The Private sector is key to the economic development and economic growth in St. Vincent and the Grenadines. We consider that small and medium sized enterprises (SMEs) are critical to economic growth and we will create the conditions that will enable SMEs to play a major role in entrepreneurship, innovation and job creation.
The New Democratic Party (NDP) envisages a vibrant private sector centered around the four pillars of the economy, agriculture, tourism, the blue economy and the new economy. It is through the development of a vibrant and healthy private sector that we will be able to reduce the high unemployment rate, decrease poverty, and improve the standard of living for all Vincentians.
The Unity Labour Party (ULP) government has allowed our domestic business sector to decline. They have not given the support needed for local businesses to expand. As a matter of fact, things are going backwards. For instance, the government has increased vehicle licenses used by small and medium size businesses, the government’s failure to secure business opportunities for locals to supply sandals with fish and agricultural produce, businesses are suffering because the government is not paying its debts, meaning too many local businesses are unable to manage their cashflow. And according to the World Bank it has become harder to do business in St. Vincent and the Grenadines. This country is now ranked 130th in the world to do business.
We are cognizant of the tremendous benefits that can be derived from private sector development. These include: increased national income, sustainable jobs, stable economic growth, competitive markets, higher standard of living, infrastructural development, consumer cost savings and wealth creation and distribution.
The NDP recognizes that improving government policies and behaviour will not only shape the investment climate and drive private sector development; it will also drive overall economic growth and improve opportunities for everyone. We will therefore provide a range of incentives to encourage private sector development, and above all, create the stable and predictable macro-economic and social environment that will encourage investment. In order to foster private sector development, the NDP seeks to focus on creating an attractive investment climate. Therefore, the NDP will establish a Ministry of the Private Sector to facilitate the development and expansion of private industry in general.
The role of the Ministry of the Private Sector will identify and seek to develop or expand a range of direct and indirect support services for SMEs, including: business pre-start , start-up and development assistance; business plan development and follow-up; business incubators; legal, accounting and financial services; information services including advice on government policies; advice on the effective application of information, provide communication and business technologies to the business process; offer consultancy and research services; managerial and vocational skills enhancement; promotion and development of enterprise based training.
The Ministry will also work in close collaboration with the Ministry of Foreign Affairs and our overseas Missions, Caricom and the Vincentian Diaspora to identify trade and export opportunities for SMEs. In order to create the environment in which SMEs will thrive, the NDP will end the competition between government enterprises and SMEs, adopt and pursue appropriate fiscal and employment policies to promote an optimal economic environment, improve the attractiveness of entrepreneurship and remove the constraints to the development and growth of SMEs.
We also want to increase new business in St. Vincent and the Grenadines. We want to see businesses expand and create sustainable jobs, and to create a climate where young people can use their skills and ability to create the jobs for the future.
Our priority is to develop the four pillars of the economy to support and foster a sense of entrepreneurship, innovation and growth to create thousands of new jobs, increase wages and build a country for the future. To achieve this, we will introduce a national quick pay policy- where the government pays its bills on time to small business owners, create a national innovation hub to support new business owners, implement our Youth Guarantee Pledge to help young people into the workforce, establish a National Skills Agency to ensure that we have the right kind of skills and review the business laws to make it simpler and easier to set up a new business in St. Vincent and the Grenadines.
We will create a Development Bank to drive growth and jobs in the country. The Development Bank will be a true partner in local ventures. It will provide mentorship and technical support to help businesses succeed. This will put tens of millions of dollars into local businesses each year- not just a few million dollars in grants. We will ensure that this finance is available at the lowest possible interest rate, as the goal of the bank will be to help develop our country.
We will ensure that doing business in St. Vincent and the Grenadines becomes easier. We will have a business facilitation officer in every relevant government department. This will allow investors to deal with a civil servant who is business-minded, and has expertise in their department and direct access to the granting of permits and licences.
After twenty-three (23) years in power, the ULP has become complacent. Government ministers have lost touch with Vincentians. They do not know the needs of the common man more so the business community. Many businesses have been constrained by political patronage, and the government has failed to create the right climate for businesses to thrive. Scores of businesses have closed their doors under this administration, while those that have survived are struggling. The NDP is committed to create the environment for businesses to succeed.