The Ministry of Commerce, Manufacturing, Business Development, Cooperatives and Consumer Affairs, in collaboration with the Organisation of American States (OAS), announced a significant milestone in our ongoing efforts to empower Micro, Small, and Medium-sized Enterprises (MSMEs) throughout the island. As part of the Saint Lucia Digital Enhancement Program, fifty (50) MSMEs are set to benefit from the provision of state-of-the-art point-of-sale machines along with a one-year service subscription through the local service provider – Bank of Saint Lucia Ltd.
These point-of-sale machines are designed to enhance the operational capabilities of our local businesses. By streamlining transactions, improving inventory management, and enhancing customer service, the machines will play a pivotal role in the formalization and increased competitiveness of our MSMEs. This initiative also forms part of the Ministry of Commerce’s “Business Month” activities under the theme “Sustaining Trade in the Digital Age”. It is also part of the Ministry’s program priorities aimed at pivoting Saint Lucia’s private sector towards embracing new technologies and empowering the shift towards a digital economy.
The Saint Lucia Digital Enhancement Program also underscores the GOSL’s commitment to supporting private sector growth and development. MSMEs are the lifeblood of Saint Lucia’s economy, providing employment opportunities, fostering innovation, and contributing to the vibrancy of local communities. By equipping our MSMEs with the tools they need to succeed, the GOSL is working to build a stronger and more resilient economy for the benefit of all.
Additionally, this initiative highlights the valuable collaboration between the GOSL and the OAS. The OAS, through its Development Cooperation Fund initiative remains a leading organization in promoting economic growth, development, and social progress in the Americas. Another key partner and stakeholder is the Bank of Saint Lucia Ltd (BOSL). The BOSL will provide the point-of-sale machines at a discounted rate to the beneficiary MSMEs and will also be providing relevant training and technical support. The Bank’s involvement is a testament to the importance of public-private partnerships in driving economic development.
We proudly celebrate this significant step towards enhancing the capabilities of MSMEs. The Government of Saint Lucia, the Organisation of American States (OAS), and the Bank of Saint Lucia remain dedicated to furthering initiatives that empower local entrepreneurs and drive national growth.