Commonwealth-funded policy consultations come to an end

Having commenced three months ago, consultations to facilitate the development of an integrated Commonwealth Secretariat (COMSEC)-funded Micro Small and Medium Enterprise (MSME) Policy and Strategy have come to a close.{{more}}

The seventh and final consultation took place at the Fisheries Conference Room on Tuesday, July 14, and saw Lead Consultant Melvin Edwards presenting a draft report to stakeholders within the sector.

Edwards explained that the consultations were designed to aid in the implementation of a policy and strategy, which would set a new framework for the growth and expansion of the private sector in SVG, with particular emphasis on micro, small and medium businesses. At the opening consultation, which took place on April 7, 2009, Edwards pointed out that the resulting policy “could give St. Vincent and the Grenadines a broader basket of economic pursuits…”

At Tuesday’s consultation, he urged stakeholders to “think critically” about their involvement in the drafting of the policy, so that they could contribute effectively to the development of the sector. Edwards emphasized: “It (the policy) will put in place a statement of intent that anyone can refer to as to what the government will do to reduce the frustrations and problems that small business holders face.”

From the consultations, the team has been able to identify constraints, which are hindering the development of the sector, and formulate solutions that will facilitate in overcoming said hindrances. These issues include, amongst others: lack of capital and marketing; lack of access to finance; public sector ‘red tape’; burden of government taxes and legal fees, and a need for systematic and transparent land reform.

Edwards further shared some of the benefits which stakeholders and other relevant parties expect to derive from the implementation of the policy. These include no discrimination in laws and practices; fewer fears concerning taxes and the NIS; lower transaction costs, and more land in productive farm use.

After the final consultation, the resulting MSME policy will be submitted to the Government and COMSEC, where it is expected to gain government approval. The policy statement will be issued, and legislation and regulations amended as required; following which the policy will be implemented through he establishment of new structures, systems and processes.

Expected to be completed by September, the MSME policy and strategy will be carefully monitored over a period of time through feedback and evaluation, once implemented, to assess its impact on the sector.

Ellison Clarke, Economist in the Ministry of Telecommunications, Science, Technology and Industry, gave brief opening remarks.(JSV)