Key Impact Points:
- Emphasis on public-private partnerships for economic growth
- Focus on sports tourism and the orange economy
- Launch of SIDS Center of Excellence
Antigua and Barbuda’s Prime Minister Gaston Browne delivered a compelling address at the SIDS Global Business Network Forum 2024, advocating for innovative public-private partnerships to drive sustainable economic growth in Small Island Developing States (SIDS). Browne highlighted the untapped potential of sports tourism and the orange economy, proposing a model where the public sector takes equity stakes in large businesses to retain more capital within domestic economies.
“In small economies, capital formation is often insufficient for the domestic private sector to pursue large business opportunities,” Browne explained. He argued that public-private collaborations are essential for exploiting economic opportunities in resource-limited states.
Browne praised tourism as a transformative sector, showcasing how private sector support can bolster economic development. He also announced the establishment of the SIDS Center of Excellence, aimed at fostering tailored investments and new economic opportunities.
Crucial Information:
Economic Focus: Browne emphasized public-private partnerships to prevent profit repatriation and retain capital within SIDS.
“In small economies, capital formation is often insufficient for the domestic private sector to pursue large business opportunities.” said Browne.
Sector Highlights: Sports tourism and the orange economy were identified as key areas for growth.
“In small economies, capital formation is often insufficient for the domestic private sector to pursue large business opportunities.”
Strategic Vision: Drawing inspiration from Singapore, Browne called for strategic planning and innovation to transform Antigua and Barbuda.
“Drawing on the Singapore model, we must focus on strategic planning and innovation to transform Antigua and Barbuda.”
New Initiatives: Launch of the SIDS Center of Excellence to enhance private sector engagement and investment in SIDS.
“The SIDS Center of Excellence will serve as a catalyst for tailored investments and new economic opportunities.”
Prime Minister Browne’s vision aims to ignite sustainable economic development and create a ripple effect of growth across SIDS, fostering a future of innovation and prosperity.
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