Caribbean Times 95th Issue - Friday 10th February 2017
Caribbean Times 95th Issue - Friday 10th February 2017
Caribbean Times 95th Issue - Friday 10th February 2017
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<strong>Friday</strong> <strong>10th</strong> <strong>February</strong> <strong>2017</strong> c a r i b b e a n t i m e s . a g 7<br />
‘Entrepreneurial socialism’ attracts attention<br />
By Everton Barnes<br />
The new developmental model – entrepreneurial<br />
socialism - that is being<br />
pursued by the Antigua and Barbuda<br />
government is generating much interest<br />
within the <strong>Caribbean</strong> and Latin America.<br />
The model articulated by the Gaston<br />
Browne Administration holds the view<br />
that it will take the best features of capitalism<br />
and that of socialism and to create<br />
a developmental paradigm in which the<br />
people of Antigua and Barbuda benefit.<br />
Prime Minister Gaston Browne said<br />
this new approach to development is already<br />
making an impact not just in Antigua<br />
and Barbuda but throughout the region<br />
with governments and institutions<br />
giving it good commendations.<br />
“The model has received some level<br />
of notice from countries in Latin America<br />
and the <strong>Caribbean</strong>. Just this week, I<br />
met with a group out of Venezuela and<br />
they were very excited about the concept,”<br />
Browne told a radio audience<br />
Thursday.<br />
He disclosed that inquiries have also<br />
come from the Director General of the<br />
OECS Secretariat, Dr. Didacus Jules,<br />
who has asked to join with Antigua and<br />
Barbuda to develop the model further.<br />
PM Browne even said reported that<br />
other inquiries are coming from as far<br />
away as Nicaragua which wants to discuss<br />
the entrepreneurial socialism as a<br />
new development model for the region.<br />
In explaining the model, the prime<br />
minister said the recently established<br />
National Asset Management Company<br />
(NAMCO) is the best example of the<br />
entrepreneurial socialism at work. This<br />
government-owned entity will partner<br />
with the private sector to undertake major<br />
capital investments with the government<br />
benefitting from both taxes from<br />
the business that is created…and later<br />
share in the profits or dividends. These<br />
dividends will go into the treasury to<br />
help fund education, health and other<br />
social programmes.<br />
One of the first undertakings of<br />
NAMCO will be to complete the car<br />
park. According to the prime minister<br />
the government has been able to negotiate<br />
a reduction in the price of the structure<br />
from US$15 million down to US$6<br />
million.<br />
He said NAMCO has the money to<br />
complete the purchase which he expects<br />
to take place shortly.