Now in 2022, the island is an open economy that needs, and welcomes, expertise and capital. The Government of Montserrat is fully committed to making it easier to invest and to start or develop business. The Government is actively taking steps to support economic development, such as upgrading essential infrastructure; supporting roll-out of full-fibre internet to every household and business; and accelerating the transition to renewable energy. The opportunities for investment abound, for example in tourism, transport, finance, local utilities, services and manufacturing. However, there are weaknesses in the ability of the government to respond to and attract investment interest and facilitate business start-up, some of which this position is designed to address. Montserrat is a very stable and reliable environment, has the added benefits of a great tropical climate, and is very safe and friendly. The redevelopment of the private sector will be shaped by the Government’s Economic Growth Strategy (EGS), Sustainable Development Plan (SDP) and Tourism Strategy (TS).
The post holder will support Private Sector growth and development in the sectors and areas identified in these guiding strategies. Additionally, one of the key initiatives of Government and a major role of the post will be to coordinate the development of Enterprise Montserrat (EM) which is conceptualised to be an arms’ length organisation to be created in the future with a wide remit to promote private sector development based on tourism; assist and finance local businesses, attract inward and foreign investment; and identify and secure Grant Funding for Government and Non-Government Organizational Projects.
The initial appointment will be on contract for two years, renewable by mutual agreement. The Terms of Reference are set out below.
Organisation: Office of the Premier
Supervision: Permanent Secretary, Office of the Premier
The Head of Private Sector Development and Investment will be responsible for leading the efforts in facilitating economic and business development to secure growth and to increase local employment and development opportunities. The position holder will be the primary point of contact in the Government of Montserrat for private sector and potential investors and will promote new business opportunities and provide support to existing businesses to help with retention and expansion efforts and long-term economic sustainability for Montserrat. The officer will report directly to the Permanent Secretary (PS), Office of the Premier.
This includes the following:
- Act as a single point of contact between local and international organizations, businesses and individuals and representatives of government, business and industry concerning economic development and assist in capitalizing on economic development opportunities and projects that are identified.
- Acting as the primary point of contact for international donors assisting processes of business environment reform, including business promotion focused elements of UK Foreign, Commonwealth, and Development Office (FCDO) programmes including British International Investment (the UK’s Development Finance Institution).
- Review options and recommend an institutional framework for a potential future private sector support unit or authority taking into consideration options from a recent UK government review and constraints to the business environment across the whole Government of Montserrat.
- Review and recommend options for a streamlined process of business start-up, and assist other ministries to effectively manage investor relations – drawing on technical assistance as needed.
- Undertake research and prepare reports for senior government officials on potential economic development opportunities, including identifying opportunities for private public partnerships.
- Provide technical expertise to support a cohesive and comprehensive media campaign for private sector and business development.
- Evaluate investment and business proposals, provide recommendations and suggest appropriate support for the proposals
- Propose potential incentive programs, investment promotion and policies for Montserrat to consider offering to attract new businesses to Montserrat and existing business to expand and achieve export capability where possible.
- Identify and Secure Grant or concessional Funding for Government and Non-Government Organizational Projects.
- Develop and Implement an approved Private Sector Investment Development Strategy within an agreed timeframe;
- Lead and support the process to assess and implement reforms to the business environment to improve the investment climate and process for business start-up (with potential support from a FCDO programme of technical assistance);
- Oversee the development and maintenance of a database of potential investors in key areas of Montserrat’s economy;
- Provide the necessary support for the development of a Business Case and implementation strategy for the establishment of Enterprise Montserrat (EM)
- Produce Prospectus/Investment Guide – application procedure and key requirements/guidelines for investors.
- Prepare Quarterly progress reports; Including deliverables to account for two (2) areas below:
- Stakeholder Engagement Plan – to ensure adequate stakeholder engagement/involvement/consultation to feed into the development of the Strategy – by organizing workshops, radio programmes, stakeholder and community meetings to get the feedback.
- Support the establishment and operation of a potential business financing facility if funding for this is secured.
Personal Qualities and Skills Required:
This position requires a minimum of seven years of experience in economic development and/or private sector development or a closely related area. This post requires strong business credentials, interpersonal and strategic thinking skills. The post holder will need to be a self-starter, building networks with a wide range of on and off-island stakeholders, including local businesses and associations, senior government officials, and prospective international investors.
An in depth understanding of the interface between Government policy, organisational culture and stakeholder dynamics is essential for the effective execution of duties.
Substantial knowledge and experience in developing the local private sector and attracting FDI and Grant funding and investment promotion. Experience of Public Private Partnerships (PPP) and FDI transactions would be an advantage.
The ability to communicate effectively in oral and written form in English is mandatory.
The successful applicant must exercise good judgment, discretion and initiative while utilizing tact and courtesy in frequent contact with business and industrial representatives, government officials and the general public.
Qualifications, Experience and Skills Required:
- A Degree level qualification in Economics, Business, International Economics, Economic Development or related areas
- Strong leadership, management and communication skills
- Innovative and results focused
- Good interpersonal, team working and networking skills
- A track record of values driven, ethical work practices and habits
- Experience in Private Sector Development, and/or investment promotion
- A proven track record in preparing grants funding submissions
- A broad range of industry contacts in key markets such as the US, UK and the Caribbean
- Experience in managing relationships with international investors and donors.
- A sound understanding of the socio-cultural realities of Montserrat and sub-region.
The post holder will be occasionally required to work outside normal office hours, including weekends; be prepared to undertake international travel as required; undertake product and development visits. The post holder should be able to work well under highly stressful situations with close deadlines and many competing time-demands.