BASSETERRE, St. Kitts – TOMORROW’S Second Hemispheric Private Sector Forum is being anticipated as a chance for the Organization of American States (OAS) to concentrate on the global economic downturn and its effects upon business in the hemisphere.
The joint venture, to be held in Port-of-Spain, Trinidad from April 15 to 16, has been spearheaded by the Government of Trinidad and Tobago, the OAS and the Organization of Private Sector of the Americas under the timely theme ‘Promoting Private Sector-Led Prosperity in the Emerging Decade: The Quest for Competitiveness’.
The Forum is designed to provide the business community of the region with an opportunity to exchange ideas and communicate views on the prospects for business growth and human prosperity in the Americas, especially as the region continues to face economic challenges.
OAS Representative to St. Kitts-Nevis Starrett Greene explained to SKNVibes that the forum should promote private sector partnerships, as the organization is of the view that the private sector has an “indispensable role to play” in the economic and social development of the OAS.
“Because the inter-connection between businesses in the global economy and the failure of major financial institutions and corporations has produced a financial contagion that has had a crippling effect on businesses in the hemisphere, the ripples have not escaped the Caribbean region,” Green said.
The OAS Representative further stated that the upcoming forum is expected to address in detail the impact of the ongoing crisis on the region, as well as short and long term responses in preparation for a deepened recession.
“It is clear to me that the forthcoming Private Sector Forum should not only focus on the economic and social consequences for the hemispheric businesses,” Greene said, “but it would also discuss strategies for weathering the current crisis to prevent further negative fallout.
“The Forum will also focus on the role of the hemispheric financial institutions in providing support to businesses at this critical juncture. Much attention would be placed on strengthening the partnership between the public and private sectors, and the need for both sectors to agree on immediate fiscal incentives and other related measures to assist businesses during these challenging times,” he added.
Greene said that the hemispheric business community plans to create a more integrated and collaborative environment because “hemispheric business reforms are critical to prevent another economic and financial crisis of such a magnitude”.
The event takes place immediately before the Fifth Summit of the Americas, which will bring together the Heads of State of 34 governments of the Western Hemisphere in Port-of-Spain later this week.
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