In a significant move to bolster the micro, small, and medium-sized enterprise (MSME) sector, the Caribbean Development Bank (CDB) has announced a strategic partnership with the Cayman Islands Centre for Business Development (CICBD). The initiative, backed by a substantial grant of nearly US$80,000, is designed to fortify the business support ecosystem, encourage inclusive economic participation, and stimulate sustained economic growth in the Cayman Islands. Premier and Minister for Financial Services and Commerce, André M Ebanks, lauded the collaboration, emphasizing its alignment with the government’s vision for a more vibrant and dynamic business environment. He highlighted the initiative’s focus on reducing barriers, enhancing access to financing, and building resilience among Caymanian entrepreneurs, ensuring that MSMEs remain pivotal in job creation, innovation, and economic diversification. The CDB’s new policy framework will prioritize empowering women, youth, and entrepreneurs in non-traditional industries, while also boosting business confidence and investment. It aims to foster ongoing dialogue between policymakers and the private sector, ensuring that entrepreneurial voices are integral to national development strategies. Lisa Harding, Division Chief of Private Sector at the CDB, underscored the initiative’s alignment with the bank’s broader strategy to enhance competitiveness, build resilience among MSMEs, and contribute to sustainable national development. The project is also expected to yield critical insights into the role of MSMEs in GDP, employment, and revenue generation, while strengthening the government’s ability to formulate investment-friendly policies and improve service delivery by business support organizations. Additionally, the policy development process will leverage regional expertise and technical resources to conduct a thorough assessment of the MSME landscape, identify key challenges, explore growth opportunities, and provide actionable recommendations to create a more conducive environment for small businesses to thrive.
分类： business
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PM Drew calls for stronger Africa-Caribbean Trade
In a significant push to bolster economic and educational ties, Prime Minister Dr. Terrance Drew of St. Kitts and Nevis has called for stronger trade relations between Africa and the Caribbean. Speaking at the African Continental Free Trade Area (AfCFTA) Trade and Investment Conference in Algiers, Algeria, Dr. Drew emphasized the need to bridge the gap between the two regions, which currently accounts for a mere one to three percent of total trade. He described this as a ‘Transatlantic Bridge of Hope,’ aiming to reconnect the Caribbean and Africa for mutual benefit. Dr. Drew highlighted key sectors such as technology, agriculture, and renewable energy as potential areas for investment and collaboration. He also underscored the importance of educational partnerships, citing initiatives with universities in Tanzania, Kenya, and Ghana. Despite challenges like limited air connectivity, Dr. Drew expressed optimism about growth opportunities in tourism and the creative industry. The Afreximbank is playing a pivotal role in supporting these efforts, providing economic opportunities for investment and growth between the two regions.
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System for design: a road travelled and still to be travelled
The Cubaindustria 2024 event, currently underway, features a dedicated Design Forum focusing on the recently approved industrial design policy, its environmental implications, and its alignment with the circular economy. This forum highlights the progressive economic transformations in Cuba, which have paved the way for new opportunities and challenges in the design sector. The cornerstone of these advancements is Decree 88, approved by the Council of Ministers in 2023, which established the National System for Industrial Design and Visual Communication.
Gisela Herrero García, Director of the National Design Office (ONDI), emphasized the historical significance of this development. ‘We were pioneers in creating an office that itself represents the first public policy in design. Thanks to Fidel Castro’s vision, an organization was established in 1980 to evaluate, develop, train, and promote design. This was a bold initiative,’ she remarked. The journey to this milestone included the creation of the Evaluation System and the Registry of Designers, culminating in nearly 45 years of dedicated effort.
The newly approved policy and system are the result of collaborative efforts involving professionals from various disciplines. Given its dynamic nature, the system requires continuous updates to adapt to evolving technologies and methodologies. ‘The National System is a work in progress, constantly reinventing itself. As disciplines evolve and new technologies emerge, designers must be equipped with the tools to address contextual challenges,’ Herrero García added.
Although the design policy is relatively new within the industry sector, it has a cross-cutting influence on other areas such as industrial development, automation, maintenance, recycling, and packaging. This integration, according to Herrero García, strengthens the national economy. ‘Design must serve the economy. It’s crucial to position design as an investment rather than a cost, ensuring it adds value to processes and outcomes,’ she explained.
The policy’s implementation has already yielded tangible results, including enhanced partnerships with various entities and a deeper understanding of the strategic importance of design evaluation. For instance, the Cuban Apiculture Enterprise (Apicuba) underwent significant transformations following an evaluation, leading to improved product quality and organizational efficiency. ‘Even small improvements can have a profound impact, enhancing both the product and the organization’s strategic management,’ Herrero García noted.
Looking ahead, the priorities for the design sector are extensive, ranging from introducing design concepts at an early age to creating solutions for the elderly. ‘Design and communication must be recognized as key drivers of company development,’ Herrero García stressed. The systemic approach to design emphasizes collaboration and process-oriented thinking, ensuring that design continues to play a pivotal role in Cuba’s economic resilience.
Herrero García concluded, ‘Without political will, we wouldn’t have reached this point. The design policy is a strategic tool for training and development, and with a systemic approach, it will continue to enhance our economy.’