CARICOM Heads of Government have endorsed the draft Community Industrial Policy Strategy and Framework (CIPSF).
Chair of CARICOM, the Hon. Dr. Terrance Drew, Prime Minister of St. Kitts and Nevis, announced the endorsement at the conclusion of the 50th Regular Meeting of the Conference of Heads of Government of CARICOM in St. Kitts and Nevis.
“Heads of Government endorsed the draft CARICOM Industrial Policy and Strategy framework, which is intended to provide a framework for a coordinated approach to industrial development across the Region,” Prime Minister Drew said at a media conference at the end of the Meeting.
He added that the Heads of Government reaffirmed the need to foster market-led, internationally competitive and sustainable industries that promote both economic and social development across Member States.
Suriname, which has responsibility for industrial development in the CARICOM Quasi Cabinet, spearheaded the development of the CIPSF. The Policy is grounded in the Revised Treaty of Chaguaramas and is intended to promote the development of entities ranging from large to micro businesses.
The document proposes a collaborative model between regional governments and the private sector, targeting 12 industrial ecosystems alongside five cross-cutting enablers. The 12 eco-systems at the foundation of the Policy are: Agri-Food, Fisheries and Processing; Construction; Culture and Creative Industries; Digitalisation; Education and Human Capital Development; Energy; Health and Wellbeing; Mobility and Transportation; Micro, Small and Medium-sized Enterprises; Non-Food Manufacturing; Research, Development and Innovation; and Tourism.
The CIPSF is well-positioned to make a substantive contribution to renewed economic diversification and cultivating indigenous growth and prosperity by addressing both established industrial sectors and emerging innovative fields and technologies.
