Prime Minister Gaston Browne is again expressing his strong support for public-
private partnerships, for profit, as a useful tool that can be employed by Small
Island Developing States (SIDS) in their quest to achieve resilient prosperity.
Speaking at the closing session of the SIDS4 Global Business Forum at the Sandals
Grande Resort on Sunday, PM Browne noted that the public-private sector
partnerships of which he speaks, are not the usual such partnerships where there is
outsourcing of expertise from the public sector to the private sector.
“This is a partnership in which the public sector takes an equity stake in various
businesses, especially large businesses. I say this from the standpoint that generally
speaking in our mall economies, you will find that the capital formation is not
sufficiently large for the domestic private sector to pursue a number of large
business opportunities. So, almost invariably, those opportunities are dominated by
the external private sector, primarily from the global north,” he revealed.
The prime minister explained that this situation leads to a significant amount of the
profits that are generated from these businesses being repatriated to the global
north thus leaving these countries bereft of the very capital formation needed to
fuel strong growth and development.
“By having this public private partnership for profit, you will find that investments
that ordinarily the private sector in these small states cannot pursue on their own,
that in partnership with the public sector they are able to pursue these investments.
What happens in this model is that more of the profits are retained in the domestic
economy to fuel growth and development. I certainly support this recommendation
coming out of this weekend’s forum,” Browne stated.
The prime minister pointed out that these arrangements may not necessarily apply
to larger states, but are quite useful in small vulnerable economies such as Antigua
and Barbuda’s.
The Antigua and Barbuda prime minister also welcomed the specially tailored
private sector support for SIDS.
“We've seen firsthand how focused efforts can ignite our economies and create a
ripple effect of growth and development. From innovative financing models to
collaborative ventures, the private sector has shown its crucial role in shaping the
future of our islands. By diversifying our economies, we are “Charting the Course
Towards Resileint Prosperity”. The discussions you’ve had here, the strategies
you’ve developed, and the partnerships you’ve formed are all pivotal in
implementing the ABAS (Antigua and Barbuda Agenda for SIDS). This agenda is
not just a plan but a promise—a promise to our people, our environment, and our
future,” he emphasized.
Public-private partnerships have been a policy initiative pursued by the Gaston
Browne Administration ever since it was first elected to office almost ten years
ago.
