In a historic move signaling regional economic integration, Caribbean Community (CARICOM) leaders have unanimously adopted the CARICOM Industrial Policy and Strategy (CIPS) 2035 during their 50th Regular Meeting held in St. Kitts and Nevis. This comprehensive framework represents a strategic blueprint designed to reshape the region’s economic landscape through enhanced industrial development and competitive positioning.
The CARICOM Private Sector Organisation (CPSO), having played an instrumental role in the policy’s formulation, celebrated this development as a transformative milestone. The organization emphasized that CIPS 2035 establishes a robust foundation for strengthening industrial capabilities, boosting intra-regional commerce, and generating substantial economic opportunities across member states.
This pioneering policy framework facilitates private sector-led industrial expansion while promoting innovation and fostering interconnectedness among diverse industries within CARICOM. By adopting a coordinated regional approach, the strategy aims to position Caribbean nations as more competitive participants in global value chains for both goods and services.
Dr. Patrick Antoine, CPSO Chief Executive Officer and Technical Director, characterized the policy’s adoption as a critical advancement for regional economic development. He emphasized that CIPS 2035 enables CARICOM to pursue industrial development through deliberate, synchronized measures that enhance productive sectors and create new avenues for business growth. Dr. Antoine stressed the imperative of translating policy into actionable initiatives, including establishing a Competitiveness Council to expand regional supply networks, support innovation ecosystems, and empower Caribbean enterprises for global market competition.
The CPSO acknowledged the leadership of Suriname’s President, who holds the Industrial Policy portfolio within the CARICOM Quasi-Cabinet, along with contributing governments for steering the policy through development and approval processes. The organization reaffirmed its commitment to collaborate with the CARICOM Secretariat, member states, and regional partners to ensure the swift realization of CIPS objectives into tangible economic outcomes.