From the crystal-clear waters of St. Johns, Antigua and Barbuda, the 4th Small Island Developing States (SIDS) Conference (SIDS4) set the stage for transformative dialogue and action, particularly through the 2024 SIDS Global Business Network Forum. This premier event, organized by the Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (OHRLLS), served as a bridge connecting international private sector entities with SIDS to foster partnerships for the upcoming decade.
Forum Overview:
Held on May 25-26, 2024, just before the SIDS4, the SIDS Global Business Network Forum explored critical themes including community empowerment, blue-green growth, and creating an enabling business environment conducive to investment. The Forum’s outcomes were pivotal in shaping discussions during the dedicated private sector roundtable at SIDS4.
Background and Evolution:
The SIDS Global Business Network (SIDS-GBN), established in 2014 during the Third UN Conference on SIDS in Samoa, has continuously evolved. It initially focused on public-private partnerships in Aruba (2016), sustainable tourism in Mauritius (2018), and ocean partnerships in Palau (2022). This fourth Forum, convened under the SAMOA Pathway, provided an opportunity to review the Network’s first decade and integrate private sector perspectives into the new Programme of Action for SIDS.
Sessions Recap:
Session 1 – Sustainability: Unlocking Opportunities for Blue and Green Economies:
This session highlighted the necessity of accelerating sustainable development partnerships within SIDS. Emphasis was placed on the blue economy, stressing creativity and community engagement as vital components.
Session 2 – Inclusivity: Empowering Local Communities for Transformed Economies:
Panelists discussed rebranding beyond the “sun, sea, sand” narrative, advocating for economic diversification through creative industries, sports tourism, and digital economy integration. The focus was on empowering local communities to actively shape their futures and foster innovation.
Session 3 – Policy: Crafting an Enabling Business Environment:
The need for effective collaboration between governments and the private sector was underscored. Historical barriers to collaboration were acknowledged, with an optimistic outlook on emerging responsiveness and cooperative dynamics.
Session 4 – Funding: Securing Financing and Investment:
This session, which I had the honor of moderating, emphasized the creation of supportive ecosystems through collaboration, innovative financial solutions, and sustainable practices. Calls for actionable roadmaps and increased investment underscored the discussions.
At the closing of the SIDS-GBN António Guterres, UN Secretary-General urged businesses to align their practices with the SDGs, emphasizing climate action and innovative financing. “Together, let’s work to deliver a better, more resilient, more sustainable future for the people of small island, developing states. And together Let’s raise our voice for the reforms that are needed for a more fair and more effective international financial and economic system able to provide to the SIDS, the resources and the capacities they deserve, and they need”.
He also highlighted the Global Business Network’s role in supporting SIDS, promoting investment in blue and green sectors, and fostering economic diversification, particularly for women and youth.
SIDS4 Private Sector Roundtable
On the evening of May 28 at the SIDS4 conference, delegates gathered to hear the outcomes and recommendations for the SIDS-GBN. High-level remarks delivered at the opening included, among others:
Chet Greene, Minister for Trade, Commerce, Industry, Sports, Culture and National Festivals, Antigua and Barbuda:
Greene emphasized the private sector’s critical role in job creation, innovation, and supporting MSMEs. He stressed the importance of transitioning to a green economy and the private sector’s leadership in this endeavor.
Kerrie Symmonds, Minister of Foreign Affairs and Foreign Trade, Barbados:
Symmonds addressed the need for pragmatic financing solutions, including debt relief and innovative insurance mechanisms to support SIDS in the face of natural disasters. He also highlighted the critical role of technical capacity building in renewable energy and other sectors essential for SIDS’ resilience and growth.
Key Recommendations:
The key recommendations coming out of the SIDS-GBN were presented by Rabab Fatima, High Representative for OHRLLS at the SIDS4 Private Sector Roundtable.
Fatima reflected on the Network’s achievements over the past decade, highlighting the importance of leveraging private sector innovation for blue-green economics, empowering local communities, and creating an enabling business environment. She emphasized the need for enhanced financing mechanisms to support MSMEs and sustainable development initiatives. The recommendations included:
- Multi-Stakeholder Forum:
Establish a forum to design blue-green development roadmaps, connect initiatives to funding, and engage local communities in discussions between innovators and investors. This forum would facilitate knowledge-sharing and project matchmaking. - SIDS Development Fund:
Create a fund for Public-Private-Community Partnerships aimed at MSME growth, community benefits (including women and youth), and ecosystem regeneration, focusing on enabling environments, capacity building, and finance blending. - Enabling Business Environment:
Develop frameworks to enhance access to knowledge, support local chambers of commerce, and organize regional events to connect governments and the private sector. - New Investment Framework:
Implement innovative solutions (like blockchain and AI) and regional approaches to increase capital efficiency and decrease transaction risks, fostering an environment conducive to investment in SIDS.
Conclusion:
The 2024 SIDS Global Business Network Forum was a beacon of hope and a catalyst for action, bringing together diverse stakeholders to forge partnerships and develop actionable strategies for sustainable development in SIDS. As we look towards the future, the private sector’s role in driving innovation, investment, and inclusive growth will be more critical than ever. The outcomes and recommendations from this Forum will undoubtedly shape the trajectory of SIDS’ development in the coming decade, ensuring that these vibrant communities can thrive sustainably amidst global challenges.
