Swaratsingh: More support for SME’s needed from large companies

MINISTER of Planning, Economic Affairs and Development and the Minister in the Ministry of Finance, Kennedy Swaratsingh, believes large companies should increase their support of local micro, small and medium enterprises (MSMEs).

Swaratsingh’s call came during the graduation ceremony for the Unit Trust Corporation (UTC's) Cohort Five of Scale Up TT Business Accelerator Programme, in partnership with the Ministry of Trade, Investment and Tourism, at Le Reve Conference Centre, C3 Mall, San Fernando on July 25.

Speaking at the ceremony, Swaratsingh said supporting local producers should be a no-brainer and that large companies should do their part to help these MSMEs.

"People like Massy and Xtra Foods and all those establishments must create avenues where local people could bring their (products). They shouldn’t have to beg, say 'Could you list my product?'

"I looked at the packaging and the effort people are putting in. We must get on board. We must say to these people: ‘There is always a space for you in our organisation.'"

Swaratsingh told reporters that while the large companies may be supporting the MSMEs in some way, more could be done.

"One of the major complaints that we would have heard from a lot of people is that they’ve been trying to get on to the shelves of some of the larger establishments and they can’t.

"Obviously, the stores themselves have to think of profit margins and how they create their floor plan...but I think we can make a better effort to try to get some of these products into some of these established supermarkets."

Swaratsingh, who has been living in Barbados for the past 15 years, said stores in other Caribbean countries often have dedicated shelves for local products and is worthy of consideration in TT.

He said the government is obligated to create an environment for MSMEs to thrive and would be working with both the large companies and smaller businesses to facilitate this.

One idea to help support MSMEs, Swaratsingh said, is providing a space in the capital every weekend from October to Carnival, for them to display their products.

He said not only does it help the businesses, but it could also breathe life into the city for the weekends.

Swaratsingh said this idea is being discussed with the TT Manufacturers’ Association (TTMA).

He said the idea was born out of what he witnessed and experienced at the TTMA’s recently concluded Trade and Investment Convention (TIC) 2025.

"The TIC is really for a period of time, and we found that a lot of products are now coming on the market.

"I mean, people have invested in a lot of new packaging and innovation, why not try to expose them to a bigger audience and create a more commercial enterprise that would allow a wider cross-section of people."

On a personal note, Swaratsingh said he tries to expose any international visitors to local products whenever he can, as he recalled taking a World Bank team to eat doubles instead of having a hotel breakfast.

Delivering remarks on behalf of the Trade Minister, the ministry’s acting Deputy Permanent Secretary, Ava Mahabir-Dass, underscored how important these smaller businesses are to the economy.

Mahabir-Dass said 25,000 SMEs account for 95 per cent of all registered businesses, 30 per cent of GDP and employ about 200,000 people.