The Caribbean is a region mostly known for its beautiful islands that attract hundreds of thousands of visitors every year. This is, in fact, the main source of revenue for many inhabitants of these small countries. These countries also rely a lot on imports, as the region’s particular characteristics make it close to impossible to produce foods and other goods that are necessary for citizens and businesses to develop.
The events of the COVID-19 pandemic do not help small Caribbean countries such as Granada either, as they make imports more expensive and difficult to manage and put the region’s main source of income – tourism – on indefinite hold.
This was the main issue for all regions that relied heavily on tourism, which leads to the conclusion that a new approach is more than necessary. How can Grenada and other countries in a similar position return to economic expansion?
Young entrepreneurs with an innovative way of thinking
The solution to Granada’s main issue is to find methods of revenue diversification. This was immediately understood by young entrepreneurs with a fresh vision and a new perspective. One such example is Dawody Soren, an entrepreneur from Dubai with lots of experience in his portfolio, despite being young.
Dawody launched what is called the Grenada Sustainable Aquaculture initiative (GSA), a project that aims to stimulate the evolution of the local job market. Through his initiative, Soren Dawody managed to create new jobs and opportunities for development for the inhabitants of Grenada.
The project is supported by the Citizenship by Investment program, which grants foreign investors citizenship in exchange of developing sustainable jobs for the people of Granada. This seems to work very well with Dawody’s approach to investing, which he calls altruistic investment.
What is altruistic investment?
Altruism is presented as an act of unselfish concern, but if altruism is done without purpose or solely for the purpose of being perceived as a philanthropist, then it loses its purpose. Altruistic investments mean wanting to do good, but at the same time making rational decisions that have long-term benefits. Take this as an example: instead of donating $1 million to people just so that they can spend it on momentarily needs, you can use the money to create job opportunities so that these people can end up earning more in the following years.
By creating jobs and investing in small economies, Dawody hopes to help these regions achieve long-term benefits.
What can other countries learn from Soren Dawody’s approach?
Dawody’s GSA is based on a sustainable business model and zero-waste exchange production systems, thus minimizing harm over Grenada’s ecosystem. This type of approach can be borrowed by other nations as well, especially those who rely a lot on tourism and avoid difficult economic situations.
By diversifying the local economy, financial crises are much easily avoided, or it becomes much less difficult to bounce back in care a situation such as this happens. Other nations should pay attention to Granada’s example and consider it as an option to mitigate the economic impacts of unpredictable events such as a pandemic.