THE European Union (EU) remains fully committed to leveraging its resources in continuing partnership with its CARIFORUM partners, in working for a more equitable and prosperous region.

This assurance came from Her Excellency Ambassador Daniela Tramacere, Head of Delegation of the EU to the Eastern Caribbean States and the OECS, during the launch of the 11th European Development Fund Regional Private Sector Development programme, at the Lloyd Erskine Sandiford Centre yesterday.

She explained that the programme is part of the regional economic co-operation and integration focus, that seeks to support private sector development, investment facilitation, and EPA trade-related activities. The 24 million Euros committed to this programme is intended to build on the achievements of the past programmes.

The ambassador pointed to the benefits that have been derived following the signature of the EPA in 2008 between CARIFORUM and EU Member States, which she described as a “game changer”.

“It meant that more financial aid was provided for trade related assistance. In addition, increased emphasis was placed on providing technical assistance to the services sector, particularly financial services, professional services and the creative industries.

She revealed that the main avenue of support to Caribbean firms and entrepreneurs has been the Direct Grant Assistance Schemes, which she revealed, over the past eight years,have provided 8.4 million Euros of assistance.

Ambassador Tramacere used the opportunity to congratulate the local firms that have benefited from the scheme, and were awarded 62 grant contracts totalling EUR 992 000 during the period.

She told those in attendance that for the future, Caribbean Export endeavours to improve the effectiveness and efficiency of the Direct Assistance Grant Scheme.

“However, greater attention will also be paid to attracting foreign direct investment by implementing the draft Regional Investment Promotion Strategy, and enhancing the ability of Caribbean micro, small and medium enterprises to access non-traditional forms of financing.

Addressing the view that more needs to be done to reap the benefits from the EPA, she suggested that key challenges include raising awareness and educating the private sector that they need to assume ownership of the agreement, by being aware of its benefits.

“It is only through such ownership that they will be able to exploit the increased trading opportunities available.

She noted that the new Regional Private Sector Development programme, which was officially signed yesterday, was designed to address the increasing demands for private sector led growth.

“Therefore, greater emphasis is expected to be placed on such initiatives as green energy and e-Commerce. In addition, a greater effort will be made to integrate enterprises globally, boost competitiveness, improve the business climate and attract more foreign investment.

“Let us face it, when all is said and done, it is private enterprises that create jobs and growth. Therefore, this new RPSD programme places even more emphasis on the development of the EPA,” she said. (JH)