Wednesday July 21, 2010

The Overseas Countries and Territories (OCTs) regional project is expected to strengthen the Small and Medium Enterprises (SME’s) sector within the region.

This was expressed by Assistant Secretary in the Premier’s Office, Mrs. Elvia Smith-Maduro as she presented an overview of the project at a recently held two-day workshop in the Territory. Participants from both British and Dutch OCTs gathered at the Treasure Isle Hotel last Thursday and Friday to develop strategies to be implemented under the project.

She said, “The overall objective of the programme is to support the development of the small and medium enterprises of the British and Dutch OCT’s and to reduce social, economic and environmental vulnerabilities through enhanced cooperation and competitiveness within the region.”

The Assistant Secretary also explained that the project is geared towards developing the capacity of SMEs on the macro, meso and micro levels. As it pertains to the macro level, the programme should help in the development of trade policies and legislation to facilitate the operation of SMEs, and to provide a framework in which they can conduct business.

On the meso level, interventions will be geared towards training personnel in Trade Departments, Small Business Bureau, Chamber of Commerce and otherintermediaries.

The micro level will deal specifically with assisting businesses through training, marketing and other business development interventions.

At the workshop, facilitators Messrs. Mathew Moran and Ian Lomas, presented their findings on the needs of SMEs in the British and Dutch OCT’s. Improvements in marketing, customer service, information technology training, pricing, cash management, business plan writing and the management of accounts were among the identified needs of SME’s in the Territory.

Financial Secretary, Mr. Neil Smith, who is the Deputy Regional Authorising Officer (DRAO) for the Caribbean members of the Association of Overseas Countries and Territories (OCTA) stated in his opening remarks: “As the DRAO, I have but one objective, that is to ensure that the money made available to us by the European Commission is utilised in the most efficient and effective manner possible, and that the people that it is meant to help are helped.”

He continued, “Let us focus on one goal which is the improvement of the standard of living in the Caribbean region. With that as the common objective, we will come to a solution that facilitates the swift and efficient implementation of this programme.”

The €15 million (over $20 million) project is sponsored by the 10th European Development Fund (EDF), through the European Commission.

The next phase of the project involves the completion of an action fiche which defines the interventions to be implemented under the project, the implementation modality and the management structure for the project.

The Virgin Islands is one of 17 members of the Association of Overseas Countries and Territories (OCTA) established in 2003. OCTA is designed to provide a forum for strengthening dialogue and cooperation between OCT’s and the European Union (EU) and improve OCT’s administrative capacity to interact with the EU on an operational level. The body is also designed to help promote and coordinate training and technical assistance in order to enhance and develop OCT capacity to interact with the EU.