Government remains firmly committed to the small and medium enterprise (SME) sector in Barbados.
Minister of Small Business Development, Donville Inniss, gave this assurance this morning at the launch of the Barbados Coalition of Service Industries’ (BCSI), Export Incubation Services Unit (EISU), at the Harbour Industrial Estate, St. Michael.
Mr. Inniss reiterated that his administration’s commitment was manifested in many ways, including through the facilities provided, technical assistance given and the fiscal incentives granted.
Stating that his Ministry would soon be rolling out a new policy framework for this particular sector, Mr. Inniss explained that this was not limited to the services sector alone but also to the micro and medium enterprise sector.
“Right now, that policy document is currently with the Ministry of Finance and other stakeholders for their urgent review, having gone to Cabinet already for some consideration. And, we expect that we will shortly be able to roll out that new policy framework in order to drive this sector forward,” the Minister indicated.
Meanwhile, President of the BCSI, Wendell Cumberbatch, told the audience that the EISU was significant, as the BCSI recognised that small and medium-sized enterprises in the services sector lacked the wherewithal to capitalise on the potential for export.
Noting that the BCSI decided to take the initiative to provide persons with the necessary developmental support required to enhance their overall export potential, Mr. Cumberbatch explained that funding for the Incubation Project was made available by the Human Resource Development Strategy, which received financial support from the European Delegation.