(CARICOM Secretariat, Turkeyen, Greater Georgetown, Guyana) With the Single Market component of the CARICOM Single Market and Economy (CSME) now in operation, work is intensifying to effectively position Small and Medium Enterprises (SMEs) to reap the benefits from the Single Market.
To this end, representatives of SMEs will gather in Guyana on 24-25 October 2006 for the Second Region-wide Roundtable aimed at developing strategic action plans and coordinating mechanisms for SMEs.
The Meeting is being convened by the CARICOM Secretariat, and is the second in a series. Dr Gem Fletcher, Programme Manager at the CARICOM Secretariat with responsibility Sectoral Programme, underscored the place for SMEs in the CARICOM Single Market.
“Small and Medium Enterprises continue to be a significant contributor to our Private Sector in CARICOM Member States. In order for them to be successful in the Single Market they must become increasingly innovative to take advantage of the opportunities that are available in the Single Market,” said Dr. Fletcher.
She added that it was important for SMEs to coordinate their activities, sharing and networking their skills and expertise, whilst mobilizing for the necessary policy support. To this end, she added that the formation of the SME umbrella body – the Caribbean Association of Small and Medium Enterprises (CASME) – was very timely.
At the Roundtable, participants will be addressed by the President of the umbrella body, Senator Sandra Husbands of Barbados. They will also be guided through the process of identifying key elements and outcomes of the strategic planning process by Ms Norma Shorey-Bryan of Catalyst Consultants, a leading Caribbean consultancy.
Dr Fletcher said the convening of the Roundtable at this time is to capture the momentum of the surge of business activity since the declaration of the Region being Single Market ready in January this year.
She added that given the characteristic of SMEs being mostly sole proprietorship in ownership structures, there were challenges in several areas, with financing being of particular concern.
“Financing from commercial banks tends to be difficult. Therefore SMEs must predominantly rely on micro finance facilities, and they will get some guidance and direction on how to access such financing”, stated Dr. Fletcher.
The SME representatives will also have presentations on entrepreneurial training schemes, how to benefit from opportunities in the Single Market, and the development of bankable projects .
