Jamaica’s Call for Regional Empowerment in a Shifting Global Landscape
Jamaica’s Prime Minister, Honourable Andrew Holness, recently made a compelling address at the second International Economic Forum hosted by CAF in Panama City, Panama. Speaking to a diverse audience that included regional leaders, investors, and policymakers, he emphasized the need for Latin America and the Caribbean to redefine their role in the global economy.
Moving Beyond Vulnerability Narratives
Prime Minister Holness highlighted a critical point: the narratives that have long framed the region—chiefly vulnerability—do not necessarily dictate its future. He robustly argued that instead of being passive actors shaped by external forces, Latin America and the Caribbean have the opportunity and agency to assert themselves as central players in the global economic arena. “For too long, our region has been described primarily through the language of vulnerability,” he remarked. His message was clear: vulnerability is not destiny; the region holds vital significance for global stability and future growth.
Recognizing Regional Strengths
In his address, Holness underscored several assets that position the region for greater global influence. These include its strategic geographical location, youthful demographics, abundant natural resources, substantial food-producing capacity, and burgeoning renewable energy potential. Moreover, he pointed out the creative industries that thrive in the region and the resilient democratic institutions that support sustainable governance. By capitalizing on these strengths, Holness believes that the region can enhance its economic positioning on the world stage.
The Need for Regional Alignment
A recurring theme in Holness’s speech was the importance of regional coherency. He argued that for Latin America and the Caribbean to effectively play a transformative role, they must collectively define their stance on pressing issues like climate resilience, supply-chain diversification, digital inclusion, and sustainable energy. “We must articulate clearer regional positions,” he stated, calling for a shift from disjointed national efforts to unified regional priorities.
Framework for Competitiveness
To propel the region’s economic development, Holness outlined three essential imperatives:
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Regional Competitiveness Agenda: This should focus on enhancing connectivity, logistics, energy security, and digital transformation.
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Institutional Readiness: Creating reliable and predictable frameworks is critical for fostering an environment conducive to growth.
- Renewed Diplomatic and Economic Posture: Strengthening ties with both traditional partners and emerging markets will be vital for regional empowerment.
Each of these components aims to build a more resilient and competitive landscape, giving the region the capacity to not just react to global changes but to anticipate and navigate them effectively.
Learning from Jamaica’s Experience
Drawing from Jamaica’s own journey, Holness shared insights on how the country has managed to enhance its resilience against crises through sustained fiscal discipline and institutional reform. He highlighted Jamaica’s ongoing efforts to strengthen macroeconomic stability, which have allowed the country to better absorb shocks and rebound from setbacks, such as the recent Hurricane Melissa. This exemplifies the potential benefits of strong institutions and continuous international confidence.
Invitation to Investors
In a proactive approach to economic development, Holness extended a warm invitation to international investors to consider opportunities in Jamaica. He framed Jamaica not just as a singular market, but as a strategic platform for growth across the Caribbean and Latin America. With a focus on infrastructure, logistics, energy, manufacturing, tourism, and the digital economy, Jamaica is positioned as a place of promise and potential.
Holness highlighted that the Jamaica Investment Forum, organized as part of the CAF meeting, offers a targeted approach to attracting investment following Hurricane Melissa, showcasing the country’s resilience and readiness for investment.
In this dynamic context, Prime Minister Holness’s message stands as a clarion call for a reimagined Latin America and Caribbean—one that acknowledges its inherent strengths and proactively shapes its narrative within the global economy.
