Buying, supporting, investing in local products and services will keep our monies circulating within our local economy and create greater opportunities for livelihoods and businesses to thrive. But what are the hindrances to and or opportunities in fully embracing the Love Saint Lucia Campaign? At its core, this campaign is geared at improving the economic growth of Saint Lucia at all levels in society.
Covid-19 has dealt a devastating blow to both the health and economic well-being of Saint Lucia, the region, and the rest of the world. This has called to mind the importance health and wellness plays in sustaining national development and economic growth.
The Ministry of Agriculture coordinated a discussion on “How should agriculture be re-positioned to fill more space in Saint Lucia’s economic basket?” The main components highlighted are food and nutrition security, diversification, trade and export, access to finance, land and a skilled labour force.
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The circular economy has great potential for boosting Saint Lucia’s economic growth and national development through the creation of sustainable jobs and innovative business ventures.
Converting trash to cash is a discussion that must translate to action to benefit individuals, communities, and the nation as a whole. It takes into consideration the land, people and the environment.
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In Saint Lucia, the average small business owner particularly young entrepreneurs do not own land and building. This, therefore, makes it increasingly problematic for business owners to qualify for loans from financial institutions, which has been a major challenge within the MSME sector. The Security Interest in Movable Assets legislation seeks to offer a solution to the lack of access to credit faced by the business sector.
The Secured Transactions reform project was conceptualized in order to create the enabling environment to increase credit for MSMEs. This new framework will allow the use of movable assets by firms to access financing to start new businesses or expand on their existing operations. The legislation will enable both borrowers and lenders to recognize movable assets as collateral thereby supporting credit financing with movable assets.
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Saint Lucia is characterized by a youthful population. This means that thousands of young persons are entering the labour force yearly. As such, job opportunities for young persons are very limited and this has resulted in a youth unemployment rate of 38.4% in 2016. The answer to this crisis lies within entrepreneurship. Young persons are usually creative in their ways of thinking and solving problems. As such, this creativity can be used to create business opportunities for themselves as well as creating jobs for other young persons.
In order to start and operate a business, funding is essential. Securing financing, however, in this tough economic climate can be challenging due to the high risk levels involved in starting and operating a business. More importantly, entrepreneurs are required to have collateral in order to borrow. This, while proving to be problematic for potential young entrepreneurs should not be a deterrent.
Many successful business owners have started their business from scratch with little funding. For example, British business man- Chris Dawson has shown that selling goods from a suitcase can lead to big things, founding The Range (homeware) in 1988. His chain of discount stores made £88 million profit in 2014. Entrepreneurs are usually creative in nature and can come up with innovative ways of funding their ventures.
Young entrepreneurs will have great business ideas but because of lack of capital are discouraged to execute the plan. It is important to note that if the business idea is not comprehensive and well thought out, no amount of money will turn it into a success. Therefore, if an entrepreneur has a business idea but may have little money, that should not be a constraint to starting the business. This may require long days with little sleep. However, those who want it bad enough will make it happen.
The following are some tips on how to start your business with little funds:
Tell everyone about the business. Inform everyone that you know about your business including friends, family, business contacts and past colleagues. Call, send emails, attend free networking sessions also make the business known on social media. Friends and family can help you spread the word, and past colleagues can introduce your company to their professional contacts as well. This type of grass roots marketing can introduce your business to a much larger audience.
Get ready to work hard. When you are starting a business with little to no capital, you must be prepared to dedicate everything that you have into making the business a success. This involves cold calling, handling customer support, dealing with billing and accounting and other parts of the business. You may have to wear many hearts in order to start off the business.
Look for strategic investors. Strategic investors are the best type of investors you could find for your business because their interests align with your start up. In assisting your business, there is some benefit to their business. For example, a hair dresser with a huge salon may give a nail technician some space to set up, either at a concessionary rate or free of charge. This is a way of marketing the hair salon to the clients of the nail technician and thus helping to expand the business.
Start at home. Bill Gates successfully started his business in his garage. Depending on the line of business, a great way to save money is to run your business in a location that will not require you to pay extra rent. It will not look glamorous but will help you to get the job done without spending extra money. In recent years, the Taiwanese government has been encouraging entrepreneurs to start businesses at home. This is a way of helping them decrease on their overheard costs which ensures the survival of the start-up business.
Start part- time. If you will need a steady income to meet your financial obligations, it is therefore advisable to start the business as a part time venture. Do not quit the job until the part time business has a steady flow of customers and profits.
Although it is true that generous funding, a team of investors, or family with deep pockets can make starting a business venture easier, not having money should not be a deterrent. If you are confident that you have a product or service people want, don’t allow the lack of money to dissuade you from your business goals. By pivoting, grinding it out, getting creative, and differentiating yourself, you can bootstrap your way to a successful business.
In February 2017, Compete Caribbean will launch Phase Two of its program in direct response to the region’s inability to harness private sector as an engine of growth, as it is facing declining productivity and limits to growth of firms.
The first phase of Compete Caribbean addressed the objective of fostering private sector development and increasing competitiveness through different activities, which included institutional strengthening, legal and regulatory reform, technical assistance to innovative firms and groups of firms, and knowledge production and dissemination.
Phase One also produced previously unavailable data about the private sector. The rationale for a second phase comes from the opportunity to build on the results and lessons learned from the first phase by: (i) focusing on specific issues that affect firm’s productivity, growth and employment diagnosed under the first phase; and (ii) building the capacity of indigenous institutions to replicate in a sustainable manner the methodologies developed under the first phase.
Private sector development still represents a major developmental challenge for the region and it is against this background that Compete Caribbean will embark on a follow up program which will focus on closing the gender gap among other fundamental solutions to the region’s challenges.
Click the below links to find out more:
gender-innovation-and-productivity-in-the-caribbean
nascent-entrepreneurs-in-caribbean-small-island-developing-states-opportunity-versus-necessity
Through the work of the NCPC, the Government of St. Lucia established the PROCOM Challenge. The Challenge, (grant-based) will be accepting applications from April 18th to May 27th, 2016 and is poised to be a catalyst that specifically co-finances the private sector to implement solutions or initiatives that either enhances productivity and competitiveness within the Saint Lucian economy.
During the 2014/ 2015 budget address the Government of Saint Lucia committed EC$500,000 towards this Challenge. Since then the NCPC, Compete Caribbean along with the Government collaborated on the design of the Challenge which will officially launch on Monday, April 18th, 2016. As part of the process, consultations were held with the private and public sectors on the areas that the Challenge should target.
PROCOM IN A NUTSHELL
The PROCOM Challenge will run from April 18th to May 27th, 2016.
Download PROCOM Challenge Manual, PROCOM Challenge Brochure to determine whether your business meets the eligibility requirements and whether the challenge can help you.
MSMEs are encouraged to visit the NCPC website and Facebook pages www.stluciancpc.org, www.facebook.com/stluciancpc for regular updates on the PROCOM challenge or call 468-5571/468-5576 with any questions/queries.
If you meet the requirements and have an innovative idea which you believe can improve competitiveness and productivity in Saint Lucia, complete the PROCOM Challenge Application Form and send us an e-mail.
OVERVIEW OF THE PROCOM CHALLENGE/GENERAL GUIDELINES
It was agreed, generally that projects focused on the following will be considered:
Guidelines on which the Challenge will operate include:
To access the Challenge applicants will need to demonstrate a level of commitment whether in cash or in kind. Capital accessed via the Challenge can be used for activities and items such as staff time costs, technical assistance, and capital goods required to design, pilot or implement a new service. The Challenge however cannot be used as working capital, as an investment on equipment not directly related or critical to the project or the purchase of real estate.
The establishment of the NCPC PROCOM Challenge is a large undertaking with the objective of enhancing both productivity and competitiveness in St. Lucia. The Challenge is one that will back positive ideas and innovation within the private sector, bringing with it a much needed productive impact on the country’s competitiveness climate.
Visit www.stluciancpc.org, www.facebook.com/stluciancpc or call 468-5571 or 468-5576 if you have any questions/queries reference the PROCOM Challenge.
The Eastern Caribbean Supreme Court, in collaboration with the Government of Saint Lucia through the National Competitiveness and Productivity Council hosted the Inauguration of the Commercial Division of the High Court at the Queen Elizabeth Port, La Place Carenage on Tuesday, January , 2016.
The establishment of the Commercial Division of the High Court was facilitated and coordinated by the National Competitiveness and Productivity Council (NCPC) on behalf of the Government of Saint Lucia. The NCPC together with the Ministry of Legal Affairs partnered with the Eastern Caribbean Supreme Court for the successful establishment of the Commercial Division.
(Please see full text of the feature address from Hon Kenny D Anthony, Prime Minister and Minister of Finance)
“DEALING WITH THE BUSINESS OF THE COURTS”
INTRODUCTION
Today marks an important occasion in our history as we all gather here for the official inauguration of the Commercial Division of the High Court. This has been a much anticipated event for this Government since the announcement for the establishment of a Commercial Division was made approximately three years ago. The dedication and commitment that was exhibited in order to bring this initiative about is commendable. This division would not have existed without key partnerships and stakeholders working together. I would therefore like to take a moment to acknowledge two of these key partnerships.
PARTNERSHIP WITH THE E.C.S.C.
First of all, I must thank the Eastern Caribbean Supreme Court (ECSC) for working with the Government of Saint Lucia to establish this Court. The ECSC was instrumental in providing the oversight, advice and direction for this initiative to ensure that the Commercial Division was established according to the standards that are expected across the region.
PARTNERSHIP WITH COMPETE CARIBBEAN
Secondly, I single out the partnership with Compete Caribbean. The Government has benefitted tremendously from its partnership with Compete Caribbean. Since 2012, after the signing of the grant agreement, Compete Caribbean has assisted the Government in the establishment of the National Competitiveness and Productivity Council (NCPC) with the mandate to enhance productivity and competitiveness. As part of that same technical assistance grant, it was agreed that the establishment of the Commercial Division would be coordinated through the newly formed NCPC on behalf of the Government of Saint Lucia.
Let me take the opportunity to thank Compete Caribbean for the continued support provided to Saint Lucia. I would also like to thank the hard working staff of the NCPC Secretariat.
From the partnership with Compete Caribbean, we had the support of a team of consultants led by Retired Justice Michael Gordon who lent invaluable assistance to the NCPC during the coordination of this project. Justice Gordon was instrumental in advising on the legal requirements to operationalize the Commercial Division of the High Court.
BENEFITS OF HAVING A COMMERCIAL DIVISION
Some have doubted the potential benefits of the commercial Division of the High Court. I wish to emphasize that every part of the legal system is important and the Government is committed to providing resources to the various components of the legal system within the context of its resource constraints. Having said this, there are several reasons and benefits of having a Commercial Division of the High Court.
It is expected that a specialised Commercial Division will ease the burden on the Civil Division of the High Court and will result in quicker resolutions to commercial disputes. Hopefully, this will improve the efficiency of the judicial system.
There are certainly other benefits of a specialised commercial division.
INCREASING COMPETITIVENESS
One is increasing competitiveness of Saint Lucia. I define competitiveness as the key set of factors, institutions and activities that enable a country to offer services and products to sustain itself among its competitors and to earn a high level of income. Therefore, to increase competitiveness it is essential to establish critical institutions to provide support services to businesses and other sectors of the economy. It is expected that the Commercial Division will provide an important service to the private sector by facilitating quick and effective resolutions of business disputes.
IMPORTANT TO ENTREPRENEURS
Secondly, the legal system is important to entrepreneurs. A Commercial Court is necessary to interpret the rules of the business environment and protecting the rights of businessmen and women. An efficient and transparent court system encourages new business relationships and expansion because businesses know that they can rely on the court for redress, should legal proceedings become unavoidable.
GREATER RESPECT FOR CONTRACTUAL OBLIGATIONS
Curiously, an unintended benefit of establishing this court may well be greater respect for contractual obligations among the citizens.
Thousands of contracts are entered into every day. Yet, there seems to be little understanding that contractual obligations are sacred. Ask any house owner about individual experiences with building contractors. A price is agreed upon to undertake a contract. When the time comes for payment, a the contractor may claim that he or she forgot to make allowances for all kinds of things and therefore requires compensation for thee unintended costs. Contractors invoke “fairness” as the original agreement is repudiated and disowned.
These experiences can be repeated in a whole range of transactions. This is not just a legal problem; it is also a cultural problem.
ENHANCING THE BUSINESS ENVIRONMENT
Overall, however, the establishment of this Court will enhance the business environment. The efficient operation of the Commercial Division of the Court speaks directly to the efficiency of the business environment and the enforcement of contractual obligations. As we all know, the efficient resolution of contractual and other commercial disputes is measured annually by the World Bank for incorporation in its Ease of Doing Business Report for 189 countries. For a number of years, this was one the worst performing indicators for Saint Lucia. Since the commissioning of the Commercial Division, we have seen improvement in this area.
INVESTOR CONFIDENCE
The operations of a Commercial Division can increase investor confidence and attract foreign direct investment and business opportunities into the country to stimulate economic growth and development.
While it may seem that the business and legal sectors are separate, a weak commercial judicial system undermines the confidence of investors. The establishment of Commercial Courts encourages investors to make greater use of domestic courts to resolve disputes. Investors are attracted to Courts that are fair, transparent, efficient, and timely in resolving disputes.
FINANCIAL INSTITUTIONS WILL GAIN CONFIDENCE
The recent global economic downturn, accompanied by high financial uncertainty, has reinforced the need to establish efficient processes for commercial dispute resolution and the recovery of losses. Additionally, financial institutions are less willing to lend to the private sector in the absence of an efficient legal system to settle commercial matters. This has the potential to limit the funding available for business expansion and their participation in international trade. It is hoped that the financial institutions will gain confidence in the system, and thus result in greater access to credit, leading to the establishment of new business ventures and new markets.
WHAT IS EXPECTED OF THE COMMERCIAL DIVISION?
In summary, I believe that this Court is expected to deliver the following:
CONSTANT EVALUTION
Finally, it is critical that we constantly evaluate what we have established or created. We may think that we have identified a solution to our problem, but it may not mean that the intended solution brings the results that we expect. All kinds of reasons can explain this. The design may have been flawed. Unanticipated consequences occur. Enough resources may not have been provided. Leadership may have been weak. Those who manage the system exploit loopholes in the design and operation of the initiative. All of these are possible reasons.
It is crucial that we constantly evaluate what we create to determine whether the intended benefits are being realized. For example, several years ago, we took the bold step to establish a Criminal Division of the High Court. We established new procedures for trials in criminal cases. But has this initiative really worked? Are we delivering verdicts in criminal matters efficiently and in full accordance with our laws and Constitution? What explains the high number of remand cases for which some of our partners criticise us? Are we allowing defence counsel in criminal cases to exploit loopholes or weaknesses in design to frustrate the efficiency of the court?
My point is that we must constantly evaluate our initiatives, to determine whether we get the promised benefits and value for money.
THE NEW PREMISES
Let me now conclude.
I am very happy to report and join the others by saying that this initiative has resulted in tremendous benefit not only for the Commercial Division but for the Civil Division as well. The Civil Division has a new home, alongside the Commercial Division. This is a good use of space, until such time as we construct a new Halls of Justice.
The fact that the two divisions are in the same location will bring about very important synergies and sharing of resources that can only lead to better efficiency in the courts.
ARRANGEMENT WITH SLASPA
I want also to take a moment to recognize SLASPA for making the space available and for agreeing to pay the costs of the retrofitting upfront on behalf of the Government, a cost that we must reimburse. However, this arrangement with SLASPA ensured that the project was done in an efficient and timely manner. We know that the Ministry of the Public Service’s engagement with SLASPA ensured that the new premises were up to the standards required.
CONCLUSION
In conclusion, I say hats off and congratulations to all the stakeholders involved (The Eastern Caribbean Supreme Court, all the Government Ministries and agencies, the National Competitiveness and Productivity Council and the team of consultants led by Retired Justice Michael Gordon).
To the new Judge of the Commercial Division, Justice St Rose-Albertini, your work has just began and we look forward to hearing great things in time to come.
The National Competitiveness and Productivity Council (NCPC) are pleased to announce the broadcast dates for their new television series ‘Productivity Matters’. The series, (which is funded by Compete Caribbean) gives insight into organisations and agencies within the private and public sectors, whose programs and initiatives focus on productivity and/or competitiveness.
The series which comprises of six episodes, made its debut in January 2016.
Marketing Analyst at the NCPC, Mrs Geraldine Bicette Joseph states, ‘There are many organisations out there that are doing great things in regards to helping develop the nation through productivity initiatives and we believe that it is only right for their efforts to be highlighted. Each episode within the series varies significantly from the other as we have looked at a range of individuals and subject matters including the construction industry, solid waste management, the public service, the Commercial Division of the High Court and young entrepreneurs’.
‘At the NCPC we also recognise that it is sometimes hard to grasp the concepts of productivity and competitiveness and so we hope that the series will illustrate how these concepts, when applied practically, bring about a positive outcome for the nation’.
Productivity Matters will be aired at the following times on the stations listed.
Ep 1- Productivity Awareness Week 2015 (Calabash- 7.50pm, DBS – 8pm, 11/1/16) (HTS 8pm 14/1/16)
Ep 2 – Employee Assistance Program (Calabash- 7.50pm, DBS – 8pm, 25/1/16) (HTS 8pm 28/1/16)
Ep 3 – Commercial Court (Calabash- 7.50pm, DBS – 8pm, 8/2/16) (HTS 8pm 11/2/16)
Ep 4 – Greening the Caribbean (Calabash- 7.50pm, DBS – 8pm, 22/2/16) (HTS 8pm 25/2/16)
Ep 5 – The Construction Industry (Calabash- 7.50pm, DBS – 8pm, 7/3/16) (HTS 8pm 10/3/16)
Ep 6 – Young Entrepreneurs (Calabash- 7.50pm, DBS – 8pm, 21/3/16) (HTS 8pm 24/3/16)
