Caribbean region chided for lack of export innovation
The Caribbean Export Development Agency has given the region a failing grade for innovation, saying it continues to rely on the same approach over the past 50 years.
The executive director of the export agency, Pamela Coke-Hamilton, assigned grades ranging from a B-F on various areas of export-related performance in the region.
She delivered the results at the 2014 Caribbean Exporters’ Colloquium which ended in Barbados yesterday.
Coke-Hamilton said while exports from the Dominican Republic and Jamaica to European markets are increasing, the Caribbean as a whole, is not performing well.
She said export diversification remained a major concern and the region has scored a sub-par D for innovation.
It scored B- for conformity to international standards; C for the role of the private sector in the region’s economic development; and C- for both branding and intellectual property.
The worst performing area was intra-regional logistics and shipping, which received an F.
For overall economic performance, the region earned a B- grade with economic growth offset by high fiscal and external debt.
WATCH: THE GLEANER MINUTE