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Business sector crucial

Feb 20, 2009 News

– says Trade Minister

Minister of Tourism, Industry and Commerce, Manniram Prashad, recently noted the importance of the small business sector.
He said that Small and Medium Enterprises (SMEs) have been contributing significantly to the economic development of Guyana, especially in terms of job creation.
According to Minister Prashad, SMEs are perceived as the economic force of nations and, as such, must be able to provide high quality products and services to access regional and international markets.
The Minister noted that research has shown that small businesses are an effective vehicle for the development of the national economy which contributes to the reduction of poverty.
In addition, he said, it is estimated that about 90 per cent of the world’s businesses are small to medium-sized.
“In Guyana, small businesses represent about three-quarters of the total business activities and make a substantial contribution to the generation of employment and income.
“There is no doubt that SMEs are critical for the success of Guyana.”
Minister Prashad also stated that this sector is seen as having the potential for creating economic linkages; reducing foreign currency expenditure; utilising local raw material inputs; and enhancing economic and social conditions generally.
“These enterprises are further perceived to be flexible, able to respond rapidly to the market, innovative and key sources of employment for women and youths.”

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