Republic Bank is pleased to support the Caribbean Development Bank (CDB) 48th Annual Meeting of the Board of Governors, held in Grenada, May 27-31.
The Republic Group hosted the closing luncheon on May 31st, which was attended by over 200 participants, including Dr. Warren Smith, CDB President, heads of governments from participating territories, and ECCB Governor, Dr. Timothy Antoine.
The annual meeting is CDB’s flagship forum for discussion among the institution’s Governors and sector leaders.
During the luncheon, Garvin Joefield, Economist at the Republic Bank Limited, shared on the topic of “Safeguarding Caribbean Tourism”.
During his presentation, Joefield outlined the current state of tourism in the region, and offered stakeholders tips to get the sector ahead, or, at least allow it to keep pace with other leading global competitors.
While the region as a bloc ranks as a favourite leisure destination, Joefield was careful to highlight hindrances to competitiveness, some of which he noted as: Inefficient government bureaucracies, restrictive labour and foreign currency regulations, crime, corruption, tax rates and poor work ethic.
From a regional perspective, tourism accounts for 15% (US$57.1bn) of gross domestic product (GDP), and contributes significantly to job creation – 13.8% or 2.4mn jobs.
In Joefield’s words, these statistics underscore the significance of tourism to the regional economy and the need to continually track the competitive landscape, manage risks and create the appropriate environment for the sector to thrive.
Also key, according to him, is having the right structure/business model and a focus on efficiency and high quality service.
Garvin Joefield is the Economist/Manager of Republic Bank Limited’s (RBL) Economic Intelligence Unit.
As Bank Economist, he is primarily responsible for monitoring the external environment and advising the Bank on key economic and financial developments.
He holds Bachelor’s Degrees in Economics and Management from the University of the West Indies (St. Augustine Campus) and a Master of Business Administration (MBA) from the Heriot-Watt University, Edinburgh Business School.
Republic Bank is committed to regional integration.