Minister appeals on behalf of Bajan businesses

A challenge has been thrown out to the banking sector in Barbados to be more amenable to providing financial assistance to help small businesses secure export possibilities.

BRIDGETOWN, Barbados, Thursday June 10, 2010 – A challenge has been thrown out to the banking sector in Barbados to be more amenable to providing financial assistance to help small businesses secure export possibilities, under the Economic Partnership Agreement (EPA) which countries of the region have signed with Europe.

Minister of State in the Ministry of Economic Affairs, Empowerment, Trade, Industry and Commerce, Patrick Todd, made the suggestion while addressing Caribbean Export Development Agency's Export Marketing Training Programme for small and medium enterprises (SMEs) and business support organisations of CARIFORUM countries.  

He added that the banking sector needed to revamp its financial and technological framework to facilitate e-commerce transactions.

But Todd also urged the small business sector, to "divorce itself from small-mindedness and to recognise that capacity building was not a function of Caribbean Export and other agencies". 

"They (small businesses) have a sacred responsibility to protect their own interests, by retooling and restrategising their own development needs," he said.

Outlining the benefits to be derived from the EPA, the Minister said the agreement had opened a number of services sectors that would permit regional entertainers and other professional service providers, such as architects and doctors, to broaden their scope of business.

However, Todd lamented the slow pace of regional cooperation at the level of CARICOM.  

"As Caribbean island states, we just cannot go alone since, to do this, would be disadvantageous to the region both individually, and as a whole.  Some may ask why the region is so blinded to the reality that there is strength in numbers and that insularity would not suffice,” he said. 

"Let me therefore take this opportunity to challenge you, the participants who represent the region, to spread this gospel of regional cooperation at the level of our citizenry, enterprise and business support organisations.”