Business News from the Caribbean
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UK Trade and Development Minister announces $78m funding for the Caribbean
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| Published on Wednesday, October 15, 2008 | Email To Friend Print Version
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KINGSTON, Jamaica: UK Minister for Trade and Development Gareth Thomas has announced on behalf of the UK Department for International Development (DFID) a £46 million (US$78 million) package to help the Caribbean develop more effective ways to trade with Europe and the rest of the world.
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Gareth Thomas
AFP PHOTO |
Speaking in Jamaica on Monday, Thomas said there were challenging times ahead for the region as its looks to develop markets beyond the traditional goods of sugar, rum and bananas and look to the huge potential within new areas such as the service sector and niche tourism eco or special interest trips.
The funding aims to tackle issues unveiled in research published today by the department which shows that whilst the Caribbean has the natural resources and talent to be a global player, economic growth is slow.
£10 million has been earmarked for a regional development fund to help the area develop a single market economy - a larger EU style domestic market which will be crucial in delivering growth and making local businesses more competitive internationally.
Businesses in Guyana will benefit from a new regional challenge fund that is being designed by DFID to support private sector development, to support new products and services and to stimulate new investment.
Gareth Thomas said “Thanks to new trade rules that came into force this year, the region can develop a stronger trading force as a region and make the most of new access to a wealth of new markets in the EU from creating Caribbean food chains to competing within the music or software industries. It has to find more innovative ways to trade beyond traditional exports such as bananas and sugar and look to exporting its talents and developing service sectors such as the insurance and telecoms markets in the region in order to keep moving forward.”
“The funding I have announced today will play a catalytic role in reducing poverty levels in this area by creating more jobs, easier ways to trade with other countries and safer places to live.”
The research identifies violent and organised crime, HIV Aids and the effect of climate change on the number of natural disaster as being major barriers to the development and economic success of many parts of the region.
DFID and the UK Foreign and Commonwealth Office are working with the government of Guyana to develop a strategy to strengthen the response to violent crime in Guyana, including support to the police force.
DFID, in partnership with the European Commission, is also funding the strengthening and renewal of the sea defences in Guyana. Together with the UK Foreign and Commonwealth Office DFID is supporting the development of a low-carbon growth strategy with the government of Guyana. | | | | Reads : 1459 | | | |
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