Prime Minister Leona Romeo-Marlin at the Governor’s Symposium.
CUPE COY–The topic “Shaping Sustainable Economic Recovery in the Caribbean – Challenges and Opportunities” was discussed by several speakers at the annual Governor’s Symposium held at American University of the Caribbean (AUC) School of Medicine on Friday.
Prime Minister (PM) Leona Romeo-Marlin said in her address that one has to be very cognisant or aware of what challenges are faced before appropriate measures, policies, programmes and initiatives can be designed to circumvent or mitigate the challenges of future development. She highlighted some of the challenges facing St. Maarten and elaborated on some of those possible innovations and opportunities.
Climate change
The Prime Minister said climate change is no longer a discussion exclusive to scientists, professors and scholars at the top universities and tech companies around the world.
“As we are gathered here, as a result of the severe impact of the 2017 hurricane season, the discussion on climate change has made its way through the halls of government and its emergency services. Climate change has also touched the hearts and minds of our people in the Caribbean diaspora.
“For all of us in this region, as small island developing states that are very minuscule in the equation of carbon emissions and other factors that deter normal climate, we have to be cognisant of its impact on our individual economies,” she said.
Located in the hurricane belt of the region, being confronted with rising sea levels, varying trends of hurricanes, extreme periods of dryness and extreme rainfall are all consequences of global warming and climate change. These occurrences or attributes of global warming or climate change can have a negative impact on the economy and society on a whole.
“For this reason, it would be rather imperative for all of us to be responsible and take the necessary preventative or mitigating measures to curb the negative impact of such occurrences. These measures may include the protecting of our environment through proper legislation and its enforcement; proper waste disposal initiatives, including recycling and banning of plastics; the protecting of our wetland areas; protection of marine life and the use of more environment-friendly products wherever possible, just to name a few.
“For the commercial sector, apart from the already mentioned, it will also involve a shift in the way business is conducted and a willingness to adopt innovative methods that contribute to a sustainable environment.”
Dependency syndrome
Another challenge, the PM said, is the dependency syndrome.
“This is how I categorized or term our heavy and increasing reliance on the external front for economic sustenance. Be it oil and oil products, be it food, be it guests to our island, as in the case of our beautiful island, this heavy reliance has every so often exposed our vulnerability to external shocks which can negatively affect our economy and wellbeing.”
She gave as an example, any increase of oil prices on the world market affects the island negatively through increased operating cost for businesses, which is then passed on to the consumer.
“This in turn reduces consumers’ disposable income through inflation, creating that anxiety and uneasiness in the economy, thereby stifling overall growth and production of the economy.”
Negative external shocks such as terrorism, health epidemics, economic recessions and political instability also have effects.
“In the case of terrorism, this can deter persons from traveling to the island, thus crippling the country’s revenues. Outbreaks of health epidemics in our region also affect the revenues and smooth economic operations.
“As for economic recession and political instability, these can be considered as self-explanatory, since they are capable of distorting the economic equilibrium. The ever-increasing cost in the production of food in our main trade market of the US, for example, affects us negatively on the domestic front.
“This increased cost of production is normally passed on or felt by the consumer as an additional burden through reduced disposable income. For the business sector, such a situation reduces profits and can eventually lead to unemployment, which are deterrents to economic growth and development.”
Opportunities and innovations
For these challenges to be curbed, she said, there is need for thinking on a higher level which involves the thinking of a smart and resilient St. Maarten.
“It also brings to the fore the need to develop and enact legislations that would guide policies, projects, initiatives and programmes that are practical, implementable and realistic for our jurisdiction. Additionally, these measures should not be viewed as a quick fix, but as a sustainable and long-term solution.
“As a measure, the time has come for us to be innovative, to exploit and to reap the gains of other productive sectors of our economy which are of essence for us to overcome these challenges; be it the orange economy or the blue economy or whichever sector that exists out there.
“As it pertains to the orange economy, one lesson learnt from the passage of Hurricane Irma is the fact that it destroyed our tourism infrastructure in the blink of an eye, but the skills, talent, culture and way of life of our people remained intact. This culture, talent, skills and way of life are the resource and components of the orange economy.”
She spoke of development through music, sports, science and the arts. Jamaican sporting and musical icons such as Bob Marley and Usain Bolt are major attractions that enhance the Jamaican tourism product as a destination.
“We can look to our veteran and young and talents such as the Mighty Dow who has a steel pan tour and King Vers who is growing in popularity across the region.
“As for the blue economy, this concept seeks to promote economic growth, social inclusion, and the preservation or improvement of livelihoods through the exploration and sustainability of the oceans and coastal areas. In simple form, it just involves the making use of the output of the ocean and coastline around us, but it has to be in an environmentally sustainable and structured manner.”
She said a number of economic gains can be attained through economic output and job creation once they are is explored.
“Additionally, there are a number of services provided by ocean ecosystems for which markets do exist and should be explored. A recent example of innovation in this sector highlights an entrepreneur in St. Lucia who has managed to turn the Sargasso seaweed that washes onto to our beaches into fertiliser.
“These services would definitely contribute significantly to the economic and other human capacity of our society. These services include carbon sequestration. Carbon dioxide is the most commonly produced greenhouse gas.
“Carbon sequestration is the process of capturing and storing atmospheric carbon dioxide. It is one method of reducing the amount of carbon dioxide in the atmosphere with the goal of reducing global climate change, coastal protection and waste disposal. Again, with the application of innovation, technology and the will as a people, these attainments are possible and will eventually aid in our economic resilience and sustainability.
“Furthermore, the use of alternative forms of energy should be considered as a means of economic resilience and sustainability. This will inevitably reduce our carbon footprint, reduce our import bill and also serve as a cushion to our cost of living. This would definitely improve our socio-economic wellbeing.
“Be it water, sun or wind, the opportunities are there and hence should be considered as a means economic recovery and sustainability.”
She also touched on the issue of technological advancement, noting that St. Maarten has to find ways in its telecommunications sector to increase not only bandwidth, but also access, to make such opportunities a reality.
“In this manner, you can certainly count on economic resilience and sustainability, as our people would be the driving force in such a technology-driven environment.
“As a government, we remain committed to executing and implementing e-Government throughout the organisation. Whether on the frontlines or back offices, the implementation of an improved e-Government strategy can only reap positive results.
“Most persons can easily envision coming to a government counter and experiencing a quick and reliable one-stop-’n-shop service. In order for those products to be delivered at that single point, the proper systems in our back office network need to be properly integrated with the necessary security protocols in place that guarantee the safe exchange and sharing of data. If executed properly, e-Government will not only transform our individual lives but also improve the ease of doing business on the island.”
She also spoke about the need for good governance, accountability and transparency.
A number of other persons, including Governor Eugene Holiday, also addressed attendees at the symposium.
Source: The Daily Herald https://www.thedailyherald.sx/islands/88539-shaping-sustainable-economic-recovery-put-under-microscope-at-governor-s-symposium
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