Professor Patrick Watson is of the view that the pace at which diversification is taking place in the country must be stepped up.
He says while discussion on the issue has been ongoing for some time, the time has come for more to be done in this area, in a more intense way.
He made the comments on the Facing the Issues program on Power 102.1FM on Wednesday afternoon.
Professor Watson advised that the options being explored in this aspect should be able to generate foreign exchange on a sustained basis.
Mr Watson said the country must be able to lessen its heavy dependence on the energy sector.