Prime Minister and Minister of Finance, Dr. the Right Honourable Keith Mitchell is calling on the financial sector to embrace its role as the engine of growth for the local economy.
“Government has created the enabling environment; we have re-established confidence in the local economy and there is regional and international recognition of the economic turnaround we have achieved.
The private sector must now show that it’s a different era from 30-years ago, it cannot be business as usual. The private sector must zero in on opportunities to further expand the economy and create jobs,” Dr. Mitchell said.
He was speaking at the time to a delegation of top officials from CIBC First Caribbean International Bank who visited him this week. The delegation included the bank’s Chief Operating Officer, Colette Delaney; Director, Southern EC Islands & Country Head, St. Lucia, Ladesa James-Williams; Director of Corporate Sales, OECS, Victor Boyce and Country Head, Grenada, Nigel Ollivierre.
Dr. Mitchell said real, sustained development can only be achieved through a collaborative approach between Government and the private sector. “The banks must become more innovative in their approach and modernise their business operations.
Banks should not only be giving loans for cars and homes; they must get into the productive sectors. What are you doing about technology for example, that’s where the new economy is.”
The Prime Minister is also recommending that banks pay closer attention to small business development. “A small business window can be set up to better facilitate the establishment of such businesses. There are many bright young people among us but access to resources often prevents them from utilising their innovative skills to create business opportunities which will in turn positively impact on the local economy.”
On the subject of modernising banking operations, Dr. Mitchell said available technology must be utilised to better serve the clients. “Gone are the days when customers need to stand in line for every transaction, the technology is at our fingertips and we must take advantage of it. Persons must be able to access banking services outside of traditional banking hours.”
