The Ministry of Business will be introducing a new model to aid the development of small businesses at the upcoming expo slated for November 27-29.The exhibition is a smaller version of GuyExpo which has been shifted to next year to be part of the nation’s grand 50th anniversary celebrations. “What we have done this year is ask some of the larger companies to examine their supply chain and see which are the small businesses that utilise their products and sponsor them to the expo. What it does it that it gives small businesses a chance to promote themselves while at the same time promote the sponsors products. It is a win-win approach, but the emphasis is on small business but at the same time we are not excluding the bigger companies,” Minister of Business Dominic Gaskin told the Guyana Chronicle.
The Ministry has been vigorously promoting the idea, but thus far it has not been getting sufficient traction. “We are hoping that it can catch on, it is a nice attractive model, it probably needs some refining to get more buy in from the bigger companies which will get an opportunity to maxamise on their products,” he said.
Preparations so far for the expo have been going according to plan, and more than 100 businesses have already indicated their participation.
Mr Gaskin had pointed out that the focus of the occasion will not be to entertain, but he said given that people would be around, some amount of entertainment will be provided.
No bribing with music
He acknowledged that entertainment keeps people’s interest but said no move will be made to “bribe them with loud music” which goes into the wee hours of the morning as used to happen before.
The Minister also said that while the expo is not a money making exercise, measures will be put in place to recover the cost in hosting it.
Around the same time of the expo, the Caribbean Association of Investment Promotion Agency (CAIPA) will be hosting its Annual General Meeting (AGM) in Guyana. Guyana is a member of CAIPA and the president of that organisation will be speaking at the opening of the Small Business Expo.
CAIPA is dedicated to promoting and developing understanding and cooperation among investment promotion agencies, and other national investment promotion entities, within the Caribbean region; strengthen information gathering and information monitoring systems as well as actively promote information exchange amongst these investment promotion agencies; share country and regional experiences in attracting investment;
facilitate and assist Caribbean investment promotion agencies, and other national investment promotion entities, to gain access to technical assistance and funding through advice, technical support and referrals to relevant bilateral or multilateral agencies; assist Caribbean investment promotion agencies in advising their respective governments in the formulation of appropriate investment promotion policies and strategies; provide advisory and pro-active services to the membership; and provide common advocacy and unified representation to governments business organisations, bilateral and multilateral agencies and other institutions on matters of common interest to members of the body.
Push
The Small Business Expo, among other things, aims to promote local produce and catalyst the development of small and medium-sized businesses (SMEs) in Guyana.
SMEs contribute significantly to economic growth and serve as agents of change, innovation and pioneers for creating new technologies.
SMEs in Guyana are estimated to account for 40 per cent of total employment and also contribute significantly to Gross Domestic Product (GDP).
But though a significant contributor to economic development; the development of SMEs in Guyana has been faced with several challenges.
According to reports, these include limited access to finance, high cost of borrowing, and inadequate advisory services as well as business training and management skills.
In recognition of these challenges, the Small Business Act of 2004 became law, creating the legal and policy framework for promoting small businesses in Guyana.
The legislation provides for the establishment of support programmes and an incentive regime for small businesses as well as the creation of a Small Business Bureau (SBB), Small Business Council (SBC) and Small Business Development Fund (SBDF). It also guarantees a minimum of 20 per cent of government procurement to small businesses.

By Tajeram Mohabir