CIC President calls for level playing field for local and foreign investors
By Joyette Mills-Ward
Business Reporter SKNVibes.com
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| Mark Wilkin, President of St. Kitts-Nevis CIC |
Basseterre, St. Kitts-MARK WILKIN, President of the St. Kitts & Nevis Chamber of Industry & Commerce (CIC) called for a level playing field for local and foreign investors alike during his address at the 3rd Annual National Consultation on the Economy held on August 14.
“The playing field for all local and foreign investors should be level. Also, there needs to be a rationalisation of the relationship between the St Kitts Investment Promotion Agency and National Entrepreneurial Development Division; these two entities appear to have replaced the Chamber’s stronger lobby for a comprehensive one stop shop for investment,” he said while addressing the gathering of private sector, non-governmental organisations (NGOs) and government representatives.
With regards to the issue of transparency in the practises of government departments and statutory agencies, Wilkin suggested a tabling of accounts for entities such as Port Authority and the Frigate Bay Development Corporation. “As we continuously hear of duty concessions being approved by cabinet, clear sets of rules should be made public and legislation put in place. This would help greatly in transparency.”
The NGO’s president also accused the government of perpetuating a gross conflict of interest with regards its simultaneous position as regulator of the telecommunications sector and operator of such entities. ~~Adz:Right~~
“With regards to the government’s shareholdings in the Cable, the government is perpetuating a gross conflict of interest in being a telecommunications market operator whilst almost seamlessly being the regulator of the telecommunications sector,” he stated.
Wilkin not only criticised, he also tabled suggestions for consideration by the forum including the Chamber’s tax reform proposal, the removal of or reductions in duties or consumption tax on farming equipment, the introduction of different Tax Credits, the removal of inequities in tax administration and the modernisation of ‘antiquated’ labour laws.
These initiatives, he proposed, could enhance the investment climate and thus help to stimulate economic growth and increase government revenue.
