MEDIA RELEASE

Status Update on the Ministry of Economic Development and Planning

Friday, November 09, 2007, St. George’s : Following the establishment of the Ministry of Economic Development and Planning in May 2007, under the Guidance of its’ Minister, Hon. Anthony Boatswain, and Acting Permanent Secretary, Mr. Mike Sylvester, the Ministry has been working assiduously to put systems and structures in place to effectively discharge its mandate.

The Ministry of Economic Development and Planning was given the responsibility for macroeconomic planning, Public Sector Investment Programme (PSIP) programming, Business and Private Sector Development, Trade (domestic and Foreign), Industrial Development (Manufacturing), Physical Planning, and Concessions including the Returning Nationals Programme. The Ministry was also given responsibility for the GIDC, Bureau of Standards, MNIB and Micro enterprise Unit.

The ministry now has formal arrangement in place with regards to organizational structure, budgetary allocations, a management team, and staffing.

The Mission Statement of the Ministry is:

“To promote sustainable development at the macro level through the formulation, evaluation and implementation of policies, plans, and programmes.”

The Vision Statement reads as follows:

“To become a Ministry that can effectively and efficiently discharge its mandate thereby contributing to the economic and social transformation of Grenada.”

In the area of Macro Economic Planning, the Ministry is coordinating the implementation of the National Strategic Development Plan (NSDP). Elements of the plan have been incorporated in the 2008 National Budget. The Ministry has also been working together with the Ministry of Finance in the preparation of the 2008 Budget with the main area of emphasis being the Capital Estimates. Monitoring of the Public Sector Investment Programme (PSIP) is ongoing.

In terms of business and private sector development, the Ministry has been working along with the GIDC in an attempt to improve the business environment in Grenada utilizing the World Bank’s Doing Business Indicators as the point of departure. The Ministry, through the GIDC, is now focused on the enactment of the Single Investment Act and regulations. A number of policy recommendations have been submitted to Cabinet for approval. The Ministry has also been having dialogue on issues of mutual concern with the business communities and private sector bodies.

In the area of Trade, the implementation of the National Export Strategy is ongoing. The latest activities in this area have been the conduct of consultation to review a report on a diagnostic study of trade support institutions in order to come up with a set of recommendations for a well coordinated trade support network. A workshop in Commercial diplomacy and Business Etiquette was conducted for exporters and institutions that offer services to exporters. One of the main objectives of the workshop was to provide participants with a comprehensive perspective of the global economic system and how it affects trade and investment flows. Work is ongoing on the EPA negotiations (to be concluded before January of 2008); the WTO trade policy review, scheduled for later on this year; and public education and awareness on the CSME.

With regards to the Physical Planning Unit a number of activities are in the pipeline. They include:

§ The Greater Grenville Project – Outcome: Institutional Strengthening in the use of GIS & local area planning, Better land use proposal for the greater Grenville area, recommendations to remedy the problem of flodding in Grenville, Redevelopment of the Area (side walks); and

§ The St. George’s Heritage Conservation Area – designation a heritage conservation zone in the St. George’s area.

With assistance from the Commonwealth Secretariat, the Unit is also in the process of conducting a review of the Physical Planning Development Act (2002) and the accompanying regulations, along with looking at the overall restructuring of the Unit.

The Ministry has the following priorities for 2008:

1. To review and monitor the implementation of the National Strategic Development Plan.

2. To streamline the operations of the Ministry to increase its efficiency and effectiveness.

3. To continue public awareness and education on the CSME.

4. To continue to improve the framework for the safe and orderly and sustainable development of Grenada.

5. To facilitate private sector development and export promotion in Grenada.

6. To coordinate the preparation of the Poverty Reduction Strategy Paper (PRSP).

7. To strengthen Public Sector Investment Programme (PSIP) and external resource mobilization efforts.

Ministry of Economic Development and Planning