Above: OAS Assistant Secretary General Albert Ramdin (JIS Photo)

By the Caribbean Journal staff

Caribbean businesses need to innovate and diversify their operations, instead of folding and breaking, according to Ambassador Albert Ramdin, Assistant Secretary General of the Organisation of American States.

Innovation is the only way to fuel economic growth and produce high-paying jobs, he said, according to reports from top US economists.

“Effective business innovation means that we penetrate new and the right markets with a product of service that is in demand and aim[s] at increasing market share,” said Ramdin, who was speaking at the opening of the Montego Bay Chamber of Commerce’s three-day expo in St James, Jamaica. “To make this happen, we need to align the operational capabilities with a business model that maximises profit. Education and innovation must become fundamental principles in our collective effort to facilitate economic growth.”

Ramdin said that without investment in the region’s creative potential, countries will remain stagnant and continue to lag behind other regions of the world.

“The role of government is to create an enabling environment, through the facilitation of legislation and policies which encourage innovation and investment,” he said. “The private sector, on the other hand, must continue to be proactive by seeking new avenues for economic growth.”