THE digital revolution is reshaping every facet of our economy-from the way businesses operate to how consumers interact with products and services. In order to remain relevant, businesses must embrace technology.
Minister for Commerce Emma Hippolyte noted this much this week as Saint Lucia rolled out its activities for Business Month.
Throughout the month of November, the Ministry will focus on sustaining trade in the digital age.
Through targeted initiatives and strategic investments, “we continue to support businesses in their journey towards digitization. This transformation is key to long term sustainability and businesses resistant to change risk being left behind,” Hippolyte said in a recorded statement on Wednesday.
She urged entrepreneurs to take heed of the changes in the global business environment and “be mindful of these trends because they will certainly impact the way we trade or do business in the future.”
Saint Lucia’s business community has come a long way, the minister added, with some of its members even abandoning the traditional brick and mortar model to embrace the hallmarks of digital revolution.
Such major technological transitions have not been painless, however, “remain a true testament to the agility, acuity, flexibility and resilience of local entrepreneurs.”
As Minister for Commerce, Hippolyte said, “I am cognizant of the complexities of advancing to the digital age within the context of small developing countries. Moreover, I am well aware of how local businesses can collectively leverage the use of e-commerce platforms to effectively and efficiently market their goods and services and engage in borderless trading with international companies and clients.”
Noting the importance of social media in today’s society, Hippolyte said that to insist on the importance of apps like Facebook and Instagram in business promotion “would be as banal as describing the necessity for an emergency dispatch vehicle to a hospital.”
“I take this opportunity to commend the National Competitiveness Productivity Council for the development of the Pro Tool instrument” which has enhanced businesses’ “… productivity. My ministry continues to ensure that businesses remain afloat in an ever-changing and increasingly competitive environment.
The Commerce and Industry Unit is consistently engaged in a myriad of activities geared towards strengthening the sector particularly offering support to micro, small and medium sized enterprises (MSMEs) through the implementation of the digital transformation project funded by the OAS with the objective of building the e-commerce capacity of local entrepreneurs,” Hippolyte said.
Additionally, she noted, the Small Business Development Centre (SBDC) in collaboration with OAS is spearheading a Women’s Economic Empowerment project. Under this programme, the Ministry will partner with key stakeholder organizations to foster the transition of female owned businesses into the digital sphere.
The Commerce Ministry continues to support the Youth Economy by formalizing emerging business structures and providing youth with a platform to showcase their offerings. It also allows them to penetrate local and overseas markets, Hippolyte said.
She lauded Prime Minister Pierre “for his foresight and unwavering determination to create such a regime for youth to be innovative, thus paving the way for business sustainability for generations to come.”
“I now turn my attention to the Consumer Affairs Department which has initiated the establishment of the long-awaited twin… bodies of the Consumer Protection Council and the Consumer Protection Appeals Tribunal to usher in a new era of fairness, transparency and accountability in seeking consumer redress in business dealings,” said Hippolyte.
“… The department has embarked on an intense public education campaign to promote energy conservation and encourage the switch to cleaner renewable energy sources. The power needs of the digital era are great and Saint Lucia though miniscule” can make “a positive imprint on global conservation efforts… On the other hand, the cooperative movement is gradually being transformed as the government has partnered with an international donor agency to commence the conversion to renewable energy.
“ Inactive non-financial cooperatives are being resuscitated and those that have struggled to remain afloat are being supported to develop business acumen…” she added.
The Calendar of Events for Business Month features a number of exciting activities. These include the 16th annual Saint Lucia-Taiwan Partnership Tradeshow, a Managing Your Labour Force Webinar, the Official Opening of Taste of Saint Lucia in Rodney Bay, the handing over of essential Point of Sale machines to local MSMEs, a Business Start-Up Essentials workshop and an Animation Workshop.