NEDD to create entrepreneurial spirit in Federation
By VonDez Phipps
Reporter-SKNVibes.com
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Her Excellency Ambassador Roslyn Hazelle
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BASSETERRE, St. Kitts – ONE of the major budgetary mechanisms resulting from the Ministry of Finance’s press conference held on December 8 was the need to establish a National Enterprise Development Division (NEDD) to coordinate support for the development of small and medium-sized businesses in the Federation.
Permanent Secretary in the Ministry of Finance, International Trade and Commerce, Her Excellency Ambassador Roslyn Hazelle said the Ministry has been working to put together the structures for the NEDD to be established in January 2009. She explained that in 2003 the Chamber of Industry and Commerce (CIC) with funding from the International Labour Organization (ILO) put in place a draft policy to assess governance structure for the operation of small and medium-sized businesses. She added that the Chamber subsequently turned over the groundwork of the project to the government which has in turn implemented a national committee within the past year.
Ambassador Hazelle noted that the committee is made up of government officials, local business persons not represented by the CIC, and representatives from St. Kitts-Nevis Development Bank and Eastern Caribbean Central Bank. She added that the committee has been able to take the original document and work it so that the body can have a good working document for the national policy and legislation. ~~Adz:Right~~
“Over the last two years, the Chamber of Industry and Commerce and the Ministry of Finance, through instructions from Cabinet, have been working to encourage new and emerging small businesses by offering them incentives in terms of equipment to get them started. What we have is a structure that would help persons to discuss their ideas with an officer, and receive information and recommendations to guide their decisions in the early stages of the business.
“We would help to show you what the necessary steps for your business are. We will also have forms available in the office and we will help you complete those forms. We will be providing assistance in helping to formulate business plans. We are not doing the work for them because the philosophy to NEDD is that individuals must take ownership of their projects and businesses from the word ‘go’.
“In the Department, we are also hoping to have a database where we can also provide information on niche markets and expose you to the availability of different choices and different varieties of businesses. This would also take into consideration goods and services that can assist in promoting and bringing a better experience to our visitors. We want to be able to promote such ideas as well.”
The Permanent Secretary said the implementation of NEDD will require strong partnership with other departments and mentioned that the committee is already at an advantage since the Bureau of Standards is a part of the Ministry. She stated that through this medium, products can be tested and labelled properly to meet regional standards.
Hazelle underscored that the Department will not be a lending institution but will have in place an MOU starting with the Development Bank. She noted that in the “far-reaching approach” entrepreneurs would be properly packaged and prepared to get financial assistance.
“It brings us back to the government’s thrust to develop an entrepreneurial spirit in the nation. We are looking at fostering the development of small businesses and are currently trying to partner with the Government of Mexico to develop entrepreneurship in our high schools and college. We are encouraging you to venture into viable entrepreneurship in order to create employment for yourself and others.”
