Partnerships for Stimulating Private Sector Development and Economic Growth 9:00 am – 1:00 pm, Friday 11 August 2016

Basseterre, St. Kitts, (9 August 2017) – The Ministry of International Trade, Industry, Commerce and Consumer Affairs in collaboration with the Compete Caribbean Partnership Facility (Compete Caribbean) will be hosting a private sector development dialogue on Friday 11 August 2017 at the St. Kitts Marriott Resort under the theme “Stimulating Private Sector Development and Economic Growth”

The main objectives of this dialogue are:

  •   To sensitize stakeholders about the state of Private Sector Development (PSD) in the region, and its importance with request to future growth
  •   To increase awareness of current best practices by presenting PSD solutions that are working elsewhere
  •   To elicit discussion on PSD priorities, at the national level, as observed by public sector, private sector, and civil society stakeholders
  •   To sensitize participants on the CCPF’s mandate; achievements to date; the role in supporting the adaptation of transformative PSD solutions in St. Kitts and Nevis
  •   To indentify promising PSD projects and strengthen partnerships for implementations.

    Phase 1 of Compete Caribbean (2010-2017) was concluded in February 2017; and phase 2 (2017-2020) commenced in March 2017. According to an independent end-of- program evaluation, the Phase 1 was

instrumental in improving the business climate, competitiveness and productivity in key sectors and participating firms. The program supported 101 technical assistance projects that involved national regulatory or policy reforms, institutional strengthening, and direct support to the private sector and knowledge production which generated over 12,000 jobs in the region, increased revenues of firms and clusters by USD$153m (41%), and increased overall exports by USD$37m (23%).

Phase 2 of the program will build on the successes of Phase 1 but will place greater emphasis on sustainability by building national capacity and strengthening partnerships; integrating climate change; and increasing access to program benefits by OECS Member States, women and the youth.

The dialogue will feature presentations on The Imperatives for Innovation, as well as inspiring examples from the Caribbean region that demonstrate how to use innovation to stimulate development and growth. All private sector and economic development stakeholders are encouraged to attend including representatives from local and regional agencies, private sector associations, financial institutions, professional associations, academia, non-governmental organizations, and the public sector. Discussions during the event will assist with identifying private sector development projects, which may be supported by Compete Caribbean.

Additional information is available by contacting the Ministry of International Trade et al, at 467-1636/1098.

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