Micro and Small Enterprises and Diversification

There is a commonly held hope in the potential of the small business sector and entrepreneurship to contribute substantially to national economic diversification, poverty alleviation and national wealth. Although popularly echoed from many government and international agency quarters, in Trinidad and Tobago and the Region, there continues to be an ambient dissatisfaction with the progress made to date to realise SME potential, while the dream of diversification of the national economy remains largely unfulfilled.

The Trinidad and Tobago Ministry of Labour, Small and Micro Enterprise Development’s Draft MSE (Micro and Small Enterprises) Development Policy 2014-2016 cites that “an estimated 25,000 registered businesses or 90% of all registered businesses in Trinidad and Tobago are recognised as micro or small”. Clearly a number of MSEs already exist in-country. It can be argued therefore, that MSE development efforts going forward may not need to emphasise encouraging new business formation, but rather to focus on expanding the capacity of existing MSEs such that they are able to contribute more sustainably and substantially to the national economy and long-standing economic diversification aspirations.

Read Full Article Here: Contact Magazine – Q3 2016