Most Read Contributor in Cayman Islands, September 2016
The Department of Commerce and Investment (DCI) recently hosted
a meeting for an EU programme that's intended to strengthen
Caribbean OCT governments' abilities to service their
countries' business sectors.
COSME, which stands for Caribbean OCTs Small and Medium
Enterprises, was hosted on Tuesday, 4 November, at the Westin
Casuarina Resort. DCI Director Ryan Rajkumarsingh said the
programme's overall objective is to contribute to the
sustainable and climate-resistant economic diversification and
prosperity of the Caribbean OCTs, by improving the competitiveness
of their small and medium enterprises.
COSME steering committee members from the 12 Caribbean Overseas
Countries and Territories – Cayman, Anguilla, BVI,
Montserrat, Turks and Caicos, Aruba, Bonaire, Curacao, Saba, St
Eustatius, St Maarten, and St Barthelemy – attended the
meeting in Cayman, which built on progress made in early October
during a meeting held in St Maarten.
Prior to both meetings, the OCTs prepared proposals intended to
strengthen the policy, legislative, and administrative frameworks
for small and medium business, across all 12 countries. The
steering committee's task during the Cayman meeting was to
review the proposals, and to select and recommend to the EU those
they believed should be funded.
Mr Rajkumarsingh noted that US$15 Million in funding has been
earmarked by the EU for COSME.
The Cayman meeting was opened by Councillor Roy McTaggart, in
the Ministry of Financial Services and Commerce. He noted that to
successfully accomplish their task, committee members would
'need the patience of Job, the inclusiveness of the apostle
Paul and the wisdom of Solomon – because ultimately, you are
not just reviewing numbers and words on an application.
'Your decisions today will no doubt influence lives in the
future, perhaps for generations to come, because each proposal that
you will review represents a dream, a quest, to do better
economically', he said.
He encouraged the committee members to 'think big, for the
greater good', because every small- and medium-sized enterprise
forms the backbone of their countries' economies.
'By developing policy, legislative and administrative
approaches that are implementable across our borders, we knit
together a much stronger SME infrastructure for us all',
Councillor McTaggart said.
After deliberations and agreement by the committee members, the
COSME consultants will now take the approved projects to the EU for
final approval and funding.
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