing the issue of food security is multifaceted in nature that includes financing, technology, partnership, shared responsibility and inclusion of both women and youths. On that note, he underscored that private sector also plays a critical role in investing in the region’s agri-food sector.

Last month at the 33rd Inter-Sessional Meeting of the Conference of Heads of Government, Dr Ali proposed a special credit line of up to US$100 million for the development of the agriculture sector. He outlined then that the Trinidad and Tobago-based Republic Bank would offer the facility.

A key feature of the forum will be consultations between the public and private sectors on investment opportunities.

Already, 20 international companies have indicated their interest in participating in the Caricom Agri-Investment Forum and Expo. Apart from those, 33 regional and 53 Guyanese companies are also on board to date.

“In the UAE we have been able to secure in attendance at this forum, four of the largest buyers and distributors of food and agriculture products. They will be coming here to be part of the expo to look at the opportunities,” President Ali shared.

“What are they targeting? Coffee, cocoa, spices, sugarcane — these are some of the target areas that they are looking at and they are all confirmed.”

Meanwhile, Dr Barnett highlighted that agriculture is a major pillar of Caricom economies with the potential to drive economic resilience and inclusive socioeconomic development across the region.

“We have a cadre of hard-working farmers, agro-processors and marketers, all of whom deserve our assistance in the delivery of technological, logistical and financial solutions aimed at raising their levels of competitiveness,” she continued.

To this end, the secretary general emphasised that the forum and expo provides the “perfect opportunity to strengthen the development of the region’s agri-food systems.

“It will set the solid foundation for the creation of a platform that will accelerate and further propel intra-regional trade and economic development,” she stated.