AI Governance in a Barbadian Context

Good evening,

It is an honour to welcome you all to the 49th annual Sir Winston Scott Memorial Lecture. Since 1976, this event has provided a platform for global experts to share their thought-provoking insights with Barbadians from all walks of life.

The Bank's first Governor, Sir Courtney Blackman, conceptualised this lecture to help ensure that we remain deeply connected to the community we serve, and subsequent Governors continued this fine tradition. I'm delighted to continue this series with the blessing of the Scott family, who allow us to honour the legacy of their patriarch. The Sir Winston Scott Memorial Lecture, held a few days before November 30 each year, is also how we at the Bank contribute to our national Independence celebrations and Republican status.

This lecture brings a wealth of knowledge to the people of Barbados, presenting fresh insights into subjects that shape our world and impact our everyday lives. This evening, we gather not only to honour the legacy of our nation's first native Governor General and a true patriot, but also to engage in an exploration of a topic that dominates the world agenda today: AI (artificial intelligence).

This year's topic, "Global AI Policy and Regulation," sits at the intersection of technology and governance. As AI advances, it brings both transformative potential and complex challenges. From revolutionising healthcare, finance, and education to raising critical questions about privacy, ethics, and equity, its impact is far-reaching.

The rapid growth of AI calls for responsible development - balancing fairness and transparency with innovation. For us, as a small island nation, it's vital to engage in global AI conversations, while protecting the unique values and interests of the Caribbean.

AI offers opportunities to boost productivity, drive innovation, and foster inclusive growth. Yet, without thoughtful regulation, it risks deepening inequalities and straining societal cohesion. These are pressing questions we must confront together.

It is, therefore, with great anticipation that we look to tonight's speaker, Dr. Luis Videgaray, a respected global leader in both policy and technology. Dr. Videgaray's distinguished career includes notable contributions to economic policy, diplomacy, and technology governance. His work bridges the complex spaces where technology, economics, and policy meet, giving him unique insight into how AI can reshape our world for the better.

As Dr. Videgaray shares his perspectives on the development of global AI policy, I encourage us all to consider what responsible and forward-thinking AI governance could look like in our own context. The Caribbean, though small in size, has long been a powerful voice in advocating for fairness, equity, and resilience on the global stage. From climate action to economic development, we have consistently championed policies that reflect our shared values. In the realm of AI, these principles must again guide us as we consider how to embrace technology while protecting the social, cultural, and ethical pillars that define us.

Soon, you'll hear from Dr. Videgaray, and I urge you to take full advantage of this opportunity. We look forward to your contributions during the discussion as we explore this timely and important topic.

Thank you, and do enjoy your evening.