Gov’t aims to table MSME policy discussion paper by next month
THE Government plans to table a green paper on micro small and medium enterprise (MSME) and entrepreneurial policy as early as next month.
The administration is currently in the final stage of consultations with MSME stakeholders on the draft policy, according to State Minister for Industry, Investment and Commerce, Sharon Ffolkes-Abrahams.
“Under Vision 2030, the goal is to enhance the role played by small firms in building the economy, developing their capabilities and improving the channels through which they participate in economic activities,” she said during her speech at the University of the West Indies (UWI) Department of Management Studies' research symposium earlier today.
“Development of a national Micro, Small and Medium Enterprise and Entrepreneurial Policy is, therefore, a key strategy move by the government to address the challenges faced by MSMEs. The Government will continue working to improve the environment for small businesses,” she added.
Some of the key challenges facing the sector include: Limited access to finance and the ability to use property as collateral; expensive and time consuming regulatory requirements, such as licensing and registration; and tax structures that “distort incentives and discriminate against small firms”.