Minister of State in the Ministry of Economic Affairs Patrick Todd

Government will soon be in a better position to determine the impact of trade liberalisation as well as the number of small businesses operating across the island.

Minister of State in the Ministry of Economic Affairs, Patrick Todd, intimated this as he outlined plans to conduct phase two of research into the sector.?? He was addressing the Small Business Association’s (SBA) Entrepreneurial Training Series graduation ceremony last Wednesday.?? The event was held at the Bagnall’s Point Gallery, Pelican Craft Centre.

Noting that phase one of the research revealed that there were 11,275 registered small businesses, he said the probe also disclosed that small businesses that employed 25 persons or less, accounted for 32,000 jobs, or 24.8 per cent of the labour force.

Notwithstanding these findings, Mr. Todd pointed out that phase two of the research would explore in detail the performance of four small business subsectors and examine the impact of trading agreements with a view to "providing a road map as to the next steps that can be taken to improve the performance of these subsectors."

Additionally, the Minister of State advised the small businesses to pursue opportunities under the Economic Partnership Agreement to develop their enterprises.

"Upon the removal of barriers to investment from the Caribbean perspective, the partnership with Europe, is expected to position Barbados to take advantage of a more dynamic trade and investment relationship that is focused on growth, development, competitiveness, international standards and modernisation.?? Likewise, we have to position the small business sector to ensure that it can participate in the opportunities that this agreement provides," Mr. Todd declared.

In light of this, he urged the SBA to continue its entrepreneurial training sessions to bring its members "up to scratch" on changes within the small business landscape.??


Pin It on Pinterest