A “Doing Business Unit” will be established within the Ministry of Finance.
The unit will address not only the indicators that contribute to the World Bank’s theoretical Ease of Doing Business Index, but also “the more practical impediments to actual business establishment and operation in St. Vincent and the Grenadines”.
Minister of Finance, Camillo Gonsalves, said in his budget address this month that the health of the Vincentian economy is directly and causally connected to the health of our private sector.
“We view the private sector as partners in, and drivers of, employment, growth and development. Budget 2019 is replete with initiatives that provide both direct and indirect benefits to the Vincentian private sector.
“These include Renewal @40, the modernisation of customs procedures to facilitate quicker times to clear shipments, technical innovations to NIS and the Inland Revenue Department, new crime fighting tools and initiatives, measures to facilitate an influx of additional tourists, enhancement of operations at the Argyle International Airport, renewable energy initiatives to make the cost of energy cheaper and more predictable, enhancements to our road and ICT infrastructure, and initiatives in fisheries and agriculture, including the launching of the medicinal cannabis industry.”
He said that preliminary data from the National Insurance Services indicates that the number of active employers has rebounded to exceed pre-crisis levels, and is 24 per cent higher than the active employers on record in 2000.
“We fully expect our talented and entrepreneurial private sector to take advantage of the promising opportunities in the Vincentian economy and the initiatives in Budget 2019 to record further growth in the medium term,” Gonsalves told Parliament.