PHILIPSBURG--Stakeholders are still digesting the content of the newly-presented draft National Economic Framework. While the initiative is lauded to various extents, a common sentiment amongst private-sector stakeholders approached by The Daily Herald is that the outlook on follow-through is not entirely convincing, given that past initiatives have been very similar and have not necessarily delivered results.

 

Some participants were left feeling that once again they were going through the motions, not hearing anything new, and as though past initiatives such as the Tourism Master Plan simply had been left on the shelf.

 

The framework was presented to private- and public-sector officials by the Ministry of Tourism, Economic Affairs, Transport and Telecommunication (TEATT) at a National Economic Summit on Friday and has been a year in the making by the Department of Economic Affairs, Transportation and Telecommunication EVT.

 

Stakeholders were presented a 53-page document and their input will be considered by the ministry, which highlighted the need to achieve a "shared comprehensive vision." Private-sector stakeholders told this newspaper that cooperation indeed was essential to moving forward.

Oyster Bay Resort General Manager Ricardo Perez said it was a good initiative, but it would be more useful if the previous initiatives were to be "dusted off" and put to action, or that they should have been updated on what progress had been made on those recommendations.

 

Princess Heights Hotel General Manager Emil Lee shared the sentiments, although he said the goals were admirable. He said the same had been going on for more than15 years through "different incarnations," adding that it would make more sense to review past initiatives and salvage what could be salvaged, especially as the recommendations had not been carried out.

 

Another participant, Island Real Estate Team real estate broker Arun Jagtiani, said TEATT Minister Claret Connor had done a good job of acknowledging that recommendations had to be implemented to mean anything and was aware of the efforts already made. Jagtiani added that it was "refreshing" to hear the call for feedback and found some information in particular very useful, such as tax code comparisons between St. Maarten and neighbouring islands.

 

However, like other participants, he pointed to the need for compiled statistics as feedback, "especially for real estate which is one of the most important economic indicators. The raw data is available."

 

The need for relevant, up-to-date and accurate statistics was another need highlighted by stakeholders who spoke to this newspaper. This has long been a bone of contention within the business community and acknowledged by the ministry.

 

Familiar with the country's long-standing issues, Minister Connor said at the summit, "Economic planning is not a quickly executed task. The process of shaping a national economic vision is not an easy one. It requires foresight, inclusivity and a keen understanding of the needs of all partners."

 

The drafting and updating of new economic legislation to promote economic growth in St. Maarten and the increasing of efforts by Government to ensure fiscal and business compliance were amongst proposed measures included in the draft National Economic Framework document.

 

The areas of economic constraints, competition and foreign trade, and investment promotion were highlighted at the summit.

 

The Daily Herald