Question

What interventions or measures should regional government embark on in order for private sector be key drivers of national economies

Answer 1

The private sector is the backbone of every economy.

Private sectors helps to create new jobs, more businesses, provides goods and services and provides the lion's share of tax revenue collection.

The private sector is the engine which runs a country.

Hence, governments have a lot of tools at hand to support the private sector which will eventually support national economies:

1. Simple and Easy Taxation

2. Improve Rule of Law and make it safe for investment

3. Provide tax incentives on employing people e.g. employing more than 10 people would reduce corporate tax by 2% etc.

4. Make it easy for businesses to invest in land, property and machinery

5. Attract large companies by offering less-than-market price land and buildings

6. Provide export incentives