• Hon. Errol Cort - Minister of Finance and Economy;
• Mrs. Mary Gilroy - Deputy Chief of Mission - US Embassy/ Barbados and the Eastern Caribbean;
• Ms Karen Turner - Mission Director, USAID/ Jamaica and Caribbean Region;
• Other members of the USAID team;
• Cabinet colleagues,
• Members of Parliament,
• Sir Eustace Francis - Chairman of the National Economic & Social Council,
• Senior members of the public service;
• Members of the Media;
• Distinguished guests, ladies and gentlemen:

Let me begin by conveying the gratitude of the Government and people of Antigua and Barbuda to the Government and people of the United States of America, for the tangible expression of assistance, which will allow our nation to better grapple with the evolving challenges of trade liberalization.

As a small state, Antigua and Barbuda like many others in the Caribbean lacks the financial and technical capacity to respond effectively to the challenges of global trade liberalization. Even though the region has achieved over the last quarter century sustained per capita economic growth, it has still not maximized its fullest potentials.

This has resulted in several concerns about sustainability, due among other things to maturing focal economic sectors, such as tourism; withering trade preferences, sugar and bananas; tertiary education institutions not always producing the skills needed for high-end niche products; high costs including labour, worsening fiscal balances and high interest rates.

However, faced with this reality, my administration has embraced a path of macro-economic and social reform. Our reform agenda is well known: fiscal consolidation, reducing the deficit while establishing an efficient tax system; the establishment of a priority public sector investment programme; the creation of an enabling environment for the private sector to flourish; social protection of the most vulnerable in our society; and legal reform.

At the base of reform is increasing Antigua and Barbuda's attractiveness as a place to do business, with good governance and transparency as the building blocks of the programme.

We will establish the Antigua and Barbuda Investment Authority which will be responsible for investment promotion and will operate as a one-stop shop to facilitate the approvals process for investment projects.

The Antigua and Barbuda Investment Authority will remove subjective political and bureaucratic influences form the investment process.

Moreover, the establishment of mechanisms designed to foster greater productivity and competitiveness, while equipping the population for their effective engagement at the regional and international levels, are constantly being explored and encouraged.

Ladies and Gentlemen: Today's signing of the MOU with the Government of the United States of America signals the commencement of the Caribbean Open Trade Support (COTS) initiative undertaken by USAID. It provides approximately US$2 million dollars on an annual basis for four years.

It also compliments the recent US$10 million dollar small and medium size enterprise initiative which the government recently established in partnership with the Stanford Group of Companies.

It also promises to strengthen the trade environment, create jobs and investment, forge new public-private sector partnerships and improve disaster and physical planning frameworks.

It will definitely support the work of the Antigua and Barbuda Investment Authority along with the creation of the Business Development Centre that would offer different types of product development support to Small Medium Enterprises across the nation.

That is why, ladies and gentlemen, we consider the initiative "timely", and are delighted that Antigua and Barbuda will be utilized as a pilot for the Caribbean Open Trade Support programme.

Moreover, we regard the new USAID programme as a continuation of the partnership that commenced with the empirical analysis of the bottlenecks thwarting business activity in our country entitled "The Investor Roadmap of Antigua and Barbuda".

In nations across the globe, SMEs are the bedrock of economic survival, and my administration is determined to create a conducive environment for SMEs to flourish. There are many persons engaged in a variety of activities - art and craft and agro-processing to name a few, which provide them with gainful employment.

However, we recognize that there is a need for better coordination of the activities of micro businesses and provide training, product development and promotion services.

We hope that every skilled person interested in enterprise development, will be covered by the programme and the overall disaster preparedness will be enhanced as a direct result of the programme.

In closing, I wish once again to express our gratitude to the Government and people of the United States of America for the timely investment in the people of Antigua and Barbuda. I thank you.