World Bank official urges Caribbean countries to transit to blue economy
ST GEORGE’S, Grenada (CMC) — A senior official of the World Bank said Wednesday that Caribbean countries have been more successful in reinventing themselves than some of the region’s giants.
“This region managed to find a niche in the highly competitive global industry after it lost its trade preference treatment with Europe in the 1980s,” said Jorge Familiar, Vice President, Latin America and the Caribbean at the World Bank.
Addressing Caribbean Community (CARICOM) leaders at their 38th annual summit here on development finance opportunities for small states and how the blue economy has become the next frontier for economic growth for the Caribbean, Familiar noted that Grenada is demonstrating its commitment to inclusive growth and enhancing investment in the blue economy.
“Often when we meet to discuss development prospects for Caribbean countries, we devote significant attention to common challenges: small scale, high debt, exposure to external shocks, and dependency on fossil fuels,” he said, noting that small economies are more open to trade and foreign investment.
Read more at: Jamaica Observer
See full text of the address here