Private Sector dialogue with Forum Economic and Trade Ministers ^Featured

The Joint meeting generated significant discussions on government support needed by the private sector, particularly for the micro, small and medium enterprises. The need to create coherent policy and an enabling environment to support the transition of micro businesses to small and medium businesses has been highlighted as a priority area of action.

The joint role of governments, private sector and communities in the promotion of women’s economic empowerment with respect to access to finance, business incubators and financial literacy was acknowledged. Targeted measures to meet the specific needs of women entrepreneurs were encouraged.

Closer working relations between Trade and Finance Ministries and the private sector were encouraged to drive reforms which will reduce costs of doing business. Governments and businesses are encouraged to utilise Information and Communications Technology (ICT) solutions to improve productivity in the region.

The Private Sector supported the Leaders’ decisions on regional priorities and called on Governments to recognise the importance of ICT connectivity to business development noting that ICT connectivity is critical for economic and social well-being of communities.

“The joint meeting marks an unprecedented event and a breakthrough for the Private Sector in the region. We thank the Forum Trade and Economic Ministers for welcoming us and listening to our views and we hope to move private sector forward in the region”, says Stephen Lyon, Chair of the Private Sector Dialogue Workshop.

Earlier in the week, the Forum Economic Ministers deliberated on the theme “Building Public Private Partnerships as a Catalyst for Economic Growth” while the Forum Trade Ministers focused on the theme “Supporting Private Sector for Increased Trade, Investment and Development”.