In February 2017, Compete Caribbean will launch Phase Two of its program in direct response to the region’s inability to harness private sector as an engine of growth, as it is facing declining productivity and limits to growth of firms.
The first phase of Compete Caribbean addressed the objective of fostering private sector development and increasing competitiveness through different activities, which included institutional strengthening, legal and regulatory reform, technical assistance to innovative firms and groups of firms, and knowledge production and dissemination.
Phase One also produced previously unavailable data about the private sector. The rationale for a second phase comes from the opportunity to build on the results and lessons learned from the first phase by: (i) focusing on specific issues that affect firm’s productivity, growth and employment diagnosed under the first phase; and (ii) building the capacity of indigenous institutions to replicate in a sustainable manner the methodologies developed under the first phase.
Private sector development still represents a major developmental challenge for the region and it is against this background that Compete Caribbean will embark on a follow up program which will focus on closing the gender gap among other fundamental solutions to the region’s challenges.
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