ST. JOHN’S, Antigua, CMC – A senior official of the Barbados-based Caribbean Development Bank (CDB) Wednesday said that micro, small, and medium enterprises (MSME) must adapt to the global digital trends to remain relevant and competitive, a movement made ever so integral by the COVID-19 pandemic.
Addressing the launch of a project aimed at strengthening the private sector’s capacity to utilize the CARIFORUM-EU Economic Partnership Agreement (EPA) to increase competitiveness and maximize opportunities for global export, Cyril Gill said this project is particularly unique and timely in that it emphasizes establishing a digitally integrated framework through which businesses can establish an online presence for the promotion and sale of their products.
Gill, who is the project manager of the EPA and CSME Standby Facility, said the project is the second initiative being financed for Antigua and Barbuda Barbuda under the 11th European Development Fund (EDF) through the EPA and the CARICOM Single Market Economy (CSME) facility.
“CDB is pleased to manage this facility on behalf of the EU as it provides critical support to all member countries of the Caribbean Forum (CARIFORUM) market in their endeavor to grow trade, deepen integration and economic involvement beyond the boundaries of our region,” Gill said.
He said with Antigua and Barbuda gearing up to host the Fourth International Conference on Small Island Developing States next year. It was essential to reflect on the importance of partnerships towards realizing the various indicative sustainable development targets in each CDB’s Borrowing Member Country.
He said while the future of the region’s sustainable development pathway lies within its grasp, “four truths” must always be followed.
“Firstly, a nation’s economic viability is not detached from the sustainability of its most minor business player; a firm’s sustainability is not separate from safeguarding the livelihood and well-being of its employees; people, particularly the poor and vulnerable, are not different from international commerce and regional development is not separate from the need for cooperation of individual members states working to ensure the resilience of its people, its businesses, its economic space. “
Gill said he was saying so to make the point that strong institutions and partnerships are essential to fostering collective solutions to our development hurdles.
“This project, like the 26 others approved for implementation under the Standby Facility, embodies the type of partnerships needed to help economies move pace with the dynamic world economy.
“None of this would have been possible without the CDB’s partnership with the EU. In addition to the EU’s support and given the high priority of this project, CDB has leveraged its resources from the Caribbean Technological Consultancy Services (CTCS) Network to expand the impact of this project further.”
He said together, “We are creating the space to ensure that impoverished communities are not left behind in any transformative agenda, that small businesses and entrepreneurs are provided with the requisite tools and enabling environment allowing them to pivot and rechart course as needed in the dynamic international economy.
“We are providing opportunities for women and vulnerable groups to realize their maximum potential, empowering them to make a meaningful impact on regional trade. All this while contributing to harmonizing regional standards and bringing to light actions that needed to be implemented to reduce gender and income inequalities. “
But he said there is still much work to be done, adding, “Now that we have set the pace for trade expansion, we need to forge new ground to build upon these achievements to ensure sustainable solutions are locked in for future generations.
“With this in mind, one key area in which more collaboration is needed at the regional level is the area of Intellectual Property Asset development, but we can’t delay action until this becomes conventional wisdom if we don’t act boldly and decisively now, we may fail to progress at the ‘pace of change.’
“CDB, in its new vision and through its 2022-2024 strategic framework, places innovation and knowledge creation at the heart of regional development; and I dear proffer this as the principal way regional MSMEs may strengthen their resilience,” he added.
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