Prime Minister Philip J. Pierre has explained that for the Saint Lucia economy to grow and prosper, it must have its roots in a vibrant local business sector.
He spoke Wednesday at the opening ceremony of the Saint Lucia-Taiwan Partnership Trade Show.
Physically or virtually, the show features Saint Lucian and Taiwanese companies displaying various goods and services.
Pierre said Saint Lucia welcomes foreign investment, which has immense prospects.
“You can see for yourself that foreign investment has returned to Saint Lucia in the hotel sector,” he observed to applause from his audience.
But he explained that foreign investors do not represent the cure for all of Saint Lucia’s economic problems.
“This is our economy – this is our country, and we must resolve to be the masters of our economy so that we can push its advancement for the good of all the people,” the Prime Minister noted.
Pierre is also responsible for Finance, Economic Development, and the Youth Economy.
He said his aim and that of his administration is to provide the framework to allow Saint Lucians to create wealth in their own country.
In this regard, the Prime Minister disclosed that his administration has committed to providing grants and soft loan funding for micro, small and medium-sized businesses through the Saint Lucia Development Bank and the Department of Commerce.
Pierre said the initiative would start this year and continue for four to five years.
He also observed that similar support would be available for the Youth Economy.