Commonwealth helps boost competitiveness of small businesses in the Caribbean

A week-long regional training programme on business incubation – the process which accelerates the successful establishment of micro, small and medium enterprises (MSMEs) and also helps failing businesses by providing an array of resources and services - began in St Vincent and the Grenadines on 26 July 2009.

Forty-five participants from 15 Caribbean countries, including 13 Commonwealth member states, are taking part in this programme.

It is organised by the Commonwealth Secretariat in collaboration with the European Commission (EC) and the World Bank’s Information for Development Programme (InfoDev).

The three organisations have worked in partnership to create the Caribbean Business Incubation Network, in order to assist in capacity-building, facilitate collaboration, identify funding sources and promote sustainability of new or struggling businesses.

“The launch of the Caribbean Business Incubation Network and the database for MSMEs are timely in assisting with the economic development and resurgence of the Caribbean region,” said Dr Jerrol Thompson, Minister for Telecommunications, Science, Technology and Industry in St Vincent and the Grenadines, who inaugurated the programme.

According to Julian Webb, InfoDev’s Business Incubation Facilitator: “InfoDev is supporting this initiative as business incubation will be vital in the economic development of small island economies. This network will prove to be a unique learning model for other small economies across the world.”

The EC is supporting business incubation in the Caribbean through a €15.7 million Special Framework of Assistance Programme.

The Commonwealth Secretariat recently concluded a feasibility study and regional strategy on promoting business incubation in the Eastern Caribbean. In order to enhance the competitive capabilities of MSMEs in this part of the Caribbean, the Secretariat has also implemented a database for the region. This will help MSMEs to collectively leverage business opportunities and collaborate together.

Ram Venuprasad, the Secretariat’s Enterprise Development Adviser responsible for these programmes, welcomed the opportunity to increase collaboration with the European Commission and InfoDev in the Caribbean and elsewhere.

“This partnership has been a great success for all involved, but there is so much more potential,” he said. “I look forward to working closely with the EC and InfoDev in the coming months to further develop this mutually beneficial partnership.”

Key Links:

• Economic Development
• Country Profile: St Vincent and the Grenadines