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Business Climate Reform

Business Climate Reform

This component identifies and solves constraints to private sector development and growth. This is achieved by supporting the design and implementation of productive development policies, business climate reforms and strengthening public-private dialogue processes and institutions.

Objectives

  1. Proposals that identify, quantify or solve constraints to private sector development in the region. These may include technical work to support the drafting and implementation of policies and regulations, as well as institutional strengthening to increase efficacy.
  2. Initiatives that support Public-Private Dialogue, including the establishment and strengthening of formal national competitiveness councils and their technical units which promote equitable representation from government, private sector, civil society, trade unions and other relevant stakeholders.

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

  1. 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
  2. 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

  1. to strengthen the Economic Development Board and the Council for Competitiveness and Innovation by supporting the Technical Secretariat, and
  2. 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.

Public Dialogue

Caribbean Growth Forum

Speak up via public-private dialogue facilitated by the Caribbean Growth Forum. Visit online at http://caribgrowth.competecaribbean.org/

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