Small Business of the Year Award was presented to Michael Hinds (right) of Terasu Inc. He also received the Excellence in Entrepreneurship Prize from Richard Mark of R L Mark & Company Ltd.
Fair share
MINISTER of Small Business, Entrepreneurship and Commerce Dwight Sutherland has given the assurance that 20-25 per cent of Government’s procurement will be allocated to Small and Medium Enterprises on the island.
His comments came during the Small Business Association (SBA) Awards ceremony held at the Savannah Hotel on Saturday night in response to outgoing SBA president Dean Straker, who queried government’s position on procurement.
According to Straker, “The last administration promised 40 per cent but that never materialised. We need to know what will be this government’s policy on procurement of the SMEs. Government is a major procurer of goods and services within the economy and therefore it presents an opportunity for SMEs to capture markets.
Saying that this decision was included in the Barbados Labour Party’s manifesto, the Minister assured that this is the type of decisive action being taken by government.
Minister Sutherland, while lauding the work of the SBA, stressed that Barbados’ success does not only rest on the shoulders of government and the public sector, but to a greater degree, it relies on the output and efficiency of the private sector, which he described as the engine of growth in any modern economy.
He noted that Government has developed innovative strategies that would allow entrepreneurs to take advantage of the opportunities along the Global value Chain.
These include the establishment of the Trust Loan Fund which is counterbalanced by the proposed establishment of a Financial Literacy Bureau.
“The short term objective of these mechanisms is to create a framework that will maximise the income earning potential of individuals accessing these facilities, with a medium to long term view of having a successful entrepreneur in every household.”
He said it is undeniable that in order to achieve sustained economic recovery, SMEs must play the leading role. “Our focus must be on building and promoting an all-inclusive framework that drives sustainable industrialisation, fosters innovation, expands employment, provides income to both high and low skilled people and addresses societal needs... I implore you, now is the time for all hands on deck.” (JH)