St. Kitts – Nevis Develops Small Business Policy

Basseterre, Saint Kitts – Nevis
April 15, 2008 (CUOPM)

Legislation to govern the implementation of a Small Business Policy to encourage the emergence of a lively entrepreneurial spirit and an active small business sector, is being prepared.

According to the Ministry of Industry, Commerce and Consumer Affairs, the Small Business Policy has been developed in partnership with wide stakeholder participation.

Legislation to govern the implementation of the Policy has also been prepared as the Ministry continues to explore other possibilities to expand its assistance to micro and small indigenous businesses.

This assistance is to be provided by The National Entrepreneurial Development Division (NEDD), a division strategically placed within this Ministry to implement Government’s commitment on micro and small business development.

The National Entrepreneurial Development Division (NEDD) is responsible for the fostering of entrepreneurial development by providing technical assistance to potential entrepreneurs. The NEDD will creatively assists clients from the point of an idea, to the development and running a successful micro or small business.

The primary objectives are to be an economic development tool designed to accelerate the growth and success of entrepreneurial businesses through an array of business support resources and services; to produce successful firms that transform into financially viable freestanding enterprises; to develop a supportive and stimulating environment for the micro and small entrepreneur.

NEDD will also provide common interlinked business services; be the flagship institution generating entrepreneurial knowledge and informing entrepreneurship policy and produce an entrepreneurial class capable of competing in the global market.

The Price Control Unit of the Ministry is charged with the responsibility of ensuring the stability of basic commodities. As a guide to maintaining the stability of controlled commodities the Ministry will involve the support of the Consumer Affairs Bureau.

The Ministry is about to embark on establishing a new area in the Industrial sector, with the establishment of the Conaree Industrial Park. This new location will provide space for a variety of businesses in addition to the C.A. Paul Southwell Industrial Park.

The Ministry’s strategies are focused on the development of our nation through the strengthening all sectors within the Federation, including the manufacturing sector. It is our view, that an investment in St. Kitts and Nevis is an investment in the development of our people.

The Ministry of Industry, Commerce and Consumer Affairs seeks to promote the factors, which will facilitate the expansion and development of opportunities to assist small and micro businesses. The Ministry is responsible for providing assistance, training and guidance to potential, emerging and existing small entrepreneurs to start and successfully operate their businesses.

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