Saint Lucia aims to improve local business efficiency with stakeholder workshop

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Saint Lucia aims to improve local business efficiency with stakeholder workshop

(PRESS RELEASE) — The Ministry of Commerce, International Trade, Investment, Enterprise Development and Consumer Affairs in collaboration the Performance Management and Delivery Unit (PMDU) in the Office of the Prime Minister, will be hosting a Stakeholder Workshop on Doing Business in Saint Lucia on Wednesday, November 6, 2019, Ixora Conference Room Bay Gardens Hotel from 8:30 a.m. to 3 p.m. under the theme, “Measuring Reform Impact to Improve Efficiency in the Business Environment.”

The workshop comes on the heels of the recently released Ease of Doing Business (EODB) Report–DB 2020.

This year, Saint Lucia retained its World Bank EODB ranking at 93 out of the 190 economies, which participated in the survey.

Major areas for improvement will be discussed as the Ministry aims to strategize on critical reform areas including (i) getting credit; (ii) registering property; (iii) resolving insolvency.

To date the improvement efforts of the EODB Ranking has been primarily centred on (i) legislative development for resolving insolvency, protecting minority investors and secured transactions and moveable assets, (ii) commercial court strengthening, (iii) procedural improvement for getting electricity and (iv) the establishment of digital platforms for improved service delivery. Therefore, in the upcoming year, it is anticipated that these key actions will result in notable changes.

The main objectives of the workshop are to contextualize reform actions in the light of measured impact and to consider an action plan to result in tangible benefits to the Saint Lucian economy. These measures will be prioritized in a manner to give the most impact to the EODB Ranking and the business environment.

It is anticipated that through such mechanisms, Saint Lucia’s ranking in the World Bank’s Ease of Doing Business Report will improve and there will be greater efficiency in doing business in Saint Lucia.

For further information, please contact Mrs. Roycelyn St. Hill Howell at 468-4291or [email protected]

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