Gopee-Scoon: Economic diversification key for Caribbean future

MINISTER of Trade Paula Gopee-Scoon said economic diversification is essential for the future of Caribbean countries and key to building resilience in the region.

She made the statement on the second day of the UN Economic Commission for Latin America and the Caribbean (ECLAC)’s Caribbean Development Roundtable, held at the Trinidad Hilton on September 10.

Gopee-Scoon said the Government continues the implementation of reforms to make processes more efficient in several areas including dealing with construction permits, registering property, starting businesses and trading across borders.

"From our initiatives… we are laying the foundation for a stronger, more dynamic economy," she said.

She outlined five strategies which the ministry uses to support diversification in TT, which include supporting the expansion of sectors, pursuing additional sectors for diversification, facilitating an environment for trade and investment, prioritising digital transformation and investing in human capital.

ECLAC, an organisation with the goal of promoting the economic, social and environmentally sustainable development of Latin America and the Caribbean (LAC) through international co-operation held its eighth meeting of the Caribbean Development Roundtable from September 9-10, bringing together regional and international development thinkers and practitioners, leaders and senior policymakers from ECLAC member states as well as representatives from UN and regional and international financial institutions to contribute to discussions on Caribbean development.

This year’s meeting sought to confront the challenges to resilient and sustainable development in the Caribbean.

The two-day roundtable session addressed challenges to the region and provided a space for intellectual exchange of views and suggestions to achieve sustainable growth in the region.