Minister of State for Industry, Investment and Commerce, Hon. Sharon Ffolkes-Abrahams, said that the government is committed to addressing the issue of ethics in business.
Speaking at a panel discussion held at the Old Hope Road campus of the University of Technology (UTech) on Thursday February 23, Mrs. Ffolkes Abrahams said the move is critical in promoting good corporate governance practices among registered companies.
“We have a serious problem with corruption therefore business ethics must be addressed in order to improve the country’s business environment and to attract new investment, including foreign direct investment (FDI),” she stated.
“This is something that we really have to work at because businesses do not want to come where they perceive there is corruption in business. We have to get our business ethics straight,” she added.
The State Minister also reiterated that government’s focus on creating a more business-friendly environment through the removal of bureaucratic constraints to entrepreneurship.
“We intend to remove the stumbling blocks and hurdles that continue to frustrate businesses. We aim to also adopt a more aggressive and in-depth joined up government approach as we seek to drive business and generate growth in our economy,” she stated.
She said that efforts are also underway to improve the country’s global competitiveness. As part of the process, realistic policies and innovative programmes are being formulated so as to enable investors to take advantage of business opportunities.
“These opportunities are designed to drive the development of the country’s industrial and commercial sectors. Our immediate objective is to create an environment that enhances the global competitiveness of domestic-based companies by adjusting specific areas of weaknesses in the economy. We are focused on addressing the challenges of starting, creating and sustaining new business ventures,” the State Minister said.
She added that the government will also be focusing on restructuring and rationalising the operations of businesses in order to deliver the solutions required.
The purpose of the panel discussion was to assess the progress of the administration within the first 100 days of office, so as to get a sense of the way forward economically and socially.
It was hosted jointly by the College of Business and Management, the School of Business Administration and the Department of Economics.
By Latonya Linton, JIS Reporter