The Central Statistical Office (CSO) is gearing up to introduce a new index aimed at calculating price data from producers spanning various industries within the economy. Recently, the CSO staff underwent training sessions to facilitate the development of a Producer Price Index (PPI) tailored specifically for Saint Lucia.
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The Government of St. Lucia and continued its collaboration with the World Bank in the implementation of the Caribbean Digital Transformation Project. This project aims to deliver a dynamic, inclusive, and safe digital economy requiring a comprehensive ecosystem approach that simultaneously builds on several interlocking foundations namely the: Digital Infrastructure, Digital Platforms, Digital Financial Services, Digital Skills and Digital Entrepreneurship and Innovation.
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The National Competitiveness and Productivity Council has partnered with the International Finance Corporation (IFC), a member of the World Bank Group, with support from the Government of Canada to develop a modern secured transactions framework to enable increased access to finance for small and medium-sized enterprises (“SMEs”) using movable assets as collateral. Research indicates that approximately 70% of a firm’s wealth is concentrated in its movable assets such as equipment, inventory and account receivables.
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The National Competitiveness and Productivity Council launch Productivity Awareness Week today with an official ceremony at the Finance Administrative Center, Pointe Seraphine, Castries today, 15 October 2018. The launch was followed by displays of innovative projects by both the public and private sectors.
The Compete Caribbean Partnership Facility (CCPF) and the National Competitiveness and Productivity Council (NCPC) will partner to undertake the project “Saint Lucia Competitiveness Agenda & Action Plan”. The purpose of this technical assistance will be to foster competitiveness, productivity and innovation in Saint Lucia.
The project has the objective to enhance innovation, productivity and competitiveness, and foster sustainable economic growth in Saint Lucia. The project will define a National Competitiveness Agenda that reflects consensus between the public and private sectors and civil society; build capacity within key institutions such as NCPC and the Department of Innovation; and support the implementation of priority business climate reforms detailed in the Agenda.
This project deepens the successful partnership that the Government of St Lucia and Compete Caribbean have cultivated to improve competitiveness and the Country’s business climate. During phase 1 of Compete Caribbean, this partnership produced the NCPC and the Commercial Court.
“The Compete Caribbean Program is one of the best initiatives implemented in recent times, it has the potential to transform and enhance the region’s competitiveness. St. Lucia benefited from funding assistance from CCPF through the establishment of the NCPC. Since then, issues surrounding productivity have taken centre stage.” said Fiona Hinkson, Executive Director of NCPC.
Dr. Sylvia Dohnert of Compete Caribbean reflecting on the organization’s support to Saint Lucia explained that “Compete Caribbean is much more than providing financing for projects. We are about dialogue with national stakeholders to promote improvements to the approach to private sector development; supporting transformative reforms; and establishing and strengthening institutions capable of sustaining the change momentum beyond Compete. We appreciate working with the Government of Saint Lucia because a strong partnership is a prerequisite to, and the most critical ingredient for, the success of any Compete-supported initiative”.
This assistance will be funded by the Inter-American Development Bank through the Compete Caribbean Facility in the amount of USD200,000; and by the Government of St Lucia that will provide contributions in cash and kind of US$140,000.
The National Competitiveness and Productivity Council was established with the aim to identify the key issues related to competitiveness and productivity in St. Lucia as well as provide timely and effective recommendations to policy makers, private sector and other stakeholders. The council intends to do this through research, broad based stakeholder consultations, providing technical assistance, coordinating and assisting in strategies that will enhance and sustain Saint Lucia´s productivity and competitiveness.
The Compete Caribbean Partnership Facility (CCPF) is a private sector development facility that delivers innovative and practical solutions that stimulate economic growth, increase productivity and foster innovation and competitiveness. We work in 13 countries across the Caribbean region. CCPF is a partnership between the Caribbean Development Bank (CDB), the Inter-American Development Bank (IDB) and the UK Department for International Development (DFID).
“True independence and freedom can only exist in doing what’s right.” – Brigham Young
‘I Am Saint Lucia’, the theme chose for Saint Lucia’s 39th independence anniversary, is one which evokes feelings of pride and patriotism. It calls us to re-examine what it means to be Saint Lucian. It calls us, the ‘Sons and Daughters of Saint Lucia’ to ‘love the land that gave us birth.’
As we celebrate 39 years of independence under the theme ‘I Am Saint Lucia’, the National Competitiveness and Productivity Council extends warm and patriotic wishes to the Government and People of Saint Lucia.
Happy Independence Day Saint Lucia!
#saintluciaindependence #saintlucia #iamsaintlucia #ilovesaintlucia #saintluciawelove #39yearsandcounting #lucianpride #thelandthepeoplethelight #sonanddaughters #758
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Productivity Matters- February 2018
In 2016, Compete Caribbean conducted research into how the gender composition of ownership and management affected firm performance in the Caribbean. This research suggested that women-owned firms are significantly smaller, less likely demand credit from financial institution, less likely to take advantage of technical assistance and more likely to perceive access to finance as an obstacle to their businesses.
To this effect, the overarching objective of this call for papers is to stimulate original analytical pieces focused on why women-owned firms in the Caribbean face these challenges.
Find out more about the call for proposals and apply here.
