Barbados is mulling taking up the Jagdeo Initiative with Guyana, the strategy to accelerate regional food production devised by the former Guyanese president Bharrat Jagdeo, Minister in the Ministry of Economic Affairs and Investment Senator Chad Blackman has said.
Launched in 2005, the Jagdeo Initiative is a strategy for removing constraints to the development of agriculture that builds on past regional efforts to develop a Common Agricultural Policy, CAP, in a bid to bolster food security given the region’s high food import bill.
Speaking to Barbados TODAY on the sidelines of a Barbados Labour Party St Peter Branch meeting at the Roland Edwards Primary School, the minister, who was appointed to the post on January 8, said Barbados stood to benefit from its Caribbean Community (CARICOM) neighbour Guyana as one of the world’s fastest-growing economies.
“It offers tremendous potential for Barbadians to do business,” Senator Blackman explained. “Barbados has an advantage given the strength of our currency, having the strongest currency in the single market and economy. What does that mean? Our purchasing power in that market and across the region, therefore, gives us significant benefit to be able to buy properties, to start businesses, to look at mergers and acquisitions, and also getting our young people not only to see Barbados as the place where they can do business and start companies, their businesses, but to go there and see what are the opportunities to also set up.
“Therefore, when you look at the Jagdeo Initiative, we now have to retool our young people and our people to see what are the opportunities there. And kudos must be given to Prime Minister [Mia] Mottley for really also taking the leadership of the Single Market and Economy further in trying to ensure that we can maximise its benefits.”
He said Barbadians must take advantage of the benefits that the CARICOM Single Market and Economy (CSME) has to offer but first, they must be able to identify the opportunities in the market.
“Barbados has a strong economy in terms of services, and as Guyana’s economy for example grows, and they are building out their domestic economy, our people are in a position to go in and to meet those demands with skills in areas that those economies will need.
“Partnerships are going to be key . . . so that when you meet the issue of local content, you can have a Barbadian company partnering with a local business entity, so that there is a mutual benefit going forward. Agriculture is a major thrust. Guyana invariably is the food basket of the Caribbean, but there are also some things that we can tap into. When you look at agriculture in a modern way using an infusion of traditional land agriculture and technology, what are the opportunities there?” Blackman questioned.
He said Barbados has to reposition itself to work with Guyana and other countries across the region in this regard.
“We must know to realign our strategy not just to think in Barbadian terms, but in reasonable terms, to be able to build out sustainable development through food security, fighting climate change broadly. And also, how do you ensure that the agricultural sector is also resilient relative to climate change? That is a major major issue. You can’t just do it as one country alone so the opportunities are there.
“There are challenges but we must treat those challenges from a regional perspective. And I think now that we are on the verge of trying to get our economy going even further. Given our advantage as Barbados, we must know, tap into those markets in a way that we have never done before.”
(RG)
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