“Being 34th Among the World’s Top 100 is Not Good Enough!” PDF Print Email
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Monday, 14 April 2008 08:40
This was the recurring sentiment at a recent OECS Trade and Investment facilitation workshop in St. Lucia. Alluding to the World Bank ranking of OECS Member States among the top 100 best places in the world for doing business, key stakeholders in St. Lucia’s business sector were urged to press on for better positions by constantly creating a more enabling environment for Trade and Investment. It is also hoped that such an environment will help the OECS efforts to build  a strong Economic Union.

Randy Cato

Head of the OECS Economic Affairs Division Randy Cato told the gathering that Trade Facilitation is a major area of concern for enhancing business in the OECS. He said expedited, harmonized and simple approaches of information collection and use will enhance faster release of goods and possibly increase trade and economic growth. The participants at the one day consultation were also advised on the consequences of becoming obsessed with regulations as well as failing to regard other issues such as commitment to regional and international obligations such as CSME and WTO: “The more efficient trading environment with less restrictive business regulations and requirements for example on documentation would facilitate and expedite faster movement of goods and services across borders…

…Officials love to officiate and they love to make it clear about their official powers and authorities regardless of the implications of extending their officialdom for how things are expedited. The process becomes the end. That’s not good enough.”

Cato reemphasized the need to observe inefficiencies that impeded trade and investment and take actions to create the most effective and workable plan.

Andrew Satney, Market Intelligence Systems expert at the OECS Export Development Unit (EDU) reminded participants of the many issues they need to cover to help improve the competitive status of the economy. He advocated that everything planed must be made within a global perspective

Senator Guy MayersSt. Lucia’s Minister of Trade, Senator Guy Mayers responded that improving St. Lucia’s current ranking as 34th among the world’s best places for doing business will further enable the country’s environment for investment. St. Lucia, who dropped from 27 in 2006, leads among the OECS Member States for doing business according to 2008 data from the World Bank. “We would have to work very closely together on the actions required to bring us to first place. But we also have some of the practices employed on the ground that need to be changed if we are to achieve first place and if we are to be a more conducive environment for foreign direct investment.” 

This is the second national consultation organised by the OECS EDU in collaboration with the OECS Hub and Spokes Project to help further attempts by the OECS to enhance various levels of development. The first Trade Facilitation Consultation was staged in Dominica. Following the Castries meeting, stakeholder dialogue will continue in St. Vincent and the Grenadines and Antigua and Barbuda.
Last Updated on Thursday, 18 June 2009 17:38
 
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