WASHINGTON, DC – Much “good news” is emanating from the Caribbean regarding the region’s business growth, reports U.S. Commerce Secretary Carlos Gutierrez.
Speaking June 19 at the opening of a three-day conference on Caribbean issues, Gutierrez quoted a World Bank report that said “significant progress” is being made on reducing the time needed to start a business in the region. He also touted progress on the legal rights of borrowers and lenders, on bankruptcy procedures and in contract enforcement.
Gutierrez said the Caribbean region and the United States have a “solid” trade and investment relationship, which America seeks to strengthen.
The “Conference on the Caribbean — A 20/20 Vision” is examining how to build economic growth and development for the betterment of Caribbean democracy, human rights and justice.
In his remarks at the World Bank, Gutierrez said that in 2006, two-way trade between the United States and the 15-nation bloc of Caribbean countries known as CARICOM totaled $19 billion. That same year, the United States imported $10.4 billion from CARICOM nations. Between 2004 and 2006, U.S. imports from CARICOM members increased by more than 26 percent, while exports increased by more than 32 percent, he said.
Gutierrez said several U.S. programs — the Caribbean Basin Initiative and the Generalized System of Preferences — offer many countries in the region duty-free access of their goods to the U.S. market. The United States also has what are called trade “capacity-building” programs. These programs provide trade-related technical assistance to developing Caribbean nations that allows them to compete effectively in the global market.
The commerce secretary urged the Caribbean nations to “create a stronger climate for business.”
“Attracting business and investment will create jobs, which helps lift people out of poverty” and puts “them on the path toward self-sufficiency,” he said. Gutierrez added that a stronger business climate also helps “governments generate tax revenues” for improving their nations.
Gutierrez said his department’s inaugural Americas Competitiveness Forum, held June 10-13 in Atlanta, was premised on the same “fundamental” goals of CARICOM’s plan to create a single market and economy. Those goals, he said, call for improving “local and regional competitiveness, growing economies, and creating jobs and more prosperous societies.”
The Atlanta forum, said Gutierrez, outlined small business development and growth as being important “pillars” of competitiveness.
“Small businesses are the backbone of every economy,” particularly in the Caribbean, said Gutierrez.
He cited the importance of education, calling it the “great equalizer” in creating opportunity and eliminating class and race barriers.
A Commerce Department report released at the Atlanta conference said an “educational divide” in the Caribbean and Latin America perpetuates income inequality and poverty. Reiterating comments he made at that conference, Gutierrez pointed to education as a key to future competitiveness by the Caribbean and the entire Western Hemisphere.
A native of Cuba, Gutierrez praised the contributions to America of the 2.6 million people of Caribbean origin who live in the United States. The United States is celebrating those contributions in June through Caribbean-American Heritage Month.
José Miguel Insulza, secretary-general of the Organization of American States, echoed Gutierrez’s praise for CARICOM’s move to a single market and economy. In his remarks at the conference, Insulza said the move will improve the Caribbean nations’ ability to compete in the global economy.
Another area of immediate concern to the Caribbean, Insulza said, is preparing for natural disasters. With hurricane season beginning again in that region, Insulza called on the international community to improve its coordination of disaster mitigation policies.
The U.S. National Hurricane Center predicts an above average number of hurricanes to strike the Atlantic region in 2007. The hurricane season extends from June 1 to November 30. (See related article.)
The U.S. Agency for International Development (USAID) announced June 1 its plans to help the Caribbean prepare for the 2007 hurricane season. USAID said its team of disaster experts, based in San Jose, Costa Rica, is available for immediate deployment throughout the region whenever a storm hits.
