Small businesses can successfully grow and develop but stakeholders must work together to achieve this, president of the Trinidad and Tobago Chamber of Industry and Commerce Moonilal Lalchan has said.
Speaking at the Trinidad and Tobago Chamber of Industry and Commerce Nova Committee’s Innovation in Business Conference at the Hyatt Regency (Trinidad), Port of Spain on Wednesday, Lalchan said: “SMEs (Small, Medium-sized Enterprises) are at the core of our innovation and job creation. For capacity to support their efforts to grow and remain competitive we must look at how organisations and how our government administration can help to provide our SMEs with what they need; that is more business friendly environment, less red tape, better and varied access to finance and fewer obstacles to cross border activity.”
“It is only by working together—private sector and public sector—big businesses and small businesses, national and multinational organisations, that we can achieve success,” he said.
Quoting the draft SME policy for Trinidad and Tobago, Lalchan said, SMEs are estimated to contribute nearly 28 per cent of GDP, they represent more than 20,000 enterprises, employ more than 200,000 people and make up 85 per cent of all registered businesses.
“Given these statistics and understanding that SMEs are the highest potential growth and employer source world wide it was therefore vital that the Chamber place on our strategic agenda the development of the SME sector and lend our fullest support for the hosting of a conference dedicated to the enhancement knowledge and development,” he said.
He added that SMEs must take examples from the more experienced companies as it relates to technology, in order to survive in a technologically advanced world and should not think about success in business as an unattainable dream that can only be achieved in a foreign context.