Boosting economic development through small businesses

The Commonwealth Secretariat is working alongside governments in the Caribbean to introduce strategies aimed at helping small businesses strengthen and develop effectively. By focusing on small and medium enterprises (SMEs), the Secretariat hopes to stimulate the economies of countries across the region.

Encouraging small businesses to work together more effectively, introducing a regional database comprising information on these businesses, and developing information and communication technology (ICT) strategies are all part of the Secretariat’s work in this area.

George Hutson, the Barbados Minister of Trade, Industry and Commerce, explained that this innovative programme is aimed at “addressing imbalances that create barriers to the development of small businesses.”

The ‘Pan-Caribbean SME-ICT Development Programme’ was initially developed by the Secretariat in July 2004 following requests from Caribbean governments.

The first phase of this programme ran between January 2005 and March 2007 and covered Antigua and Barbuda, Belize, Dominica, St Kitts and Nevis, and St Lucia. The second phase - which covers Barbados, Guyana, and St Vincent and the Grenadines - began in March 2007 and is expected to be completed by the end of June this year. The overall programme budget is approximately £400,000.

Manniram Prashad, Guyana’s Minister of Tourism, Industry and Commerce, welcomed this Commonwealth initiative, highlighting that “SMEs contribute significantly to the economic development of a country, especially in terms of job creation. They are perceived as the economic force of nations and as such must be able to provide high quality products and service to access regional and international markets.”

Mr Prashad added that in order to be competitive, “our businesses must be able to respond to more demanding markets. It therefore means that the small and medium enterprises in Guyana need to be efficient, innovative and proactive in their business practices.”

The Secretariat’s Enterprise Development Adviser Ram Venuprasad, stressed the importance of SMEs working together in order to produce and market goods efficiently. “The unwillingness to collaborate” is a significant challenge that must be overcome and is being addressed through this initiative, he said.

Secretariat Links:

• Special Advisory Services Division