TERRITORY TO HOST WORKSHOP FOR OCT REGIONAL PROJECT

Monday July 12, 2010

A workshop for the Overseas Countries and Territories (OCT’s) regional project to strengthen the development of small and medium enterprises (SME’s) will take place in the Territory this week.

Participants from both British and Dutch OCT’s will meet in the Virgin Islands at the Treasure Isle Hotel Conference Room for the workshop which is scheduled for July 15 - 16, to develop strategies to be implemented under the project.

The Territory is charged with hosting the workshop due to its role as the Deputy Regional Authorising Officer for the Caribbean members of the Association of Overseas Countries and Territories (OCTA). This function is carried out by Financial Secretary Mr. Neil Smith.
The main objective of the project is to reduce social, economic and environmental vulnerabilities through enhanced cooperation and competitiveness within the region.

The aim is to strengthen the capacity of SME Intermediaries in the British and Dutch OCTs, to manage and effectively implement strategies and mechanisms to develop linkages within the OCT sub-region, and to increase participation and integration in the wider Caribbean. Another goal of the programme is to create synergies with regional SME agencies and is tailored to respond to specific sub-regional OCT needs.

Progress is ongoing with the programme. The project identification fiche has been approved and a design/feasibility study to analyse the underlying problems of the SME development is being further developed. The study is expected to define a coherent strategic approach and reveal best implementation modalities.

The €15 million (over $20 million) project is being sponsored by the 10th European Development Fund (EDF). The two-day workshop will be facilitated by consultants Messrs. Mathew Moran and Ian Lomas, who are gathering information for the development of the action fiche.

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 the strengthening of dialogue and cooperation between OCT’s and the European Union (EU), the improvement of OCT’s administrative capacity to interact with the EU on an operational level, and the promotion and coordination of training and technical assistance to enhance and develop OCT capacity to interact with the EU.