Barbados leading Caribbean in SMB development

Barbados is the first recipient for the roll out of Phase II of The Micro, Small and Medium-Sized Business (enterprises) development Project

An achievement that Minister of Small Business Development Donville Inniss is pleased about.

Having completed Phase I of the Caribbean Small Business Development Centres (SBDC) Project for the five beneficiary countries, the US State Department working in collaboration with the OAS has positioned Barbados for this the second phase and for this they have been lauded.

Those in the SBDC are this week being trained in a Global Value Chain Workshop which was launched yesterday.

The activity is allowing the constituents of the Barbados SBDC Network and its strategic partners to undergo extensive training in Value Chain Analysis over the next five days and will be delivered by subject experts from the Center on Globalization, Governance and Competitiveness at the Duke University USA.

Minister Inniss says the importance of value chain analysis to economic development is evidenced by the fact that the global economy is increasingly structured around global value chains which continue to account for an exponential rise in the share of international trade, global production and employment generation and job diversity.

“As Barbados grapples with its own economic challenges it is therefore imperative that our key Business Support Organizations appropriately understand the current global dynamics of trade and insertion into these global and regional chains,” he said.

He says this legitimizes their continued call for the MSME sector to lead the charge to penetrate the global landscape with the type of product and services offerings that are not only indigenously unique to Barbados but which with the appropriate creative and innovative thought has the potential to revolutionize our global spatiality and position Barbados among the leading economies of the world.

The business community he repeated, “must understand that while government continues to pay rapt attention to the plight of our general citizenry through its several policy prescriptions and interventions, a symbiotic response is expected of you to give back to country through an appropriate investment relationship that promotes greater socio-economic advancement.”

Director of The Investment and Development Corporation (BIDC) Marina Taitt says it was a natural synergy that the corporation became involved in the pilot project of the establishment of the SBDC.

The collaborative relationship she says will go a long way to enhance the quality of assistance available to all sectors, both manufacturing and services.