The Caribbean is made up of small island countries, with little to no barriers to free-market activity, such as tariffs and quotas. Over the years, the economies of the Caribbean have profited from regional and international trade relationships. The characteristic of the region makes it nearly impossible to produce the goods that citizens and companies need so much. In other words, it’s highly dependent on imports. Tourism has made a considerable contribution to economic growth and development, determining governments and donor agencies alike to allocate more resources for research, new product development, marketing, and training.
The coronavirus outbreak led to the collapse of the tourism sector, a major shock for the Caribbean economy. Given the interruption of tourism, not to mention the relentless global downturn, nations such as Grenada have made huge endeavors to preserve the health of the economy. The vast majority of governments in the Caribbean have limited fiscal space, which is due to the higher debt-to-GDP ratio, so the borrowing capacity has been severely diminished. The question now is: Is it possible to return to economic growth?
Innovation and New Thinking Are Required If the Caribbean Is to Emerge From COVID-19
The expansion of aquaculture production can have a positive impact on the Caribbean economy – more exactly, sales revenue, full- and part-time jobs, and labor income. There is little ongoing commercial aquaculture in the Caribbean region, with Grenada being one exception. Efforts are underway for aquaculture development. The Spice Island, as it’s commonly referred to, has succeeded in attracting a small group of investors and entrepreneurs, of which mention can be made of Soren Dawody, a magnificent example of the enormous power of an altruistic investment.
Soren Dawody has immediately understood that the Caribbean region is able to produce millions of metric tons of seafood each year via offshore and ocean aquaculture and didn’t hesitate to provide local communities the necessary tools to improve their lives and livelihoods. He is the founder of the Grenada Sustainable Agriculture Ltd (GSA). Grenada’s coastline and marine resources are singular assets and aquaculture has the potential to increase economic growth with minimal exploitation of marine ecosystems. The aquaculture sector currently provides income for more than 20 million people around the globe.
The development of aquaculture in the Caribbean islands has experienced slower growth, unfortunately. It’s hoped that aquaculture will grow in 2021, despite the slow rate. It’s necessary to identify the challenges relating to expansion and tackle the issue with solutions that benefit consumers, producers, service industries, and, finally yet importantly, the Caribbean economy. Breeding, rearing, harvesting, and of fish, shellfish, plants, algae, and other organisms drives economic growth and sustainable development.
Interest in Soren Dawody’s Sustainable and Responsible Aquaculture Project Is Growing
Fortunately, Soren Dawody has decided to concentrate his business ventures on boosting the Caribbean economy. He manages an important business venture – Grenada Sustainable Agriculture, which is endorsed as a Citizenship by Investment Project. The aim is to attract local investment within the community to develop sustainable livelihoods. Citizenship is granted in exchange for investing in the GSA project, so foreign investors are incentivized to make an impact on the local economy. Dawody forges close cooperation between the government and capitalists, cooperation which is facilitated by private-public ventures.
The aquaculture project centers around fish and shrimp farming. Rather than relying to a great extent on imported products, the Caribbean nation would raise their own fish and shrimp, which is sold to local markets, resorts, restaurants, and so on. The GSA project is focused on developing skilled workers and management staff. As opposed to standard fish and shrimp farms, this one will benefit from avant-garde technology, which significantly reduces manual labor. It’s safe to say that Grenada Sustainable Agriculture is a breakthrough business venture. It perfectly coordinates with local fishing operations and the ocean’s fragile ecosystem is protected.
Aquaculture enables self-sustainability regardless of context. The increase in fish and shrimp production will increase in the years to come due to rising populations and urbanization in developing states. Aquaculture guarantees food security, besides increased dietary nutrition. The Grenada Sustainable Agriculture project offers superior, sustainable seafood that increases food security and tackles the waste problem, mostly determined by the COVID-19 pandemic. In times of uncertainty and instability, it would be great to have something to count on.
Soren Dawody is an established entrepreneur and business strategist, with experience in real estate investing and development projects. He is driven by a genuine passion for developing visible economies, which has led him to set the foundation of the GSA. Launched in 2015, the sustainable and responsible agriculture project is supporting the Caribbean economy, which is affected by the crisis triggered by the coronavirus outbreak. As it gains momentum, hopefully, more similar projects will be implemented. The Caribbean region needs fish and shrimp farms that are environmentally and economically friendly while encouraging prosperity.
The Caribbean Should Diversify Income Streams to Build Wealth
In spite of the fact that tourism is the main driver of the economy of the island nations, it’s paramount to move away from a tourism-dependent approach. To put it simply, it’s recommended to diversify income sources to have a safety net in case of an economic shock, like the one we’re experiencing right now. According to Soren Dawody, aquaculture represents a viable means of diversifying national sources of income and support. He informs us that small island countries such as Grenada should make an effort to invest in innovation, as well as capacity building. It’s necessary to ensure the future of the country.
The global pandemic should be viewed as an opportunity for change. There’s no better time than now to start building solutions that work for local economies and the environment. Leaders should seize this moment and bring forward transformation. The COVID-19 pandemic offers the Caribbean’s aquaculture sector an important opportunity. Through initiatives like that of Soren Dawody, it’s possible to rebuild the economy and create a promising future. The Caribbean is well in the position of becoming a force in the global aquaculture sector.