Prime Minister Hon. Dr. Godwin Friday has committed to the formal establishment of a Private Sector Advisory Council by the end of March 2026. This announcement, made during a high-level engagement earlier this week, signals an aggressive shift from ad-hoc consultations to a structured, permanent framework for national development.
Held under the theme “Partners in Progress: A New Social Contract for Saint Vincent,” the forum brought together members of Cabinet, senior government officials, and industry leaders to finalize a strategy where economic policy is no longer developed in isolation. This Council represents the operational engine of the Prime Minister’s broader vision: an economic architecture that is resilient, inclusive, and built for the modern global market.
The establishment of the Private Sector Advisory Council marks the end of passive “talk shops” and the beginning of rigorous “working sessions.” By creating this formal structure, the Government is bridging the gap between high-level policy ideas and the tangible economic actions required to accelerate national growth.
The Council will function as a direct, unmediated link between the Cabinet and the private sector, ensuring that industry expertise is embedded in the decision-making process.
The Council’s specific mandate includes:
• Reviewing Economic Conditions: Providing real-time, data-driven analysis of the domestic and regional economic landscape.
• Identifying Systemic Business Challenges: Pinpointing the bureaucratic and structural hurdles that impede growth.
• Proposing Practical Solutions: Developing actionable strategies to improve the national business climate.
• Reducing the Cost of Doing Business: Recommending efficiencies to make Vincentian enterprises more competitive.
By institutionalizing this dialogue, the Government ensures that private sector feedback results in improved living standards and a robust environment for domestic investment.
Central to this initiative is the Prime Minister’s vision of “sustainable prosperity,” a concept that requires active participation across every tier of the economy. Dr. Friday emphasized that economic health is not solely the domain of the corporate suite but is rooted in the productivity of the entire nation.
“We are not here for a talk shop, but a working session to forge a New Social Contract for 2026 and beyond,” Prime Minister Friday stated. “Prosperity is built on our farms, in our fishing villages, on construction sites, and in the boardrooms represented here today.”
This administration is moving with urgency to mobilize domestic investment and strengthen skills development, ensuring that economic growth translates into better-paying jobs for all Vincentians. This “New Social Contract” reinforces the principle that national progress is a shared responsibility and a shared reward.
The path toward evidence-based policy is shaped by the contributions of diverse stakeholders and regional experts. During the forum, a panel of prominent local leaders provided critical insights into the specific needs of various sectors:
• Mr. Jimmie Forde (ACADO SVG)
• Ms. Shafia London (SLU Group)
• Mr. Derry Williams (Bank of SVG)
• Ms. Isola Giddings (SVGHTA)
• Ms. Ronette Lewis (CED)
Complementing these local perspectives, Dr. Patrick Antoine, Chief Executive Officer and Technical Director of the CARICOM Private Sector Organization (CPSO), provided a regional context for the initiative. Dr. Antoine called for “evidence-based collaboration” and emphasized the necessity of formalizing public-private partnerships to drive innovation. He specifically highlighted the potential for enhanced regional business integration, particularly with Grenada, as a path to scaling Vincentian businesses within the CARICOM Single Market and Economy (CSME).
The integration of these expert perspectives ensures the Government is well-positioned to support emerging industries, such as agribusiness and the blue economy, while fostering a culture of innovation. The Government of St. Vincent and the Grenadines is laying the groundwork for a more integrated, prosperous, and competitive regional economy.