ST. GEORGE’S, Grenada, March 30th, 2012   --  Grenada’s Prime Minister, Hon. Tillman Thomas, has endorsed efforts by the island’s services sector to take advantage of increased opportunities in the global market.

The Prime Minister, on Friday, said the organisation of the services sector in Grenada, provides the foundation for securing greater economic benefits for the country.

The Prime Minister’s comments follow the launch, on Thursday, of the Grenada Coalition of Service Industries (GCSI), as part of a plan to develop and strengthen the services component of the private sector, at the national and regional levels.

The Grenadian leader, who also addressed Thursday’s launch, pointed to “significant possibilities” from multilateral, regional and bi-lateral trade agreements such as the World Trade Organisation (WTO), the Economic Partnership Agreement (EPA) between the CARIFORUM Countries and the European Union, as well as the CARICOM Single market and Economy.

“Given the considerable growth in this area, the organisation of the services sector creates another avenue for the development of our country and our region, especially in non-traditional export sectors such as Financial Services, Information Communication technology (ICT), Tourism Services, Education Services,  Cultural and Entertainment and Sporting Services,” Prime Minister Thomas noted.

He pointed out that factors such as technology, telecommunication and the removal of restrictions on trade in services, have led to increased trade in services across borders. He added that even more opportunities will be created when the CARICOM-Canada Trade and Development Agreement is completed.

“The importance of the services sector to Grenada cannot be over emphasized. Services account for over seventy percent of our Gross Domestic Product (GDP),” he noted, while pointing to the wisdom of his government’s selection of three of the five transformational sectors of the economy, Education Health and Wellness Services, Tourism and Hospitality Services and Information and Communication Technology (ICT), being service oriented.

The Prime Minister said his administration “firmly believes” in private sector led development and sees the commitment of members of the coalition as “a step in that direction.” 

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