Transformation Not Possible Without Private Sector
Prime Minister Holness Outlines Vision for Regional Integration, Trade Resilience and Growth
Chairman of CARICOM and Prime Minister of Jamaica, Dr. the Most Honourable Andrew Holness, on Tuesday (July 8) addressed regional business leaders at a high-level engagement hosted by the CARICOM Private Sector Organisation (CPSO) and the Private Sector Organisation of Jamaica (PSOJ).
Speaking under the theme “Strengthening CARICOM’s Economic and Trade Resilience for Growth and Prosperity,” Prime Minister Holness emphasized that regional growth and transformation are not possible without the private sector.
Dr. Holness presented a wide-ranging message focused on accelerating regional integration, improving security, navigating global trade shifts, and strengthening the foundations for long-term economic growth.
Reinforcing the CARICOM Single Market and Economy Prime Minister Holness said the CARICOM Single Market and Economy (CSME) remains the region’s most important framework for deepening integration and strategic cooperation.
Dr. Holness called for a renewed commitment to eliminating inefficiencies, removing regulatory delays, and increasing the speed and confidence with which goods and services move across the region.
“Our region faces a volatile global environment marked by protectionism, climate disruptions, and economic fragmentation which disproportionately impacts Small Island Developing States like ours,” said Dr. Holness.
“Now, more than ever, we must act in unison. No government can respond alone, and no business can thrive in isolation.”
Dr. Holness noted that intra-CARICOM trade still stands at just 11.2 per cent of total trade, which reflects the need for faster CSME implementation.
“The transformation we seek will not be possible without a stronger commitment to shared action and regional purpose… Transformation is not possible without the private sector. We see the private sector as partners for development and the engine of growth.”
Linking Economic Growth with Regional Security
Underscoring the link between economic growth and public safety, Dr. Holness stressed that the success of the CSME is dependent on the stability and the rule of law and highlighted Jamaica’s investments of over US 500 million in national security since 2016 and called for a more unified regional approach to tackling transnational crime.
“The CSME can only function in a stable, safe, and rules-based environment. A secure region is a precondition for a prosperous region,” he stated.
The CARICOM Chairman also pointed to the crisis in Haiti as an urgent matter of regional concern.
“The success of our region is tied to the security and stability of all our Member States. A secure Haiti is essential to a secure Caribbean.” said the CARICOM Chair.
CARICOM Must Pivot And Deepen IntraRegional Trade
Responding Strategically to Shifting Global Trade Dynamics in light of recent United States policy changes, including a ten per cent baseline tariff on CARICOM imports, Prime Minister Holness called for a coordinated regional strategy to navigate these emerging challenges.
Dr. Holness underscored the importance of engaging with the U.S. to restore preferential trade access while also strengthening ties with other global markets.
“Our response must include advocacy to the United States for the restoration of preferential access, but also a deliberate pivot to deepen intra-regional trade and expand partnerships with Africa, Latin America, and Asia.”
The Prime Minister encouraged the private sector to leverage digital platforms, global trade expos, and new partnerships to drive competitiveness in priority sectors such as agribusiness, creative industries, and digital services.
Laying the groundwork for long-term regional growth and looking ahead, Prime Minister Holness outlined several foundational priorities to strengthen CARICOM’s resilience and unlock its economic potential.
These include improving access to finance for micro, small and medium-sized enterprises, accelerating digital transformation, and increasing food and energy security through climate-smart investments.
“Beyond trade and security, we must pay close attention to the complementary priorities that will shape CARICOM’s future.”
Prime Minister Holness also emphasized the importance of youth and workforce development across the region.
“We must build frameworks that allow our young people to work, innovate, and thrive anywhere within CARICOM.”