– Minister Ali tells participants at CDB, CTCS stakeholders’ forum

THE need for national and regional strategies in order to make Micro, Small and Medium Enterprises (SMEs) work for the development of the economies of countries from the Caribbean Region was underscored by Guyana’s Minister of Tourism Industry and Commerce (ag), Mr. Irfaan Ali.He said for SMEs to further develop, there needs to be a realistic approach in dealing with the environment in which these enterprises operate.

The minister was at the time speaking at the official opening of the Caribbean Technological Consultancy Services stakeholders’ forum, which is funded by the Caribbean Development Bank (CDB) and has drawn participants from almost all Borrowing Member Countries.

Minister Ali urged the participants not to shy away from developing ideas, which can be “game changing in the way we look at developing SMEs.”
“Look in a realistic way at the environment in which we operate within the Region, the traditional SME faces the eminent challenge of being swallowed up and it’s a natural process of globalisation,” Ali contended.

The growing economies of China and India were used as examples from which the Borrowing Member countries can take lead from. “Many SMEs equal large enterprises, that’s the formula, there is nothing preventing SMEs from combining their efforts to become large in order to compete and become sustainable, (and) that must be taken in the equation and that is why China and India are successful; they combine ideas, resources and they are driven by a national policy,” he posited.
Minister Ali also pointed to some challenges SMEs face when one considers globalisation.
“SME is faced with the issue of survival even in this Region and unless we develop regional and national strategies that focus collective effort of the varied SMEs within different countries into particular direction, we can be easily swallowed up.”
To this end, the minister said strong consideration must be given towards introducing the concept of the maximisation of effort, profit driven initiatives and efficiency.
“I think this would ensure that we have a more holistic and comprehensive outlook at SME. We cannot believe that SME would survive without creating efficiency, and a culture of profit driven approaches to business development as part of the driving force.”
Minister Ali however, noted that while there can be combined efforts, if they are not driven towards a national policy, then the efforts would be useless.
Meanwhile, Ms. Deidre Clarendon, Officer-in-Charge of the CDB’s Project Department, who also addressed the participants, urged them to make full use of the knowledge acquired during the sessions.
She noted that it is the mission of CDB to contribute to the sustainable development of their borrowing member countries with poverty reduction as their overarching goals. “As we continue to discuss the progress we have made in the achievement of the MGDs, particularly in the Caribbean, we recognise that one of the main drivers of poverty reduction must be inclusive economic growth transformation. When countries grow, their people move out of poverty.”
Further, she noted that the CDB has recognised the role the private sector plays in reducing poverty, and that strong economies always rely on stable well-paying jobs.
“One of the bank’s strategic objectives is to promote broad based economic growth by providing support to private sector development aimed at enhancing the viability of MSMEs.”
According to Ms. Clarendon, the CTCS network is one of the bank’s vehicles in contributing to the small and micro sector.
The CTCS stakeholders’ forum started on Monday at the Ramada Princess Hotel with participating OECS countries. The CTCS Network is operated by the Private Sector Development Division of the CDB in cooperation with Regional and National Institutions, laboratories, industrial enterprises and private consultants.
The CTCS Network also helps to solve planning and production problems quickly by providing Caribbean expertise at an affordable cost. It has been assisting users in funding solutions to practical problems encountered in production enterprises, as well as in the hotel industry.
Countries, which are a part of the CTCS Network, include Anguilla, Antigua and Barbuda, The Bahamas, Barbados, Belize, British Virgin Islands, Dominica, Cayman Islands, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and The Grenadines, Trinidad and Tobago, and Turks and Caicos Island. Suriname is the most recently added member of the CTCS Network.
(GINA)