Commerce Minister Tells Chamber "Concentrate on Competitive Edge"

Contact: John Emmanuel

Thursday, November 15, 2001 - Minister for Commerce, International Financial Services and Consumer Affairs Honourable Philip J. Pierre has renewed a call to the private sector to concentrate their efforts on gaining a competitive edge within the new world dispensation. Speaking to members of the St. Lucia Chamber of Commerce, Industry and Agriculture on the occasion of their 117^th Annual General Meeting, Minister Pierre indicated that such a competitive edge would mean transforming the island’s size normally viewed as an impediment, into an asset.

In the wake of mounting pressures from mega trade blocs like the World Trade Organization (WTO), the Free Trade Area of the Americas (FTTA) the European Union (EU) and others, Minister Pierre called upon entrepreneurs to look to new and burgeoning possibilities to engage in trade, while at the same time building on their comparative advantages. Niche markets in the agro-industrial sector he said held much promise and additional firm linkages would have to be created among the agriculture, manufacturing and tourism sectors. The advent of the Eastern Caribbean Stock Exchange he exclaimed provided yet another avenue for business persons to explore alternative financing.

Minister Pierre encouraged entrepreneurs to develop a competitive spirit and avoid delays in critical decision-making. His ministry, he noted, was leading the way by developing an Industrial Policy that would seek to enhance enterprise competitiveness, increase export of goods and services, while at the same time promote St. Lucia as an international financial centre of world repute.

Other benefits would come if they pooled their resources to meet market demand, and the use of technology to improve on quality and delivery. The Chamber, he pointed out, would have to play a pivotal role in educating members on the new challenges and ways of meeting them head on.

Minister Pierre commended local businesses for continuing the cycle of expansion and re-investment, maintaining employment levels in the country while coping with the ever-changing face of trade. Government, he said, would continue to provide an enabling environment for further growth.

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