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Bahamas Small Business Support Unit Created,
by Amanda Banks, Tax-News.com, London
Tuesday, December 02, 2008
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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