Eustace wants more incentives to boost private sector

Speaking during the 2015 Budget debate, the Leader of the Opposition said he agrees with the Prime Minister that the private sector needs more attention, and suggested that more incentives be introduced to boost the sector.{{more}}

As he spoke in Parliament on January 29, President of the New Democratic Party (NDP) Arnhim Eustace said that mechanisms and incentives must be introduced “over and above what we do now” to facilitate private sector development.

“I really would like to see the private sector flourish,” he insisted. “A lot of our difficulties, in relation to our Budget, would be reduced!”

Eustace pointed out that many business owners within the private sector are either unaware of the incentives available to them or believe that said incentives do not apply to them, and proposed that more awareness is needed in this regard.

“A lot of people are just assuming… they don’t see the incentive regime as having an application to them. That has to change!”

He also asserted that a closer working relationship with the private sector is the key to dispelling certain myths, and that more incentives would encourage more employment – thus reducing national unemployment figures.

“I want to see the economy of St Vincent and the Grenadines grow; I want to see employment increase,” he said.

Eustace proposed that the Government start looking more closely at engaging the Vincentian and Garifuna diaspora as a means of attracting foreign investment.

“We have reached the time where we must engage them in our economy, both of those groups.”

He also put forward the notion of having sub-divisions in the various overseas missions that specifically deal with economic affairs – especially in regard to trade and investment.

Eustace said that there are many graduates working within the various Ministries locally, with Master’s degrees in international trade and investment, who should instead be “relocated into our embassies abroad, with their sole emphasis being attracting investment.

“We have nothing to lose, and much to gain!” (JSV)