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Guests at the Awards Dinner at the 10th Annual Caribbean Multi-National Business at the Wyndam Sugar Bay, St. Thomas. (Photo by Erasmus Williams) |
BASSETERRE, ST. KITTS, NOVEMBER 14TH 2005 - A call has been made for regional nations to explore opportunities to expand and support economic growth and development in partnership with Caribbean-owned businesses in North America and Europe.
St. Kitts and Nevis Prime Minister Dr. the Hon. Denzil L. Douglas made the call as he delivered the keynote address on the theme: "Entrepreneurship in the Diaspora: Cross border linkage for empowerment" during the Awards Dinner at the New York Carib News 10th Annual Caribbean Multi-National Business at the Wyndam Sugar Bay on Saturday night.
"There is no reason why direct capital investment should not come from as wide a cross-section as possible. Pursuing a policy of inclusiveness with people of Caribbean heritage only helps to balance the equation and increase opportunities for nationals of the Caribbean region to share in this new and exciting economic prosperity," Prime Minister told representatives of the United States Congress, Caribbean businessmen and women and elected officials from across the region including the United States Virgin Islands.
Pointing to the thousands of Caribbean nationals who journeyed to Europe, North America and the United States Virgin Islands in the early years in search of a better fortune, Dr. Douglas noted that many of them and their children have kept strong ties with their families back home in the Caribbean region.
"Succeeding generations have been influential in such manner that they too, for the most part, have existing ties of some sort with their homeland. But after several decades, the exposure to higher education, the accumulation of work experiences, and in some cases success in terms of wealth and connections, there now exist a pool of professional resources in the Diaspora with expertise in a range of areas ranging from business and finance to engineering and telecommunications," said Prime Minister Douglas.
He pointed to the large concentration of Kittitians and Nevisians who are own businesses, hold top jobs not only in Government, but also in the business community in the U.S. Virgin Islands and enunciated his own Government's policy to encourage nationals to return home and invest in the development of their country of birth or heritage.
"The strategy has been used to establish linkages with institutions that could play a critical role in the development of one's country. In those scenarios, the strategy has been successful, but there is still potential to attract direct investment from persons of Caribbean heritage," said Prime Minister Douglas, who added that the fundamental question is "how could we encourage such persons to pool ideals for business ventures, pool their resources and develop a corporate approach to investment. The situation, in my view is two-fold. Firstly, the Diaspora generated business venture, and secondly, there is the implication of a more active approach by Governments to stimulate and facilitate investment from the Diaspora."
He suggested that what Diaspora entrepreneurs bring to the table are the important bridges in business culture, significant networks and capital resources.
"There is, therefore, a tremendous opportunity for encouraging well-placed Caribbean companies to also get involved in business ventures outside of the region. Perhaps here lies part of the answer with regards to the influence of globalisation," said Dr. Douglas, who further suggested that the Caribbean Single Market and Economy (CSME) could hold some interesting avenues that could facilitate cross-border investment opportunities - perhaps a multi-national enterprise with a strong Caribbean flavour.
"Again globalization and trade liberalization also facilitate this kind of venture for those groups willing to put the expertise, products and services, and the financial and marketing resources together," he said.
He said that the 'twinning' of Diaspora entrepreneurship with business ventures in the homeland could create a substantial opportunity to bring new jobs to the region, and just as important, to help diversify and transform the region's economic base.
"Naturally, all of this would take time, but the process could be helped along by the involvement of Caribbean Governments, that could provide the necessary legislative and promotional support to stimulate this kind of economic relationship," said the St. Kitts and Nevis leader.
Dr. Douglas said it was clear that the region must swiftly adopt holistic approaches in development strategies, if it is to compete and seriously sustain economic progress in a new competitive and hostile global environment.
