Caribbean Export OUTLOOK 2016 - 2017

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Growth rates in the Caribbean have been, on
average, very low for several decades, and have
remained below 3% since the most recent global
recession.Suchlowratesofgrowthhavecontributed
to the persistently high levels of unemployment
and poverty in our region, and with more than
21% of our population living below the poverty
line, accelerating and sustaining inclusive growth
is, arguably, one of themost pressing development
challenges confronting our region today. However,
onesolutiontothischallengelieswithintheregion’s
engine of growth, the private sector.
Expanding economic opportunities is arguably
where Caribbean private sector firms have the
greatestpotentialtodrivegrowthwithintheregion.
Businessactivitycancreatejobsandentrepreneurial
opportunities, enable technology transfer, build
humancapitalandphysicalinfrastructure,cultivate
inter-firm linkages, generate public revenue for
governments, and provide a variety of goods
and services to consumers and other businesses.
Ultimately, each of these impacts has multiplier
effects on both social and economic development.
In examining the role of the Caribbean private
sector in ensuring economic sustainability,
Caribbean Export OUTLOOK spoke with one
of the region’s most prolific financial minds, Don
Wehby. As the Group Chief Executive Officer of
GraceKennedy Limited, Wehby is charged with
positioning one of theCaribbean’s largest andmost
dynamic food and finance corporate entities as a
global consumer group.
Wehby has been with the GraceKennedy Group
since 1995 and assumed his current position
in 2011. He took a secondment to the Jamaica
governmentin2007,whereheservedhiscountryas
asenatorintheMinistryofFinance,beforereturning
toleadthefull-timechargeofoneoftheregion’stop
business brands.
As an accomplished business executive, Wehby
believes that it is the role of the private sector
to invest in business relations that will create
increased revenue and profit streams, economic
stability, growth, and employment.
“Consequently, the private sector has to be
strategic in its investment allocation in people,
research, technology, innovation, product
development and market diversification, as
well as its business relationship regionally.
Regionally, business support organisations
and individual companies are cooperating in
services and trade, especially where synergies
can be optimised, and this has helped with
regional economic stability.”
The affable Jamaican also explained that
the private sector must be influential in the
development of international trade agreements,
public policy, public sector efficiency, and fiscal
prudence to ensure the creation andmaintenance
of a more predictable, socially stable, macro-
economic and business friendly environment.
In recent times, the private sector has come
The Role of the Caribbean
Private Sector in Ensuring
Economic Sustainability
By Stephanie L. Bishop
Pulse OF THE CARIBBEAN
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