Business Climate Reform Projects
Caribbean Growth Forum (CGF)
The Caribbean Growth Forum (CGF) is to facilitate the development of national and regional competiveness action strategies/plans through the PPD process. The specific objective is to facilitate the development of national and regional competiveness action strategies/plans through the PPD process. The project will directly contribute to the identification of a common set of policies for the Caribbean countries aimed at enhancing economic growth and competitiveness in the region. The project will provide a platform for engaging a broad group of stakeholders in the dialogue around the growth challenge with a view to identifying solutions. The project will purposefully reach beyond the traditional stakeholders to engage other critical players, including the private sector, women in business organizations, competitiveness councils; youth, civil society and the Caribbean Diaspora.
Strengthening Public-Private Dialogue in Saint Lucia
This project was designed to
- develop a coordinated approach to enhancing competitiveness in Saint Lucia through the establishment of the National Competitiveness and Productivity Council (NCPC) and its Technical Unit; and
- implement key reforms to improve the business climate.
The project will develop a formal mechanism for consultation and consensus on national priorities and reforms needed to deepen private sector development and enhance the competitiveness of the country. This will positively influence the scope and impact of reforms as the government will be better able to implement targeted interventions that are gender inclusive and have wide stakeholder ownership and buy-in. The long term result is expected to be improved competitiveness and economic growth as a result of consensus-based business climate reforms.
Framework for Private Sector Development in Suriname
This project is to establish a framework to coordinate the implementation of business climate reform projects and upgrade the human resource capacity on issues related to private sector development in Suriname. The project will develop a roadmap of actions/activities needed to foster private sector development and enhance the competitiveness in the country, establish a coordinated mechanism to implement this roadmap and implement key business climate reforms. This comprehensive approach to addressing the weak position of the country in international measurement of global competitiveness will significantly facilitate a more diversified and competitive economy, supportive of investment and entrepreneurship.
Framework for Public Offerings in Trinidad and Tobago
This project is to establish a legal and institutional framework and corporate governance model to facilitate private investment in Trinidad and Tobago through a public offering program. The impact of the program would be improved governance of public enterprises and increased private sector investments in the economy. The implementation of the public offering program through the recommended legal and institutional framework designed under this TC will facilitate wider ownership and participation in sectors previously dominated by the state, demonstrate that the Government’s commitment to promote investments and private sector development is credible, and help create the fiscal space for poverty eradication and social programs as a result of the divestment of SOEs and improved SOE performance.
Support for Economic Growth, Competitiveness and Innovation in Trinidad and Tobago
This technical cooperation will provide support to the Government of Trinidad and Tobago
- to strengthen the Economic Development Board and the Council for Competitiveness and Innovation by supporting the Technical Secretariat, and
- to develop recommendations for key policy reforms to advance private sector development. This project will accelerate and strengthen the institutionalization of the EDB and the CCI, two bodies aimed at providing critical inputs and support to the current efforts to bring about a more innovative and diversified economy. As a result, both bodies will start receiving support from a technical secretariat (the Economic Development Center or EDC) sooner, and will have access to key world-class expertise while carrying out their mandates. This should all result in high quality and high impact products. The GOTT will also benefit by improving the implementation of the CEDAW mandate to promote women’s economic empowerment.
For the private sector, the project will have a positive impact on enhancing public policy in the areas of competitiveness and innovation, as well as in facilitating public-private dialogue through the strengthened EDB and CCI. All this should translate into a visibly enhanced business climate.
Strengthening the Financial Sector Regulatory and Supervisory Framework in Trinidad and Tobago
This project is to support the Government of Trinidad and Tobago’s efforts to reform its financial sector regulatory and supervisory framework. The technical cooperation will directly contribute to the strengthening and stabilization of TT’s financial system and reduce vulnerability to exogenous shocks by (i) assessing the current state of financial regulation and supervision; and (ii) supporting, recommending, and implementing regulatory and supervisory reforms, building on the recommendations of the IMF FSAP, international best practices, and the realities of TT’s financial sector. The impact of this TC will be increased investor confidence as a result of the improved financial sector regulatory and supervisory framework. This should lead to increased foreign direct investment (FDI) which will contribute to sustainable economic growth and competitiveness in Trinidad and Tobago.
Investment Promotion and Economic Development Framework in Jamaica
The project is to increase Foreign Direct Investment (FDI) inflows to highly productive sectors in Jamaica. The technical cooperation will directly contribute to investment promotion by:
- Identifying at least three strategic sectors and developing action plans for each;
- Strengthening the dialogue with strategic investors by identifying and facilitating outreach to key investors and the implementation of the Jamaica Investment Forum as a platform for dialogue.
- Increasing the coordination mechanisms between the different agencies engaged in investment promotion.
- Increasing the awareness of Jamaica’s opportunities for investment through the implementation of the Jamaican Investment Forum.
Strengthening the Institutional Architecture for Investment Attraction in Belize
Status: In Execution
This project is to strengthen the institutional framework and the necessary capacities of BELTRAIDE to support investment attraction. The Project seeks to increase private sector growth, led by exports and investments, focused in the sectors where Belize has competitive advantages. With the strengthening of the institutional framework of BELTRAIDE, guided by international best practice, the organization will be more efficient and effective at attracting investment and targeting it to strategic productive sectors.
Policy and Institutional Framework for SME Development in the Bahamas
This project is to develop a comprehensive and coherent institutional framework to support Bahamian Small and Medium sized Enterprises, including those in the Family Islands. Through the new institutional framework for SME development and a particular strategy for the productive sector in the Family Islands, the Program seeks to increase productivity in the sectors that represent the majority of firms in the Country. The Program will deliver important products that are stand-alone and do not depend on external factors for success, particularly in-depth information on SMEs and a basis for its permanent review, as well as a program for the FI to act as a driver for overall SME development and sectoral linkages. If the new institutional framework is subsequently implemented, the impact to economic growth and income distribution, particularly regional, would be important as local businesses would increase their contribution to growth and improve overall productivity. This would also help improve the competitiveness of the tourism sector and potentially decrease the need of imported goods and services that could be provided by local firms, which would help in preventing long term external imbalances. The Program is also expected to generate much needed knowledge about barriers that impede women from developing more competitive and productive firms as well as on the impact that business development services, targeted to women or not, can have to improve those firms’ performance.
Facilitating Public-Private Dialogue on Microfinance in the Caribbean
This project is to facilitate public-private dialogue on issues related to improving the incidence and feasibility of microfinance for SME development in the Caribbean. The main benefit of this project is that it facilitates the increased representation of the OECS countries at the FOROMIC. In general these countries have limited access and exposure to the experts and specialists as well as the best practices that will be shared at the FOROMIC.