St Kitts and Nevis (WINN): The Heads of the Organization of Eastern Caribbean States (OECS) will be working towards improving the ranking of member states on the Doing Business Report produced by the World Bank annually.
The current Chairman of the Eastern Caribbean Currency Union (ECCU), Prime Minister Gaston Browne of Antigua and Barbuda, stated that coming out of an Eastern Caribbean Central Bank (ECCB) Growth Forum Meeting, the Heads will be aiming to have their members listed among the top 50.
“One of the resolves of the meeting is that we should seek to have all the countries in the OECS to be listed in the top 50 of the Ease of Doing Business Report. It means therefore that we have to continue to strengthen the business architecture.”
Prime Minister Brown made the remarks at a press conference following an ECCU meeting held recently in St. Kitts.
The Doing Business report aims to provide objective measures of business regulations and their enforcement across 190 economies and selected cities at the sub-national and regional level according to the report’s website. Indicators used to rank economies include: starting a business, registering property, enforcing contracts and labour market regulations. In the 2017 Report all but one ECCU Member State was ranked below 100 on the overall ease of Doing Business. Leading the regional grouping was St. Lucia at 86, followed by Dominica (101), Antigua and Barbuda (113), St. Vincent and the Grenadines (125), St. Kitts and Nevis (134), then Grenada at 138.
Coming out of the forum, Prime Minister Browne said that there was also a need to increase the number of entrepreneurs.
“The ideas were very good ideas, I think one of the things that came out of the growth forum is the need for increased entrepreneurship and there was also a recommendation to that we should even look at some economic models and try and refine them and realign them to meet the realities within the region.”
Prime Minister Gaston Browne speaking at a recent press conference following an ECCU meeting held recently in St. Kitts.
The ECCB Growth Forum was held in St. Kitts in the last few days. At the press conference, Governor of the ECCB, Timothy Antoine, said that one of the aims of the Forum was to get consensus from various stakeholders around key action points to improve the level of growth, competitiveness sand employment among member States. According to the Governor, an action plan is currently being developed and will be circulated among all members, following which the ECCB will collaborate with them to work towards the resolutions.