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Prime Minister Gaston Browne reiterated his strong endorsement of public-private partnerships for profit, emphasizing their potential for Small Island Developing States (SIDS) to achieve resilient prosperity.
During the concluding session of the SIDS4 Global Business Forum at the Sandals Grande Resort, PM Browne highlighted a unique form of public-private sector partnership, which involves the public sector taking an equity stake in various businesses, particularly larger enterprises.
This approach aims to address the challenge faced by small economies, where domestic private sectors often lack the necessary capital to pursue significant business opportunities, leading to external private sector dominance and repatriation of profits to global north countries.
PM Browne emphasized that these partnerships enable domestic private sectors to pursue investments that would be unattainable on their own, thereby retaining more profits within the domestic economy to fuel growth and development.
While acknowledging that such arrangements may not be applicable to larger states, he stressed their relevance and effectiveness in supporting small vulnerable economies like Antigua and Barbuda.
Furthermore, the Prime Minister welcomed tailored private sector support for SIDS, underscoring the role of focused efforts in igniting economies and fostering growth and development.
He highlighted the significance of private sector initiatives in diversifying economies and reiterated the pivotal role of discussions, strategies, and partnerships in implementing the Antigua and Barbuda Agenda for SIDS (ABAS).
The pursuit of public-private partnerships has been a consistent policy initiative of the Gaston Browne Administration since its election nearly a decade ago.
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