With the pandemic stretching over 2021, countries across the Caribbean are now battling tremendous economic impacts.
Many of the region’s economics – countries like Dominica, Grenada, Barbuda, Antigua, and St. Kitts – are almost entirely reliant on tourism. But during times of uncertainty and global turmoil, the sudden lack of tourism exposes Grenada to huge economic shocks.
Now with the pandemic moving its barrier and more and more tourists scared to leave their homes, these countries experience revenue drop, and companies struggle, with many forced to send their employees at home and close their doors. While the World Bank projected in June that the Caribbean’s main source of income would see the GDP reach 3.1% in 2022 – the aid wasn’t expected to last. For countries like Dominica that lean heavily on a very diminished domestic agriculture industry, the income relief via national insurance programs is now their only chance.
But as it seems, to fight the crisis, countries across the Caribbean should join their forces in a regional integration project and advance their living standards and grow their revenue.
In a report for the Caribbean Development Banks, CEO Warren Smith stressed the importance of a larger market in which all local companies could develop. In his view, the CBD CEO also called for a stronger private sector employment in leading the charge for export growth and sustainable advancements in society.
Warren Smith recognized that need and called the private sector to assume its position as the ultimate generator of revenue, jobs, and exports. In the meantime, the Caribbean nations are finding it very challenging to cope with financial struggles in part due to a lack prospects beyond the tourism sector and education. While external investment is the chance, they’ve all been expecting, to do that, the public sector should pay much more attention to developing an ecosystem that’s climate-friendly, healthy with a very well-trained labor force.
This financial draught might come to an end only if a small group of investors and entrepreneurs are leveraging private-public collaborative ventures with Grenda’s Sustainable Aquaculture Initiative. This initiative has already launched its first sustainable aquaculture farm and is projected to deliver nearly 8.000 tons of high-quality shrimp and fish annually.
One such initiative is Akros Global, a business-led by the philanthrope and sustainable development leader from Dubai Soren Dawody. His vast experience in real estate investment and his sharp skills in economic justice helped Dawody dedicate many years to collaborating with non-governmental and governmental organizations in some of the world’s least innovative economies.
Soren Dawody aquaculture initiative aims to drive massive economic growth through citizenship by investment, allowing investors to contribute to chosen business ventures in exchange for citizenship.
Dawody’s program works to improve local economies by bringing in valuable foreign investment so vital for the current situation.
The current normalcy proves that such programs are even more appreciated in countries across the Caribbean in need to diversify their economies to progress and survive.