St. Kitts – Nevis PM Claims Private Sector Key In Economic Development

St. Kitts - Nevis PM - Dr. Denzil Douglas

St. Kitts – Nevis PM – Dr. Denzil Douglas
Photo By Erasmus Williams

Basseterre, St. Kitts – Nevis
October 15, 2010 (CUOPM)

St. Kitts and Nevis Prime Minister Hon. Dr. Denzil L. Douglas says the role of the private sector in the Federation’s economic development is vitally important.

Speaking at a ceremony to celebrate the refurbishment of Court Basseterre, Prime Minister Douglas said his St. Kitts-Nevis Administration has been paying particular attention to investment facilitation as an integral part of advancing economic activity, supported by appropriate fiscal measures.

“Certainly, the private sector’s role is vitally important, and we can all be encouraged by the increasing importance of small and medium sized business in our economy,” said Dr. Douglas.

He disclosed statistical data for the period January 2007 to July 2010 from the Ministry of Finance that indicated that over 1000 business license applications were approved.

“We have extended concessions to several small businesses within the context of the Small Business Act, and we have had an assistance package in place for small hotels and independent restaurants in the tourism sector. The employment and output implications, therefore, should be of relevance to economic growth potential,” said Dr. Douglas.

He is of the view that a well-diversified Private Sector generates substantial economic activity and is valuable in creating growth.

“In today’s business environment, there is great demand for flexibility, creativity, sound planning, careful execution of strategies, greater detail to the management of financial resources, while at the same time, business must provide customers and consumers with greater value for their money,” said Prime Minister Douglas.

These he said apply to every size and nature of business.

“They are nothing new, but assiduous attention has to be placed on these components to a much greater extent that they did five to ten years ago,” said Dr. Douglas, who added that the “dynamism of Courts is reflective of these things, and it shows that it is a company that is anticipating and responding to evolving conditions and trends in the environment in which it operates.”

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