Small-and medium-sized enterprises (SMEs) are central players in the dynamics of international economies.
According to the Caribbean Export Development Agency (Caribbean Export), these bodies “are increasingly gaining prominence as significant engines of innovation and employment generation, typically contributing to about 90 per cent of the Gross Domestic Product, outside of government”.
The Barbados-based agency referred to Caribbean Community (CARICOM) information showing that SMEs account for more than 70 per cent of employment in the Caribbean, saying that “as such, SME development has emerged as a key instrument in regional poverty reduction efforts”.
“Globalisation and trade liberalisation have ushered in new opportunities, as well as challenges, for SMEs. Therefore, enhancing the environment within which SMEs interact with the economy is central to stimulating continuous growth and development. Consequently, it is critical to strengthen the human and institutional capacities of these firms in order to take advantage of trade and investment opportunities,” Caribbean Export said.
“The primary assets of any firm, especially SMEs, are their human capital. These assets are even more valuable in the knowledge-based economy, where intangible services and variables are of growing importance.
“As such, augmenting the capacity of SMEs, through a focus on human capital, will not only improve the skills of the overall population but also stimulate continuous innovation within firms and, ultimately, drive economic growth.”
Caribbean Export said it recognised the challenges that SMEs in the Caribbean faced and had “set about to undertake a series of programming in regional private sector development, which seeks to ultimately integrate Caribbean firms into the world economy”.
This included providing SMEs in “select industries” with “the training and certification, which the enterprises need to expand their markets, diversify their exports, and enhance their product or service offering”.
The agency explained that this training “is delivered with a view to develop private sector capabilities in a range of areas pursuant to intra-CARIFORUM and CARIFORUM-EU trade in goods and services”. (PR/SC)
