Invest Caribbean Now (ICN) CEO Felicia Persaud said it's an understatement to say the challenge of improving both country and regional competitiveness is "immense".

In a speech titled "Dimensions of competitiveness in the 21st century: A global perspective", and delivered recently at Invest Turks & Caicos 'Enhancing National Competitiveness Conference', Persaud contended that there is no denying the critical importance of constructing, enduring and sustainable competitiveness in the global marketplace. She noted that the region finds itself again facing crucial survival and growth challenges - the International Monetary Fund (IMF) again lowering its growth projections for both the Caribbean and Latin America to zero this year on the heels of the so-called Brexit, for example. Brexit is the nickname given to the vote taken by Great Britain to leave the European Union.

"So to say the challenge on how to become more competitive as a country and as a region and strive in this challenging marketplace which we find ourselves is immense is an understatement," Persaud said.

She posed a question: Why is the Caribbean being left behind while other developing regions soar ahead in the 21st century?

"Perhaps because the formula we keep using isn't working for us," she said. "Our people and our islands and our region should be doing far better. So something is obviously wrong - and if we keep looking at the problem and recommending standard solutions - that is not going to work.

"We need to throw out the old playbook, and think big... beyond the status quo," Persaud urged.

She called for a reimagination of the Caribbean, and proposed five "major keys" based on some of the feedback and the experiences of Invest Caribbean Now in the past five years.

Persaud's first key is thinking outside the proverbial box.

"We have to begin by imagining a far better future for the Caribbean ... And then we must follow our imagination with useful measures by employing our imagination as we never have before: to create a specific list of ideas, while tapping into the best and brightest among us to develop them and create a unified plan that can be marketed to investors.

"Because at the end of the day, investors invest in bold vision that can bring returns but first we have to have an attractive outside the box vision to draw them in," she said.

Her second key is "telling our story, harnessing our natural assets and competing for our wallet share."

Persaud insisted that the region is "lagging way behind" when it comes to telling its investment story.

"We are fine with promoting the fact that we have an abundance of sun, sea and sand, but we are failing to tell our investment story, the things that make us stand out as a great investment destination beyond just offering tax incentives," she said, referencing the region's stability, abundant resources, location, high literacy rates and creativity.

"The reality is our "product" stacks up against most, but we are falling short in selling and telling our investment story ... Just as we promote sea and sand tourism, why not promote the fact that we are open for investments too, in TV ads that target specific segments of the global business sphere?

"And this includes using social media to our advantage," Persaud proposed. 

Weed
Speaking of natural resources, Persaud noted that perhaps Turks and Caicos Island - which hosted the conference - might be able to "call its own shots" and look into the medical business of "that herb many love to hate and see it as an economic engine of growth as Puerto Rico is working on doing along with Jamaica."

"And just before you dismiss me as being as mentally challenged as one of our U.S. presidential candidates, I urge you to look at the numbers. The legal marijuana market in the U.S. is predicted to rise from US$6.7 billion dollars this year to US$21.8 billion by 2020 and some countries like the Netherlands have begun to export medical marijuana to countries like Canada, Italy, Germany and the Czech Republic," she said.

"So ask yourselves - why should they be making all the money from a herb that emerged in our region? Let's ensure we are thinking outside the box and competing for our global wallet share."

Persaud also said harnessing the right human capital and enhancing collaborations and partnerships as key.

"Which means we must move beyond the notion that what we are offering is so amazing with tax incentives thrown in that everyone must invest their own monies to build a project and then hand it over free of charge in 50 years under a BOLT (Build Own Lease Transfer) model. This investment model is not competitive enough for today's market and we have to drop it," she said.

Partnership
Persaud also focused on partnerships.

"We must also recognize and understand that creative private and public sector partnerships locally, regionally, globally and in the Diaspora, is the key to improving our nations, our region, our lives... Such collaboration will allow us to harness resources to be more sustainable in the global economy," she said.

On the question of partnership, Persaud also urged the Caribbean to move beyond petty politics and arrogant perceived power and understand that growth is tied to relationship building globally, whether with other regional nations, the Caribbean Diaspora, the U.S., China, Europe, Africa or other areas around the world.

Another key cited by Persaud is growing the middle: whereas, she said, the main complaint she hears from entrepreneurs in the Caribbean is their struggle to access capital to grow, every economist says growing the middle level of the economy - the industry level, where the private sector sits, the manufacturing, agribusiness and the services industries - is key to growing a successful economy.

"Why? Because this is the level where wealth is actually created. It is at this level that the economy can be most energetic, innovative and inclusive," she said.

"We need to intensify our focus on this market segment as it is the key to creating new jobs and spurring economic growth regionally... And I look forward to the day ICN can launch a SME fund for the region that helps boost this creative market segment that should be thriving but is stifled and stagnant because of a serious lack of access of capital.

"We must support our innovators within while also pushing small businesses to be more innovative, creating goods and services that can make our nations stand out beyond just sun sea and sand tourism," she said.

Technology
Persaud's last key is focusing on technology and energy efficiency.

"We must harness technology to be more competitive and stay competitive. Especially in an era where you can live and work anywhere as long as there is a decent internet connection," she said.

She applauded the USVI launch of a Research and Technology Park, which is drawing a lot of tech companies off shore to set up shop there and invest in the future of the island - its young people - through jobs and training.

"This is a stellar move for an island struggling to survive in this tough economy but combining technology while including the next generation who are way more tech savvy than many of us right now. This ensures they stay competitive and this is a model many other regional nations should be eyeing.

"We need to establish our own Silicon Valley so to speak right here in the TCI - a techno pole! Especially when you look at the regional youth unemployment rates today. We have to invest in the next generation to ensure we keep moving forward," she said.

Click here to read more at The Nassau Guardian