GIVEN THE EXTENT of the fiscal challenges facing many Caribbean countries, some of our governments are becoming more and more convinced that the private sector has to play an increasingly leading role in the reconfiguration of our economic landscapes to help lower poverty, bring down the cost of living, expand employment opportunities and, perhaps, most critically, put our economies on sustained growth and development paths.
Operating in a world in which external forces seem to be conspiring against small and vulnerable economies at an alarming rate, the ability of our private sectors to survive, let alone lead the way to recovery and sustainability of our economies, is not going to be an easy task.
Nonetheless, complacency cannot be allowed to take root in our countries. We have to struggle daily to ensure that at the minimum we are able to keep our financial heads above the surface of the water.
But how is that possible?
To survive in the prevailing global environment, assuming a greater role for the private sector in our economies, the message has to be quite simple: our businesses have to step up their games and compete robustly within our domestic economic spaces and against foreign producers.
There is just no other way forward. Is this asking too much of our private sectors? I think not.
Why? Even a superficial glance at some of the businesses operating throughout the Caribbean should reveal that several of the leaders in the private sector are experienced and sufficiently competent to figure out exactly what has and must be done to protect themselves, their yearly investments of time and money into competing, their intellectual property rights and, above all, their treasured means of survival.
Without a doubt, if our business environments are made friendlier as a result of actions taken by our governments and economic policies are designed to ensure that private enterprises can flourish, then, our businesses should be encouraged to participate in the “free” marketplace and compete robustly.
Everyone in our economies stands to benefit from increased competition if all goes as expected.
Admittedly, I have no crystal ball or insider information on what exactly goes on behind the scenes or at the level of the boards charged with the responsibility of directing policies at many of our private enterprises. And amusingly, I do not care to speculate on those issues either.
However, as someone who has been following developments in our economies for decades and believes that he has sufficient knowledge of some of the goings on, there are probably more questions than answers when it comes to the extent to which our businesses are actually competing robustly.
Whatever the status quo, the issue for us in the Caribbean is the extent to which we are motivated and dedicated to change.
Are our governments prepared to do all that is feasible to ensure that the “right” environment is created to promote and support the growth of private enterprises?
Are our private sectors willing and able to compete in challenging business environments to ensure that real benefits are brought to our peoples and countries by way of lower prices, wider variety of goods and services, and better quality products?
These, to me, are two of the critical questions that must be addressed passably if we are serious about transforming our economies and societies to position them for real progress so that our children and grandchildren can live and work comfortably.
Email: bfrancis@uwi.edu.bb