On Wednesday, June 13th, 2023 The government of Saint Lucia and the Republic of China Taiwan signed an MOU for the capacity-building project for the community business revitalization in Saint Lucia.
The project serves to aid in the growth of Micro, Small and Medium Enterprises in the communities of Castries, Dennery, Soufriere and Laborie.
Minister for Commerce, Manufacturing, Business Development, Cooperatives and Consumer Affairs Hon. Emma Hippolyte says the era of quick fixes and short-term gains has ended as this project will aid in promoting the growth of MSMEs.
“The era for quick fix and short-term gains has ended. The group of businesses and communities must be structured and mindful of all stakeholders, including global and local communities, economies and the environment. In other words, growth must be sustainable, and this project will assist in that regard.” she said.
She says small businesses are the growth engines of Saint Lucia thus the government will continue to promote the revitalization of MSMEs.
“Our MSMEs face many challenges, which were magnified during the Covid era. These challenges include limited access to finance, high unit cost of production, marketing and other development constraints. Our MSMEs are the economic growth engines in St. Lucia, and as a result, my government shall continue to promote the revitalization of MSMEs.” she added.
The budget for the project has been estimated at USD one million eighty-five thousand three hundred and forty-seven dollars ($1,085,347.00)
The Taiwan CDF is expected to make a contribution of USD eight hundred and thirty-five thousand three hundred and forty-seven dollars. ($835,347.00)
The government of Saint Lucia will provide Human Resources, facilities, and other necessities for the project equivalent to USD two hundred and fifty thousand dollars ($250,000).
Photo: kreolmagazine.com
