The OACPS R&I Policy Support Facility, in collaboration with CARIFORUM, successfully hosted the webinar “Innovation in CARIFORUM – Retrospect and Prospect” on 23 January 2025. This virtual event brought together over 100 participants, including government representatives, researchers, private sector leaders, and academics from across the Caribbean and beyond. The event underscored the pivotal role of innovation in addressing key regional challenges and driving sustainable socio-economic development.
Keynotes and opening remarks: setting the stage for progress
The webinar commenced with inspiring opening remarks from Brigadier General Stephen Kabanda, representing the OACPS Secretariat, who emphasised the region’s immense untapped potential. He stated, “CARIFORUM States possess immense potential. With the cultural and intellectual richness of its people and its position at the crossroads of global trade and innovation, the region is uniquely poised to lead. Through this PSF service, we aim to strengthen CARIFORUM’s innovation ecosystems, laying the groundwork for increased R&I investments, fostering public-private partnerships, and advancing policies that promote inclusivity and resilience.”
On behalf of CARIFORUM, Ms. Margaret Ventura, National EPA Coordinator from Belize, the country holding the Chair of CARIFORUM, highlighted the urgency of addressing innovation challenges unique to the region’s small economies. She remarked, “This webinar should catalyse a regional discussion that allows us to learn from each other, and from others, what policies we might apply at the state level, and what strategies our private sectors might adopt at the enterprise level.”
Representing the European Union, Jean Michel Sers reinforced the global imperative for innovation, noting, “Global competitiveness increasingly depends on innovation. CARIFORUM cannot afford to lag behind in a rapidly evolving global economy.”
This webinar aligns closely with the objectives of the Global Gateway initiative, which emphasises sustainable and inclusive development through innovation and partnerships.
The PSF service embodies this spirit by building bridges between stakeholders, empowering communities, and fostering technological advancement in key sectors.
Highlights from discussions
Participants and speakers engaged in robust dialogue, sharing insights and exploring solutions tailored to the region’s needs. Key takeaways included:
- Harnessing innovation for development: The role of innovation in driving sustainable growth and addressing socio-economic vulnerabilities was unanimously emphasised.
- Overcoming barriers: Challenges such as limited access to financing, workforce skill mismatches, and the lack of cohesive public-private sector collaboration were identified as key hurdles.
- Building on successes: Despite these challenges, notable examples like Barbados’ FinTech regulatory sandbox were discussed as models for fostering innovation and competitiveness.
- Empowering the private sector: Participants stressed the need for businesses to lead in adopting transformative practices, particularly in sectors like tourism, agriculture, and renewable energy.
Discussions also highlighted the critical role of public policy in creating an enabling environment for innovation. Investments in education, infrastructure, and research were identified as essential to fostering competitive and resilient economies.
A Platform for regional collaboration
The event marked an important milestone in the ongoing Policy Support Facility service with CARIFORUM, which employs the Mutual Learning Exercise (MLE) methodology to foster collaboration, build capacity, and develop actionable recommendations. Insights from the webinar will inform the development of guidelines to strengthen the region’s innovation ecosystems.
The PSF Expert Panel, comprising Professor Emeritus Patrick Watson (Trinidad and Tobago), Professor Winston Moore (Barbados), and Dr. Leonie Zapata (Dominican Republic), will use the discussions, existing data, and stakeholder interviews to craft these guidelines. The focus will be on policies that promote sustainable, innovation-led growth across CARIFORUM States.
The event concluded with a renewed sense of purpose among participants, who pledged to collaborate on transforming challenges into opportunities. As Ms. Ventura noted in her remarks, “This is just the beginning of a deeper examination of best practices for establishing and utilizing national and regional innovation ecosystems.”
Next steps
The next phase of the PSF service involves finalising the guidelines, which will provide tailored recommendations for fostering innovation ecosystems across the region. These outcomes will not only serve CARIFORUM but will also offer lessons for other regions in the OACPS seeking to advance their innovation agendas.
For more information about the PSF service with CARIFORUM and upcoming initiatives, visit the OACPS R&I website or CARIFORUM’s PSF webpage.