CARICOM targets 25 per cent reduction in regional food import bill

CARICOM is working toward a regional goal to reduce the Caribbean food import bill by 25 per cent by 2030. Currently, food imports account for up to 90 per cent of calories consumed across CARIFORUM member states, resulting in approximately $6 billion leaving the region annually. Achieving this target could create a $1.5 billion opportunity for local agribusinesses.

Guyana’s Minister of Agriculture, Zulfikar Mustapha, stated that the country is on track to meet this target and has emerged as a leader in advancing the regional agri-food system. He noted that Guyana has achieved a 77 per cent success rate in its assessments and is providing technical expertise to other member states.

To capture the domestic market, experts suggest local production must become price-competitive with imports. Challenges to growth include the consistency of supply and the impact of natural disasters like hurricanes. To address supply issues, agribusinesses are moving toward structured teams of specialists—including agronomists and marketing experts—to aggregate output and attract international investment.