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Private Sector Growth Strategy Discussed

The Caribbean Export Development Agency (Caribbean Export) hosted a regional private sector consultation meeting at the Radisson Resort, Barbados, on February 14.

The meeting, held on behalf of the African, Caribbean and Pacific Group of States (ACP) secretariat, aimed to gather stakeholder feedback and assist in creating a private sector development strategy for the ACP group, as well as Caribbean Export.

This will help determine the future direction of the Regional Private Sector Development Programme under the 11th European Development Fund (EDF).

Following a meeting in Brussels in November 2013, held by the ACP Secretariat to guide the preparation of a private sector support strategy for African, Caribbean and Pacific states and regions, it was recognised that a new strategy was necessary to support private sector development. This was due to the less than satisfactory performance of private sector support in the past.

The proposed strategy coincides with the European Commission’s preparation of a communication on ‘Strengthening the Role of the Private Sector in Achieving Inclusive and Sustainable Growth in Developing Countries’, and programming of the 11th EDF with Caribbean Export.

The goal is to have the private sector fully engaged, making the business and investment climates more conducive, and enabling better management of risks and facilitation of financial and non-financial transactions.

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