Economic Diversification through Private Sector Development

30.NOV.07

Business Rendezvous for November 2007

The private sector here in St. Vincent and the Grenadines stands to benefit significantly from the Business Gateway component of SFA 2004 under the Economic Diversification through Private Sector Development programme of the European Commission.{{more}}

The Business Gateway Project is a joint effort of the government of this country and the European Commission and executed by the Centre for Enterprise Development Inc., the major Business Development Service Provider in this country. The overall objective of the project is to create a sustainable enabling environment which will provide opportunities for the private sector to increase investment and enhance its capacity for economic competitiveness.

The objectives of the project are:

1. The establishment of a Business Gateway for private sector development and support, including the provision of Business Incubator services

2. The improvement in the quality of the business environment and services currently available to businesses operating here in St. Vincent and the Grenadines.

3. The development of a comprehensive information system for business development

So what does this mean for St. Vincent and the Grenadines?

1. New as well as existing businesses can benefit from direct support under the Business Gateway. This will include

a. Start-up support and sustained support such as

i. Training

ii. Counselling and Advice

iii. Feasibility studies

iv. Business Planning

v. Help in accessing finance

vi. Continuous monitoring and mentoring

vii. Assistance with marketing

l Product development

l Improvement in meeting standards requirement for local, regional and international markets

l Nutritional analysis

viii. Accounting Services

ix. Assistance in establishing networks at the local and international level

2. Through the Business Gateway, local institutions that provide Business Development Services (BDS) will have the opportunity to build their capacity to deliver more effective services to the private sector.

3. The country will experience improvement in the overall quality of the business environment and more specifically in the services that are available to businesses.

4. There will be more income generating opportunities.

5. Greater emphasis being placed on the development of new enterprises and in particular the development of creative and cultural industries.

6. Improved competitiveness of businesses locally, regionally and internationally.

7. Emphasis on Youth Entrepreneurship to develop the next generation of entrepreneurs and building a culture of enterprise.

8. Opportunities for local consultants to further develop their skills to provide technical assistance to businesses through services that would be outsourced by the Business Gateway

Who can benefit

l All entrepreneurs/businesses

l Owned by young people

l Starting-up

l Existing and want to expand

l Business Development Service Providers and support institutions

l Business/Trade Associations – must be functioning and registered

The Business Gateway Project will operate on a demand driven basis. Businesses operating here and persons interested in starting new businesses are encouraged to approach the Business Gateway to discuss their particular interest. Technical assistance will be available for business development and training.

For more information contact us the address below.

Submitted by the Centre for Enterprise Development Inc. (CED), a non-profit company that provides business development services to the local private sector. We are located on the 1st Floor, Methodist Building, Granby Street. Kingstown. Telephone 784-451-2235/6. Email cedsvg@vincysurf.com or cedsvg@hotmail.com. ‘’Developing the Local Economy One Business at a Time”