The Caribbean comprises small island countries, with little to almost zero barriers to free-market activities, such as quotas and tariffs. Over a couple of years, the economies of the Caribbean have benefitted from international and regional trade relations. Yet, the region’s characteristics make it almost impossible to produce the goods that companies and citizens need so much. Simply put, the Caribbean economy is still hanging on imports. Tourism, on the other hand, has made a substantial contribution to the development and economic growth, determining governments and donor organizations alike to allot more resources for research, marketing, new product development, and training.
The COVID-19 pandemic led to the collapse of the tourism sector, a tremendous hit for the Caribbean economy.
Given the relentless global downturn, not to mention the interruption of tourism, nations like Grenada have made considerable endeavors to preserve the health of the economy. The great majority of the Caribbean’s governments have limited fiscal space, which is due to the scaling debt-to-GDP ratio, so the borrowing capacity has been severely reduced. This makes us all wonder: Is it possible to return to economic expansion?
Innovation and New Thinking are Imperative if the Caribbean is to Emerge from the Pandemic
The development of aquaculture production can significantly impact the region’s economy – more exactly, full- and part-time jobs, sales revenue, and labour income. Currently, there is a little ongoing commercial aquaculture in the region, but not everywhere. And, despite the “new normalcy’, efforts are underway for aquaculture development. States like Grenada, or The Spice Island, as it’s usually referred to, has succeeded in attracting a small group of entrepreneurs and investors, of which mention can be made of Soren Dawody, a living example of the enormous power of an altruistic investment.
Dawody’s understood the regions’ ability to produce millions of metric tons of seafood every year via ocean and offshore aquaculture. He didn’t even hesitate to offer local communities the necessary means to improve their lives and livelihoods.
Soren Dawody is now the Grenada Sustainable Aquaculture founder – the region’s only chance to boost economic growth with minimal exploitation of oceanic ecosystems.
Interest in Dawody’s Responsible and Sustainable Aquaculture Project is Expanding
Soren Dawody immediately agreed to bring together all his business ventures and boost the Caribbean economy. Currently, he manages an important business project – Grenada Sustainable Agriculture, which is supported as a Citizenship by Investment Venture. The purpose is to attract local and international investment within the community to develop sustainable jobs. Citizenship is given in exchange for investing in the GSA project, meaning that foreign investors are incentivized to impact the local economy – and it works. In spite of the fact that tourism has always been the main driver of the Caribbean economy, it’s important to move away from a tourism-dependent attitude.
Simply put, it’s recommended to diversify revenue sources to have a safety plan in case of a financial collapse, like the one we’re currently experiencing. According to Dawody, aquaculture serves as a viable option for diverse national sources of income and support.Email This Post