$1.13 billion has been allocated to the agricultural sector for fiscal 2025/2026.
Minister of Finance, Davendranath Tancoo, unveiled a comprehensive plan to boost the agricultural sector on Monday.
Speaking during the presentation of the 2026 national budget, he highlighted the sector’s potential, noting that it currently contributes less than 1% to the country’s GDP – a strategic vulnerability the government proposes to reduce.
“We will align with CARICOM’s ’25 by 2025′ initiative to reduce food imports by at least 25% by 2030 while promoting agro-exports. Key measures include climate-resilient farming and crop insurance, greenhouse incentives, and water-harvesting systems; a 3-Year Priority Commodities Programme for 15 high-demand products, with annual focus on three crops and one livestock category.”
The Finance Minister said the government also intends to integrate agriculture into schools and increase exports of local goods.
“Integration of agriculture into schools and youth entrepreneurship through the Youth Agricultural Fund. Export growth in fine-flavour cocoa, Moruga pepper, and aquaculture, doubling agro-exports by 2028.”
Value Added Tax (VAT) will also be removed from agricultural equipment and basic food items such as table salt, mauby, coconut water, as well as locally produced pumpkin, watermelon, cucumber, lettuce, and tomatoes, among others.
The Minister said $793.7 million will be invested in infrastructure, irrigation, fisheries, land development, and agri-tech initiatives. In addition, smart agriculture and AI farming will increase efficiency and self-sufficiency, targeting $1 billion in exports over the next fiscal year.
In the last budget under the previous administration, $1.184 billion was allocated to the agricultural sector.