CARICOM Private Sector welcomes adoption of CARICOM Industrial Policy and Strategy

The CARICOM Private Sector Organization (CPSO), has hailed the adoption of the CARICOM Industrial Policy and Strategy (CIPS) 2035 by the Caribbean Community (CARICOM) Heads of Government at their Fiftieth Regular Meeting in St. Kitts and Nevis in February, 2025 as a major milestone for the region. The CPSO, an Associate institution of CARICOM, noted that this framework could strengthen industrial development, improve competitiveness, increase intra-regional trade and create greater economic opportunities throughout CARICOM.

“The policy provides a regional framework to support private sector-led industrial growth, encourage innovation and strengthen linkages across industries within CARICOM,” the CPSO said in a release.

“This coordinated approach aims to position the Region as a more competitive producer of goods and services within global value chains.”

The CPSO, as the representative regional private sector organization, said it played an active role in the development of the policy through its participation in regional consultations and technical processes that informed the policy. The Organization contributed perspectives from the regional business community and worked alongside the CARICOM Secretariat, Member States, and other regional institutions to help ensure that the policy reflects the realities, priorities, and opportunities facing CARICOM’s private sector.

Chief Executive Officer and Technical Director of the CPSO, Dr. Patrick Antoine noted that the development of the policy represents an important milestone for the region. He stated that it also provides an important framework for CARICOM to take a more deliberate and coordinated approach to industrial development. “This is a first and very important step toward strengthening the region’s productive sectors and unlocking new opportunities for CARICOM businesses.

“For the private sector, the focus must now be on translating this Policy into practical initiatives including operationalization of the Competitiveness Council to expand regional supply chains, support innovation, and enable regional firms to compete more effectively in global markets.”

The CPSO also commended the leadership of the President of Suriname, who holds the responsibility for Industrial Policy in the CARICOM Quasi-Cabinet, as well as the government in guiding the process for the development, finalization and approval of the Industrial Policy. The CPSO said it remains committed to collaborating with the CARICOM Secretariat, Member States and regional partners to ensure that the objectives of the CIPS urgently translates into tangible outcomes for CARICOM.