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.