Finance Minister’s address at Opening Ceremony of Kittitian Expo 2008

BASSETERRE, St. Kitts - LADIES and gentlemen, it is an honour and a pleasure for me to share with you this morning on the occasion of the opening ceremony of Kittitian Expo 2008.

Also, let me on behalf of the Government and People of St. Kitts and Nevis, congratulate the organisers and all concerned for hosting what  is expected to be another successful trade Exposition.

Since its launching last year, the two-day trade fair has been regarded by many as a very credible avenue which numerous businesses of all sizes, should utilise as a marketing arena to promote new 3and existing products and services to a wider customer base here in St. Kitts and Nevis, and the wider region.

The focus of the facilitators on finding new markets and increasing the exposure primarily of local businesses to a large customer pool in the market place is highly commendable. As the international and regional economies continue to change rapidly, it very important that our businesses continue to challenge themselves in finding ways to cut cost, improve productivity, and increase sales revenue by expanding their markets.

Events of this nature help and can play an important role in enabling businesses to achieve those objectives. At that the inaugural launch last year, we had some 50 booths displaying products and services from approximately 38 companies offering a wide variety of goods and services from the federation and beyond.

I am told that the trade show has been lengthened to accommodate a large number of businesses and organisations who want to get their messages out about the various types of goods and services that they are offering. These facts, I believe, demonstrate that participants have recognised and others believe that there is much value and benefit to be had from taking part in a venture of this nature.

~~Adz:Right~~The government believes that events such as trade shows are important, given the developments that we are witnessing in the global economy. We continue to observe continuing developments in the international market where financial markets are being battered. In the

United States, and in Europe, the global credit crisis has brought about the collapse of many businesses, including banks, auto manufacturing companies and other lending and investment entities.  It has also led to declining government revenue, job losses, tightening of credit markets, and rising unemployment.

This has prompted governments around the world to become even more involved in the economy, not just as regulator but also as equity owner and lender of last resort. Governments in the USA and Europe have already pumped 4.5 trillion dollars into their economies to recapitalise their banking sector in a move to unfreeze credit markets, spur consumer spending and stimulate growth.

Our Government continues to monitor developments in the international market, and will continue to implement adjustments that we believe will help to minimise any negative effects that are likely to impact our economy as a result of the problems being experienced in the United States and Europe.

This government will be proactive and facilitating to businesses. We invite more of our local people to become involved in business enterprises. We want the private sector to become the engine of economic growth, to be an expanding supplier of quality high paying jobs and to be highly competitive. Your efforts at greater market visibility and attentiveness to customer concerns for better quality and affordable price will pay dividend.

I want to commend our private sector entities who have been very responsible in their timely payment of corporation taxes. This year, with still two months to go, the Inland Revenue Department has recorded its highest intake in corporation tax - $70.5 million. I must commend our corporate sector for this discipline. We are happy when they make record profits.

Today’s expo is taking place at an interesting moment in global history. Already for the year we have been through a food crisis characterised by shortage of demand relative to supply and consequential inflationary spirals.  We witnessed an energy crisis. We are witnessing a financial crisis.

We have withstood these well as a people.  We tightened our belts, made sacrifices and are making more prudent choices about what we will buy, from whom, at what price and when. We have begun to compare not only the prices across the supermarkets, but our energy bills – utilities, gasoline etc and we are acting in a more responsible manner.  We as consumers (and we all are at some point) must continue to act responsibly each day and at every transactional engagement.

In the context of the foregoing, suppliers of goods and services must recognise the consumer’s sovereignty.  When one is faced with choices the consumer is king and deserves to be treated like the king, not in absentia but the king on the throne.
Market gurus are aware that competitive advantages lie in the product, the price, the quality and customer care.

Today’s expo tells me our businesses understand the dynamics of competitive advantage. May the success of this Expo bear it out…I now declare Expo 2008 officially open.
Photo: Dr. the Hon. Timothy Harris