ANTIGUA | Local Business Crisis Sparks Political Debate on Economic Policy

ST. JOHN’S  Antigua, November 15, 2024 - The imminent closure of Abbott's Jewellery and Perfumery, a flagship Heritage Quay establishment, has ignited fresh concerns about the state of local businesses in Antigua and Barbuda, with opposition leaders calling for urgent economic policy reforms.

In a strongly-worded statement, Hon. Jamale Pringle, Political Leader of the United Progressive Party (UPP), expressed deep concern over the shuttering of the 25-year-old enterprise, which he described as having achieved "world-recognized standard."

"As a born citizen of Antigua and Barbuda, first, and as Political Leader of the United Progressive Party (UPP), I am deeply saddened by the imminent closure of Abbott's Jewellery and Perfumery in Heritage Quay," Pringle stated.

The opposition leader pointed to a troubling pattern of local business closures in the wake of the COVID-19 pandemic, suggesting these developments signal a need to reassess national economic priorities.

The situation, he argues, demands "a serious rethink on what it means to be Antiguan and Barbudan and how the current Administration treats with our assets."

At the heart of the controversy lies the Global Ports agreement, which the UPP characterizes as "ill-conceived" and detrimental to local entrepreneurship. The opposition's criticism extends to the YIDA agreement, which Pringle highlighted as particularly concerning given recent regional developments.

"The agreement with YIDA, which ceded control of our seabed and other marine resources to a foreign private company, is also galling, in light of the discovery of oil and natural-gas reserves in Grenada and, before that, Guyana," he noted.

In response to these challenges, the UPP announced plans to initiate consultations with business leaders and NGOs to chart a new economic course for the nation.

The party expressed hope that Abbott's might find a path to restructuring "under a new dispensation," while extending best wishes to the establishment's management and staff.

The closure of Abbott's, a cornerstone of Heritage Quay's retail landscape, marks the end of an era in Antigua and Barbuda's business community, raising questions about the sustainability of local enterprises in the current economic climate.

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