In response to President Dr. Irfaan Ali’s call for a regional private sector consortium to address shipping challenges in the Caribbean, the private sector has shown strong interest in the initiative.
Plans are now underway to develop a consortium, with a viability study set to be launched.
CEO of the CARICOM Private Sector Organization, Dr. Patrick Antoine, announced these developments on the sidelines of the AfriCaribbean Trade and Investment Forum.
Despite the recent nature of the call, numerous entities have expressed a keen desire to participate in the consortium.
Dr. Antoine emphasized the purpose-driven nature of the initiative, highlighting the willingness of financial institutions to support the project.
He also noted that the government is eager to provide the necessary policies and incentives to make it a reality.
Transport has long been a significant hurdle for advancing intra-regional trade, and Dr. Antoine believes that a collaborative approach, bolstered by robust government support, could be the key to finally addressing this challenge.
To ensure the success of such a substantial project, a comprehensive study will be conducted on both the existing transport infrastructure and the additional infrastructure that will be required.
The private sector working team assembled for this project will focus on identifying precise problems to be solved, particularly in relation to the existing demand for agricultural products and other goods that stand to benefit from improved transportation and trade systems.
This initiative aims to deliver more than just another study; it is poised to have a substantial impact on the development of a modern, efficient, and effective transportation and trade system within the Caribbean.
[Reported by Josiah Williams for NCN News]