Seminar Examines Potential of Services Sector

Contact: John Emmanuel

Friday, February 23, 2001 – The Ministry of Consumer Affairs, the Chamber of Commerce and the Trade Policy Project of the Organisation of Eastern Caribbean States (OECS) teamed up this week to emphasize the significance of trade in services to St. Lucia’s future economic development.

The trio held a two-day workshop to identify areas in the services sector where St. Lucia can achieve a competitive advantage. Participants reviewed positions identified at a previous workshop, with a view to repositioning their businesses to take greater advantage of the growing international trade in services.

Executive Director of the Chamber of Commerce, Brian Louisy, said St. Lucia has remained fairly competitive in the trade of services. The success of tourism, he added, highlights the enormous potential that exists for further developing other services on the island.

"This is the fastest growing sector in world trade where now you have cross-boarder trading in services and the view is that while we may not be able to produce products, we have an ability to sell services," he said. "Not only do we have a comparative advantage, you can say we have a competitive advantage. I think that this is the key, we can be competitive and we are indeed competitive in the provision of services."

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