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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.

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