Prime Minister says economic diversification must hinge on the country's export potential

Thursday, April 29, 2010 – Prime Minister Hon. Stephenson King says government has determined that export development is the key requirement for economic diversification and alleviation of poverty. In this regard, emphasis, he says, will be placed on the development of global competitiveness among exporting companies and those with export potential.

The thrust of government’s strategy, the Prime Minister said whilst delivering the budget address last week, will be to further facilitate the ease with which exporting companies can access raw material inputs, move their finished products to existing markets, and explore new market opportunities, especially in markets where Saint Lucia has negotiated preferential market access.

Accordingly, government, the Prime Minister says, is determined to implement the national export strategy and the national industrial policy. Focus will also be placed on implementation of the micro and small scale enterprise Act to increase the level of incorporation of small businesses, complete the development of the E-commerce policy and strategy and undertake trade missions to further sensitize foreign buyers to Saint Lucian goods and services.

Emphasis, Mr. King said, will be placed on the review and enactment of certain critical pieces of legislation, such as, the consumer protection legislation, to enable the consumer affairs department to carry out its functions under the Act, in keeping with government’s obligations, in regional and international agreements, and commercial and economic legislation, to help facilitate commercial activities such as the shop hour legislation and sale of goods legislation.

The Prime Minister indicated that attention will also be placed on facilitating the conduct of business and investment in the country. In this regard, an investment facilitation portal will be developed to function as a web-based centralized database, linking all agencies that administer regulatory procedures for the establishment and operation of business in Saint Lucia.

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