May 19, 2016: The panel discussion on “Micro, Small and Medium Enterprise (MSME) Development: Towards a New Frontier” was held during the 46th Annual Meeting of the Caribbean Development Bank (CDB) on Wednesday, May 18th, 2016 at the Montego Bay Convention Centre, Montego Bay, Jamaica. The session was chaired by the Minister of Planning and Development, Honourable Camille Robinson Regis.
The CDB’s MSME Study, which is the subject of the panel discussion is intended to provide practical policy and other recommendations for expansion and development in borrowing member countries (BMCs): Antigua and Barbuda, Barbados, Belize, Guyana, Jamaica, Trinidad and Tobago, St. Lucia and Suriname. According to the President of the CDB in his statement for the Study he outlines the hope of the bank in saying, “the proposal willopen the door for healthy debates among policymakers, academics, and students and provide the platform for the long-term transformation and sustainable development of the MSME sector”.
Minister Robinson Regis, in her address also underscored the importance and potential impact the proposal can make to Borrowing Member Countries, she stated, “The promotion of the MSMEs sector can be viewed as a viable approach to economic and social transformation. The development of the MSMEs sector represents one of the most realistic vehicles for confronting the challenges of unemployment and poverty currently being faced by Borrowing Members Countries (BMCs). MSMEs have the potential to operate both in rural and urban areas thereby ensuring equitable income distribution, rural development and decentralization of industries.”
The Honourable Minister along with highly acclaimed presenters with backgrounds in Finance and Economics discussed findings of the Study and presented strategies for the way forward. The presenters were:
- Dr Justin Ram; Director of Economics, Caribbean Development Bank
- Dr. Arnold McIntyre, Deputy Division Chief, Caribbean Division I, Western Hemisphere Department, International Monetary Fund
- Mr. Milverton Reynolds, Managing Director, Development Bank of Jamaica (DBJ) and
- Mr. Daniel Arthurton; Adviser, Eastern Caribbean Securities Regulatory Commission (ECSRC), Eastern Caribbean Central Bank (ECCB)
The MSME Study is well aligned with many of the fiscal measures being undertaken by the Government in restoring growth, diversity and confidence to Trinidad and Tobago’s economy. Minister Robinson Regis took the opportunity to outline some of the initiatives currently being pursued by Trinidad and Tobago’s government:
- The FairShare Programme: The ‘FairShare’ Programme is a set-aside programme that provides micro and small enterprises (MSEs) in Trinidad and Tobago access to public procurement opportunities up to TT$1 Million.
- Enterprise Investment Fund: The Enterprise Investment Fund (EIF) is intended to encourage and support the implementation of programmes that improve the capacity and capability of the micro and small enterprises and cooperatives (MSECs), thereby allowing them to improve their competitiveness at the local, regional and international levels.
- National Integrated Business Incubator System (IBIS): IBIS is a business development system that creates promising new businesses and strengthens existing ones by bringing together a wide range of business support services to act as needed interventions for small enterprises. Its primary service is to provide mentoring, coaching and network development for its clients. Additional services such as physical infrastructure, financing and training are important components that are also being provided.
- MSE Private Financing Programme: One of the chief challenges to sustained MSE development is the availability of innovative funding, suited to the needs of micro and small businesses and to star-ups particularly in new business areas.
- Green Enterprise Development: A partnership between the Ministry of Labour and Micro and Small Enterprises and other agencies to facilitate the provision of training and certification in green building in Trinidad and Tobago. It will seek to create more opportunities for green procurement by encouraging such programmes in Government Ministries and State Agencies, thus expanding the capacity and competence in this sector in Trinidad and Tobago.
With the continued support of the CDB it is almost certain that even more can be accomplished.
The full version of the CDB’s study can be accessed at:
http://www.caribank.org/bog46-updates/publication-msme-development-study
