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Dr. Justin Ram
Director of Economics
Caribbean Development Bank IICA | 10.10.19
Facilitating Trade and Investment for
Cari...
DEVELOPMENT CONTEXT01
A NEW APPROACH TO AGRICULTURE02
FACILITATING FINANCIAL FLOWS03
GDP Per Capita*, 1996 – 2017
World Average
Caribbean Small
States
Lowest Regional
Income Earner
PPP, Current Int’l $
Highe...
01 Many regional development challenges are persistent
CONTEXT
Implementation Gap
Regional Approach Gap
Cross-cutting
Chal...
01 Global food insecurity is rising, influenced by both demand and supply factors
CONTEXT
01 However, Caribbean countries’ dependence on the agriculture sector vary widely
CONTEXT
01 Even in BMCs with high agriculture dependence, comparative productivity is low
CONTEXT
1980s
USD/worker
50k
100k
150k
2...
01 Unique challenges in the sector magnify existing inequalities
CONTEXT
Rural households are often
highly dependent on ag...
DEVELOPMENT CONTEXT01
A NEW APPROACH TO AGRICULTURE02
FACILITATING FINANCIAL FLOWS03
02 A collaborative effort is needed to build a resilient Agriculture sector
A NEW APPROACH
Economic Growth
WHY
HOW WHO
Gro...
02 CDB’s Theory of Change for the sector
A NEW APPROACH
DEVELOPMENT CONTEXT01
A NEW APPROACH TO AGRICULTURE02
FACILITATING FINANCIAL FLOWS03
03 We need to step back in order to jump better
FACILITATING FINANCIAL FLOWS
Regional Integration
Gender Equality
Statisti...
03 A digital Settlements Network can facilitate these transactions
FACILITATING FINANCIAL FLOWS
Digital Payment
System
Rea...
03 A digital payments system can also facilitate these types of transactions
FACILITATING FINANCIAL FLOWS
Customers make
p...
03 We also need to normalize Smart POS systems
FACILITATING FINANCIAL FLOWS
03 ICT trends in the Caribbean support these innovations
FACILITATING FINANCIAL FLOWS
Source: ITU (2017)
The share of Cari...
03 A Caribbean Digital Settlement System can provide significant benefits to the overall
economy
FACILITATING FINANCIAL FL...
Thank You!
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Caribbean Agrotourism Policy Setting Workshop: Justin Ram; Facilitating Financial Transactions re trade and investment for Agrotourism across the Region

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The development of productive and fully integrated linkages between the Agri-Food Sector and Tourism in the Caribbean Region offers significant potential for repositioning and broad-based growth in the Agriculture value chain, and opportunities for channelling the Region’s diversity and building-in genuine competitiveness and sustainability in the tourism product.

Forging Agriculture-Tourism linkages capitalizes on the inherent ability of the Tourism sector to diversify the Caribbean economy, stimulate entrepreneurship, catalyse investment and assist in wider social development in local communities. Such linkages offer unprecedented  opportunities to stem and reverse the declines in traditional agriculture, stimulate the rapid growth in “new‟ agriculture and build resilience and sustainability of Caribbean economies. The latter is particularly critical for reducing the high levels of foreign exchange leakage in tourism, preserving cultural identity, reducing poverty in local communities and enhancing local awareness and good practices with respect to climate change and environmental issues.

Goal: To provide a mechanism for managing and increasing the local and regional development impact of Tourism and Agriculture through the creation of a collaborative and inclusive planning and implementation framework that can drive trade and new business between the two sectors.

Objectives

·         To promote linkages between the agrifood sector and the tourism industry to increase sustainable sourcing through the strengthening of agritourism policy and strategy in the Caribbean
·         To increase the understanding and awareness of the current deficiencies in the supply of fresh and processed agricultural products along the value chain and the actions needed
·         To design inter-sectoral and inclusive policies which promote PPPs for improved local food use and consumption.
·         To identify concrete regional projects that can be supported under the intra ACP EU funding.

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Caribbean Agrotourism Policy Setting Workshop: Justin Ram; Facilitating Financial Transactions re trade and investment for Agrotourism across the Region

  1. 1. Dr. Justin Ram Director of Economics Caribbean Development Bank IICA | 10.10.19 Facilitating Trade and Investment for Caribbean Agrotourism FINANCIAL TRANSACTIONS
  2. 2. DEVELOPMENT CONTEXT01 A NEW APPROACH TO AGRICULTURE02 FACILITATING FINANCIAL FLOWS03
  3. 3. GDP Per Capita*, 1996 – 2017 World Average Caribbean Small States Lowest Regional Income Earner PPP, Current Int’l $ Highest Regional Income Earner Note: Based on available data from the World Bank. The Lowest Income Earner is always Haiti. The Highest Income Earner is The Bahamas until 2008, then Trinidad and Tobago thereafter *PPP, current international 4 CONTEXT01 Although per capita production doubled in two decades, growth is uneven across the Region
  4. 4. 01 Many regional development challenges are persistent CONTEXT Implementation Gap Regional Approach Gap Cross-cutting Challenges
  5. 5. 01 Global food insecurity is rising, influenced by both demand and supply factors CONTEXT
  6. 6. 01 However, Caribbean countries’ dependence on the agriculture sector vary widely CONTEXT
  7. 7. 01 Even in BMCs with high agriculture dependence, comparative productivity is low CONTEXT 1980s USD/worker 50k 100k 150k 200k 250k Agricultural Production Value Per Worker, by Region (USD)
  8. 8. 01 Unique challenges in the sector magnify existing inequalities CONTEXT Rural households are often highly dependent on agriculture Poor rural households are highly vulnerable to fluctuations in agricultural income, increasing their risk of poverty Gender-based inequalities in accessing land, labour, finance, technology, and market information 25% of registered farmers are female Low agricultural output disproportionately impacts rural communities
  9. 9. DEVELOPMENT CONTEXT01 A NEW APPROACH TO AGRICULTURE02 FACILITATING FINANCIAL FLOWS03
  10. 10. 02 A collaborative effort is needed to build a resilient Agriculture sector A NEW APPROACH Economic Growth WHY HOW WHO Growth in agriculture is the most efficient way to reduce poverty in rural areas Commercial Transitioning Subsistence Resilience + CDB and other development partners Agri-entrepreneurs with potential to step-up
  11. 11. 02 CDB’s Theory of Change for the sector A NEW APPROACH
  12. 12. DEVELOPMENT CONTEXT01 A NEW APPROACH TO AGRICULTURE02 FACILITATING FINANCIAL FLOWS03
  13. 13. 03 We need to step back in order to jump better FACILITATING FINANCIAL FLOWS Regional Integration Gender Equality Statistics Digitalisation Implementation Cross-cutting Solutions
  14. 14. 03 A digital Settlements Network can facilitate these transactions FACILITATING FINANCIAL FLOWS Digital Payment System Real-time Financial and Trade data Tax Data
  15. 15. 03 A digital payments system can also facilitate these types of transactions FACILITATING FINANCIAL FLOWS Customers make payments digitally VAT payment and transaction data automatically paid to the tax authority Merchant immediately receives payment in their digital account Data records about the transaction are automatically submitted to the merchant’s bank, customers’ banks, Central Bank, and other regulators
  16. 16. 03 We also need to normalize Smart POS systems FACILITATING FINANCIAL FLOWS
  17. 17. 03 ICT trends in the Caribbean support these innovations FACILITATING FINANCIAL FLOWS Source: ITU (2017) The share of Caribbean internet users grew from 27% to 53% between 2008 and 2016 Percentage of Individuals using the Internet (%)
  18. 18. 03 A Caribbean Digital Settlement System can provide significant benefits to the overall economy FACILITATING FINANCIAL FLOWS Free Movement of Capital Reduced Transaction Costs Faster and Convenient Transfers Digital Finance Network Effects Improved Financial Inclusion
  19. 19. Thank You!

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