ST. JOHN’S, Antigua, CMC – Prime Minister Gaston Browne has expressed strong support for public-private partnerships, for profit, as a helpful tool that Small Island Developing States (SIDS) can employ.
Addressing the closing ceremony of the SIDS4 Global Business Forum on Sunday night, Browne noted that public-private sector partnerships are not the usual ones in which expertise is outsourced from the public sector to the private sector.
“This partnership is in which the public sector takes an equity stake in various huge businesses. I say this from the standpoint that, generally speaking, in our small economies, you will find that the capital formation is not sufficiently large for the domestic private sector to pursue several large business opportunities. So, almost invariably, those opportunities are dominated by the external private sector, primarily from the global north,” he told the ceremony ahead of the fourth Small Island Developing Conference ( on Monday.
He told delegates 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, but that in partnership with the public sector, they can pursue these investments. This model holds the promise of retaining more profits in the domestic economy, fueling growth and development in a previously unattainable way,” Browne emphasized.
“What happens in this model is that more of the profits are retained in the domestic economy to fuel growth and development.t. I certainly support this recommendation coming out of this weekend’s forum,” Browne said.
He said these arrangements may only apply to some states but are useful in small, vulnerable economies.
“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 Resilient Prosperity.” The discussions you’ve had here, the strategies you’ve developed, and the partnerships you’ve formed are pivotal in implementing the ABAS (Antigua and Barbuda Agenda for SIDS).
“This agenda is not just a plan but a promise to our people, our environment, and our future,” Browne said.
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