The crucial importance of a new regional private sector organisation
ALITTLE OVER a week ago, private sector associations from around the Caribbean agreed to establish by June of next year a new regional body able to represent their interests authoritatively to CARICOM.
The new organisation—a decision still has to be taken as to whether the name Caribbean Business Council (CBC) will be adopted — is an important step forward, creating something much needed in the region: a single strong private sector voice.
For years, the Caribbean private sector has been talking about the need for a better dialogue with CARICOM. However, for a variety of reasons it has failed to put in place a body worthy of the vital role the regional private sector has in delivering economic growth.
Now, a new institution seems set to emerge, able to make representations on the issues that have all but stymied the potential of the Caribbean Single Market and Economy (CSME).
The new initiative aims to create a viable mechanism that bridges the public-private divide, enables business to formally raise issues of common concern at a regional level, and that has the capacity to argue for change in ways that spur regional growth.
As with so many issues in the Caribbean, the background to this is complicated.
In 2006, it was agreed that a body known as the CBC would be established to act as an interface with CARICOM and be formally recognised as an associate institution. However, the concept lacked substance or a wide buy-in from much of the regional private sector.
Consequently, virtually nothing happened until 2014 when a meeting of Caricom’s Council for Trade and Economic Development, COTED, made clear that the establishment of a single private sector interlocutor should be pursued as a priority.
After extensive consultations, a detailed study — CARICOM/Cariforum PublicPrivate Sector Dialogue: A Roadmap for Re-engagement — was produced by James Moss-Solomon. This indicated that the regional private sector recognised the need for a strong regional private sector institution and was largely ready to move forward with a viable new body.
Subsequently, a draft constitution and institutional framework developed. Then, crucially, in June this year, the leading private sector organisations of Jamaica and Trinidad met and agreed as a joint aspiration that a new well-supported regional business organisation should emerge, able to develop strategies and shared outcomes for the private sector.
Subsequently, this led to the convening of the Kingston meeting facilitated by the Caribbean Export Development Agency and involving more than forty leading business organisations from around the region, plus representatives of Caricom and interested parties.
There the participants signed off a document containing a ten-point plan which, in outline, agreed to establish a body that would “be open to the active and meaningful participation of all eligible representatives from the countries of Cariforum” and would operate in such a way as to add value to its membership and wider Caribbean society.
ACTION POINTS
It also set out action points — the participating entities and those not able to attend would provide written feedback on the new body’s proposed mandate, governance structure, initial work programme, role, and funding by the end of February; they would establish a working group that would develop a three-year work programme and budget; and a meeting would be convened by June 30, 2018 to launch a new representative body.
In addition, an offer by Caribbean Export to support the development of the organisation in its first few years by providing accommodation was accepted.
The importance of the new body and its creation cannot be overemphasised at a time when governments have largely come to recognise that they
As it progresses, it will, of course, be necessary for it to find ways to involve young people in business who often think differently about opportunity and entrepreneurship