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Governments at The Forefront of Driving Regional Economies

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Wednesday, 25 May 2016

Governments at The Forefront of Driving Regional Economies

Public procurement - the use of government funds to acquire goods and services - represents as much as one-third of the gross domestic product (GDP) of countries within the CARIFORUM region. That figure was revealed by Trainer with the International Procurement Institute, Adrian Chin, who indicated that in more developed countries that figure stands at ten to 20 per cent. During the first session of a Level One Training Workshop in Public Procurement held at the Barbados Community College, Chin explained that the contribution of public procurement to GDP seen within CARIFORUM is due to a comparatively weak private sector and governments in the region acting as the primary drivers of economic growth and development. Speaking to the media following the opening session of the one-day workshop, Chin said his personal belief is that economies should be private sector driven, but supported with relevant Government policies (...) Chin explained that yesterday’s workshop forms part of the support the European Union is offering to CARIFORUM Member States in the area public procurement to sensitise various stakeholders including procurement officers, suppliers, academia and the media about what procurement can do to enhance national development and solve some of the social issues in countries.

Source: barbadosadvocate.com