President Dr. Irfaan Ali has called on the Caricom private sector to join forces and establish a consortium aimed at addressing the challenges facing the regional maritime transport system.
Speaking at the second AfriCaribbean Trade and Investment Forum, President Ali emphasized the need for collective action to tackle issues such as inadequate infrastructure, inefficient port operations, delays, and increased transport costs within the Caribbean’s maritime sector.
President Ali highlighted the significance of seizing the opportunity presented by the African Export-Import Bank (Afreximbank) to initiate transformative measures.
He noted that Caricom member states have already committed to providing essential incentives to propel the process forward.
In his address, President Ali proposed the formation of a consortium involving providers under the Afreximbank portfolio and private sector entities from across the Caribbean.
He emphasized the importance of collaboration, particularly in light of the region’s relative size.
Earlier this year, the Caribbean Development Bank (CDB) announced plans to fund a study on regional maritime cargo regimes.
The initiative aims to explore options for establishing a maritime cargo service connecting Barbados, Grenada, Guyana, and Trinidad and Tobago.
The CDB anticipates that this effort will contribute to enhancing logistics and bolstering food security across the region.