MONTEGO BAY, Jamaica – The Assistant Secretary General of the Organization of American States (OAS), Albert Ramdin, says innovation is the key to surviving the economic downturn that has affected thousands of business operators across the Caribbean.
Speaking at the opening of the Montego Bay Chamber of Commerce and Industry Expo 2011, the high-ranking OAS official encouraged business operators to look to innovation in the face of the global economic slowdown, which has jeopardized millions of jobs around the world and has resulted in rising debt. “In today’s environment, when sales have slowed in almost every sector and profit margins have almost flat-lined, businesses must either innovate, or face failure,” said Ramdin.
Albert Ramdin
According to the OAS official, major corporations and governments around the world are seeking new ways to boost trade and business opportunities, and the Caribbean should be no exception. “It is no longer business as usual. Caribbean businesses can either innovate, become more creative and form strategic partnerships, or fold,” said the OAS Assistant Secretary General.
Addressing hundreds of small business operators and government representatives gathered at the Trade Expo, the OAS official also called on Caribbean governments to encourage and support innovation initiatives at all levels. “Innovation and education must become fundamental principles in our collective effort to facilitate economic growth. If our schools don’t encourage creative thinking and critical analysis, or our government policies make little room for innovators and our banks and development agencies are limited in their scope, then the Caribbean will be neither competitive nor productive,” said Ramdin.
The Washington-based diplomat also called on governments of the Caribbean to join with business associations and other groups to ensure that enough resources are designated to education, research and development. “Without investment in our creative potential, our countries will remain stagnant,” said Ramdin, adding that, ‘’the time has come for strategic thinking and innovation and investment support, we must be willing to do what is necessary.’’
