Minister Johnson: MSMEs are the foundation of the national economy

CIBC FirstCaribbean organized its ‘First in Business’ Seminar where 80 businesses took part.

Minister of Tourism & Economic Affairs Stuart Johnson commends CIBC FirstCaribbean for its First in Business seminar initiative and looks forward to additional seminars in the future for the country’s business sector.

CIBC FirstCaribbean pointed out in a statement that Micro, Small and Medium Enterprises (MSME) sector is one of the primary drivers of economic growth and employment in a country.

The majority of Sint Maarten businesses comprises of approximately 85 per cent MSMEs.

CIBC FirstCaribbean said that the reason for hosting the forum is the necessity to provide important information that can assist in facilitating an improvement in the performance and management of a business.

“MSMEs are generally acknowledged to make a meaningful contribution to the economic development of our country through performance in growth, income, employment generation and innovation.

“They are the foundation of the economy of our country, a key engine of growth, and must be on the ball where innovation and service are concerned as we are a service-based tourist economy.

“Local business organizations have to upgrade, enhance productivity where necessary, innovate and transform in order to continue to grow based on capacities and capabilities.

“The First in Business seminar can help local businesses deepen their capabilities and develop their innovative capacities improving quality and becoming a business of excellence,” Minister of Tourism & Economic Affairs Stuart Johnson said on Thursday.

The First in Business seminar provided business attendees with the opportunity to network and gain expertise in Law, Finance, Insurance and Accounting.

MSMEs have the potential to make a long-lasting positive impact on global development needs, as the engine for economic growth and job creation, which is estimated to account for two out of three net new jobs created worldwide