CASTRIES, St. Lucia, CMC – The Caribbean Development Bank (CDB) supports two hundred Saint Lucian entrepreneurs in Micro, Small, and Medium Enterprises (MSMEs) to receive training in packaging and labeling standards for export.
The 18-month project, which will be conducted in collaboration with the St. Lucia Bureau of Standards and the Ministry of Commerce, Manufacturing, Business Development, Cooperatives, and Consumer Affairs, will not only build local export capacity but also lead to job creation and increased earnings for small and medium-sized businesses.
Senior Operations Officer at the CDB Michael Thomas said the Bank recognizes that MSMEs make vital contributions to the St. Lucian economy through employment and income generation, adding that “this impact complements government’s efforts to improve livelihoods and alleviate poverty.”
The Bank has provided USD100,000 for the new project entitled “Enhancing the Capacity of Participating MSMEs in Saint Lucia to Improve Their Packaging and Labelling Design to Target New Markets.”
The participants will learn how to package and label their products with specific metric declarations, a listing of ingredients, batch numbers, best-before dates, and contact information.
A statement from the Bank said, “Through these capacity-building efforts, small businesses will have the opportunity to explore new markets for export once capable of meeting the standards for entry.
“These improvements will also complement ongoing work to address other challenges within the sector which limit export potential all mandatory for trade,” the statement said.
Speaking to business owners at the launch of the project, Permanent Secretary in the Ministry of Commerce, Manufacturing, Business Development, Cooperatives and Consumer Affairs, Saint Lucia, Mrs. Sophia Alfay-Henry, said some local MSMEs have great products with export market potential but struggle to meet the requirements of the export market.
“This is an opportunity to boost revenue, to become more resourceful and progressive in business ventures, and to focus on developing your businesses and embracing new opportunities to contribute to sustained livelihoods ultimately,” she told the entrepreneurs.
Director of the St. Lucia Bureau of Standards (SLBS) Verne Emmanuel, said Saint Lucia recognizes the critical role of standards in facilitating economic development, adding that once the project is completed, local entrepreneurs “will see increased market acceptance of Saint Lucian products which conform to international standards.”
The Bank has also provided a 10 million Eastern Caribbean Dollar Line of Credit for the Government of Saint Lucia to finance the implementation of a Loan/Grant Programme to assist MSMEs in accessing finance for working capital to address some of the challenges caused by the Coronavirus.
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