Barbadian Small Firms Warned To Gear Up For CSME

by Amanda Banks, Tax-News.com, London

15 August 2003

Members of the Barbados Small Business Association have been warned to review their businesses to determine their level of competitiveness in anticipation of the island joining the CSME (Caribbean Single Market and Economy).

Speaking at the monthly general meeting of the Barbados SBA, Leela Narinesingh, private sector liaison at the Barbados-based CSME Unit, told the gathering that firms must gear up for the potential changes that will come with greater trade liberalisation, and they must move to defend both domestic and export markets.

"Competition is the name of the game and whether you are ready will be determined if not by you, certainly by the forces of free trade," warned Narinesingh. "The CSME is therefore intended to be one of the pillars which will facilitate the creation of an economic environment, conducive to competitive production," she was quoted as saying by the Barbados Advocate.

Narinesingh identified more than 21 areas of the local market that firms from rival member states will have direct access to once the trade barriers come down. She recommended that domestic firms ensure that they have adequate capital provision in place to weather any potential storm as well as advising firms to review management structures and techniques and placing more emphasis on good customer service to retain a competitive edge.

“Further, I would advise that you seek to ensure that you have a place at the relevant discussion tables so that you can make a valuable contribution to further developments regarding the implementation of the CSME,” Narinesingh told the conference.

Recommended