The present global economic climate and new trading regimes demand that Caribbean countries become more competitive in all their activities and not just in the manufacturing or agricultural sectors, the main focus of most discussions on trade liberalization. On the surface, there seem to be few areas in which small States with limited resources can become competitive, except in tourism, that does not in itself require technological developments by the States themselves. The use of appropriate technologies and policies to properly manage the resource is not always seen as vital to the continued survival of the industry. In such a scenario, States that play catch-up and continue to depend solely on imported technologies and processes, thereby replacing their indigenous knowledge base and activities, may never attain competitiveness in their products. This paper analyzes selected sectors in the subregion namely, the banana industry, the food sector, tourism and small and medium-sized enterprises to show how industrialization, through technological development, can lead to competitiveness. It also suggests some policy implications, actions to be undertaken and hurdles to overcome if the region is to benefit from its abundance of flora and fauna and to manage these for the betterment of its people.