The Inter-American Development Bank (IDB) and the Bahamas Chamber of Commerce (BCOC) officially signed an agreement for the establishment of a Small and Medium Enterprises Support Unit (SMESU).
The support unit will provide help to the private sector, including small- and medium-sized businesses. The move follows the signing by the Bahamas of the Economic Partnership Agreement and its ongoing efforts to become a member of the World Trade Organisation.
The SMESU will be jointly funded by the Inter-American Development Bank and the Bahamas Chamber of Commerce. Its primary objective will be to provide technical support for private sector participation in international trade negotiations. The SMESU will also be responsible for data collection, dissemination of information and conducting research and analysis of issues affecting small- and medium-sized businesses, which comprise approximately 90% of the registered businesses in the Bahamas.
The unit is being seen as crucial for future international trade relations - before the EPA in December the Bahamas was somewhat detached in international trade, having never participated in such an agreement.
Oscar Spencer, who signed on behalf of the IDB, spoke after the agreement was signed:
“Providing support for private sector development is an important plank of our country strategy for the Bahamas, and our participation in this project gives us the opportunity to help the very important small- and medium-sized enterprises in their preparations for the introduction of new international trading arrangements.”
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