Business representatives met with the Cabinet of Ministers yesterday for an in-depth discussion on matters related to the business environment. Commerce Minister Emma Hippolyte emphasized the importance of collaboration between the private sector and the public sector to foster economic growth in the country.
The Ministry of Commerce regularly convenes quarterly meetings with private sector organizations, including the Chamber of Commerce, St. Lucia Manufacturers Association (SLMA), Bakers Association, Fashion Council, and St. Lucia Small Business Association (SLISBA). These meetings aim to address issues relevant to energizing the business community.
“At one of our meetings, in January, they (private sector) raised quite a few issues …some of which we could address at the ministry of commerce, but for others we felt it was necessary for them to meet with the ministers directly responsible,” Hippolyte told reporters Monday.
Yesterday’s meeting covered a wide range of topics, including tourism, energy efficiency, finance, policy decisions, and other factors. Hippolyte emphasized the government’s commitment to maintaining open communication and collaboration across all sectors.
“For our country to move forward, we need collaboration in every sector and in every public sector in government,” she declared.
At a previous meeting, private sector representatives discussed concerns related to crime, tourism, and their involvement in the tourism sector.
“And that is why it is important for respective ministers to be present, so we could discuss these issues,” she said.
Hippolyte recalled that at a recent forum, there was a closing ceremony for a Coding competition that had been organized by the Consumer Affairs department and the Ministry of Education “looking at innovation, digitization …but the coding (aspect) dealt with using Artificial Intelligence (AI) and using coding to address climate change.”
She said that nine of the participating schools got an “honorary mention”. St Mary’s College copped the first and second prize, while the Soufriere Comprehensive Secondary School got third prize.
“So, we continue to work in these areas and what we saw again at that event was the collaboration between the Ministry of Commerce and the Ministry of Education with support from the Taiwanese Mission,” Hippolyte noted.
“There are significant prospects for efficiency, and less cost when we turn to alternative sources of energy, and that is why the business community wants to engage the minster with that responsibility to know where things are,” she added.
The minister said there is a Draft Act that is being circulated, and business persons will get an opportunity to indicate their concerns and how this impacts them, especially within the manufacturing sector.
“There are some large manufacturers that are really waiting to invest in that area, so the meeting …is extremely important for them,” Hippolyte asserted.
Referring to the Micro, Small, and Medium-sized Enterprise (MSME) Loan-Grant Facility, the minister noted that the deadline for applications have been extended to further accommodate prospective business endeavours.
She urged the public to avoid the last-minute rush and to deliver their applications in a timely manner
The Ministry of Commerce extended its second call for applications to Friday 31st May. The MSME Loan-Grant is an EC$10 million facility aimed at providing post COVID-19 pandemic relief to registered MSMEs.
It is a combination of 70% grant and 30% loan funding at an attractive interest rate of 3%, with no collateral requirements.