Local Export-Oriented Investments (LEOI): A Pathway to Sustainable Growth
July 30, 2024
Foreign Direct Investment (FDI) often receives significant attention in economic discussions, sometimes overshadowing the potential of domestic investments. However, I believe there is immense value in focusing on what I term Local Export Oriented Investments (LEOI).
My perspective on this issue began to take shape years ago when I started studying Small Island Developing States (SIDS). One influential book that guided my thoughts was From Third World to First World by Lee Kwan Yew., I studied before visiting the island. In it, I discovered a strategy aimed at transforming local businesses into global corporations. Singapore implemented this approach through what they called Corporation Singapore, treating the nation as a corporation with a strategic plan to conquer global markets.
Inspired by this concept, I advocate for stimulating LEOI. This strategy involves empowering local businesses to expand their reach internationally, fostering economic growth and resilience within our borders. LEOI aligns perfectly with the National Export Strategy (NES) and supports our purpose of becoming an associate member of CARICOM.
By focusing on LEOI, we can unlock the potential of our local businesses, helping them become key players in the global market. One sector to focus on is ICT or software development. This shift in focus can lead to sustainable economic development, reduce dependency on foreign investments, and create a more robust and self-sufficient economy.
Let's rethink our approach and give domestic investments, especially LEOI, the attention they deserve. Together, we can build a thriving economy that stands firm on the global stage.
Register for the Masterclass of 19 & 20 September 2024: www.universityofgovernance.com
Miguel Goede
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