A call for Small Island Developing States to diversify their economies

 A call for Small Island Developing States to diversify their economies

Prime Minister Roosevelt Skerrit told a virtual roundtable discussion of the United Nations Conference on Trade and Development on Wednesday, that Small Island Developing States should consider diversifying their economies, as they seek to build more resilient nations.

The discussion delved into the topic ‘Strengthening Resilience in Commodity Dependent Countries.’

Mr. Skerrit said, for countries to become more resilient to both climate-related impacts and economic shocks, they must not only consider building infrastructure to withstand natural disasters but also a complete structural transformation to move to more diversified economies.

He also explained his government’s decision to make Dominica the first climate-resilient nation.

The country leader said the establishment of the Climate Resilience Agency for Dominica CREAD, Dominica is in a better position to lead and coordinate strategic initiatives across sections including the development of climate resilience and recovery plan for 2030.

Mr. Skerrit added Small Island Developing States must also look at reducing dependency on imported supplies.

He said, at the CARICOM level, it was recognized that, to reduce our dependence on food imports and develop our own capacity to enhance our food security collectively, more targeted investment in regional manufacturing and processing facilities should be considered.

He added, very importantly a revised tax and tariffs structure that encourages competitiveness among producers and exporters among member states should be established.

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