ST. LUCIA’S large and growing trade deficit is a problem that can be reversed if certain courses are pursued to counter the negative trend.
That’s according to Minister for Commerce, Industry, Investment, Enterprise Development and Consumer Affairs, Bradley Felix, who spoke at the 11th Annual Taiwan-St. Lucia Partnership Trade Show yesterday.
“The current pattern of international trade for St. Lucia is one which reveals a large and growing trade deficit, as we all know”; said Felix, as he addressed those present at the show.
He posited that this situation “suggests that we need to increase the level of domestic production in the goods that are locally demanded, as well as our level of exports.”
The Choiseul/Saltibus MP described export expansion, as being “critically important to generate the foreign exchange needed to sustain our level of importation and to ensure the sustainability of our balance of payments.”
He went on to state that “It is against this backdrop that this exhibition must be examined” and summed-up by adding: “With this in mind, we need to begin the process of determining what are some of the possible areas for investment in St. Lucia, with a view to boosting domestic production and eventually increasing the level of quality of our exports…”