(WiredJA) Caribbean leaders are setting their sights on billion-dollar tech platforms that have been reaping hefty profits from the region while contributing nothing to its economic growth.
In a bold move announced Thursday, CARICOM is launching a comprehensive review of the regional telecommunications landscape, with Grenada’s Prime Minister Dickon Mitchell leading the charge.
“We were informed that these entities earn as much as $11.6 billion a year and they pay no taxes,” revealed Prime Minister Mia Amor Mottley of Barbados, the current CARICOM Chair, speaking to reporters after the 48th Regular Meeting of the Conference of Heads of Government. “There is no contribution in any way to the regional economy.”
The high-level initiative aims to create a more equitable telecommunications environment across the Caribbean, where both consumers and service providers can operate on a level playing field.
Prime Minister Mitchell, who holds responsibility for Science and Technology in the CARICOM Quasi Cabinet, will work alongside Bermuda’s Premier David Burt and Prime Minister Mottley to spearhead the review.
At the heart of the issue lies a troubling financial imbalance. While tech giants extract billions from Caribbean markets, local telecommunications companies find themselves starved of the capital needed for critical infrastructure improvements.
“The absence of revenue to the telecommunications firms means that at the very time that we need to be looking at re-investment to make our telecommunications infrastructure sturdier, it is not there,” Mottley emphasized.
The initiative comes as Caribbean nations grapple with telecommunications costs that significantly exceed those in other regions. For the collection of small states that make up CARICOM, these elevated costs represent both an economic burden and a potential barrier to digital development.
While specific actions remain under consideration, Prime Minister Mottley described the effort as being at “the stage of exploration.” However, the objective is clear: to better level the playing field and ensure fairness for all stakeholders while fostering a competitive environment that can drive innovation and economic growth throughout the Caribbean.
