Global development is entering a phase where entrepreneurship will increasingly play a more important role in the modern economy.
This was emphasised recently by Acting Minister of Industry, International Business, Commerce and Small Business Development, Senator Dr. Esther Byer Suckoo.
She was addressing the awards ceremony for the Caribbean Youth Entrepreneurship Summit (C-YES), at Sweet Field Manor, Brittons Hill, St. Michael.
She said: ???This is so because firstly, there continues to be a paradigm as knowledge-driven goods and services are more flexibly provided by smaller firms and the emergence of a creative class requires a less interfering but more facilitating state.
???Secondly, in emerging economies such as China, India, Brazil and Russia, impressive growth has been driven by a veritable entrepreneurial revolution that necessitates that growth be promoted through sustainable access to resources, knowledge, markets and low carbon industrialisation.
???And, thirdly, it has become the new normal in the least developed countries where aid-dependency is high, for donors to shift their emphases towards the rapidly expanding niche of private sector ???led entrepreneurial development.???
Dr. Byer Suckoo acknowledged both Barbados??? commitment to youth entrepreneurial development, and the region???s efforts in enhancing the lives of the youth by creating an enabling environment conducive to the success of this very vulnerable group. And, she noted that she could attest to the excellent work being done here by the Barbados Youth Business Trust and its strategic partners.
Adding that youth entrepreneurship was our economic salvation, the Minister further extended gratitude to supporting business agencies for outstanding contributions made, over the years, to empower the region???s youth to be change agents for social and economic advancement.??The Regional Mentor of the year was Barbadian Allison Mottley, while the Regional Start-up Entrepreneur of the year was Big-G from Dominica.