I am referring, for example, to the broadening of the capital market to provide more risk capital; expanded financing arrangements, including venture capital for small business financing and greater exploitation of the advantages we possess for outsourcing (including through the International Financial Centre). Many business sector leaders argue that fiscal incentives are the key to business expansion.
I am not totally against fiscal incentives but I wonder whether their impact is not exaggerated. Many available fiscal incentives are not fully utilized and even those that are, have not provided the necessary impetus for business expansion and development. I believe that there is a case for targeted fiscal incentives that are tied to employment creation, new markets, training, and research and development.