Philipsburg:-- The Executive Council on Tuesday approved the MOU that will now be signed between the Island Government and representatives of the private sector. Additionally, the Executive Council also established the date for the Economic Summit and the presentation by President of the Central Bank Mr. E. Tromp.
Mr. Tromp's public presentation will be held on Wednesday, March 4 followed by an all-day Economic Summit on Thursday, March 5. This vital summit is being held to assess the actual situation of the island's economy and to gather recommendations for stimulus and possible additional ways to mitigate the affects on St. Maarten of the world wide financial crisis.
In light of this, the Island Government and private sector are pledging their commitment to work collectively where feasible. This commitment has been represented in the form of a MOU between the Island Government and representatives of the private sector.
The private sector will be represented by the Chamber of Commerce, who along with government is the driving force and initiator of the summit. Also to take part in the summit will be the SHTA and unions. The Island Government will be represented by the Commissioner of Economic Affairs and relevant advisors. A tentative date of Monday, February 23 has been designated for the MOU signing.
"We are all partners and as such should work closely together in St. Maarten's best interest. I welcome the cooperation from the Chamber in particular. Many financial experts and economists now agree that the financial situation world-wide will probably become more challenging before we see any sound improvements. St. Maarten is obviously not immune to the financial crisis. In depth discussion and concrete recommendations are needed to mitigate the affects on St. Maarten," the Commissioner said.