Philipsburg: --- Commissioner of Economic Affairs Frans Richardson signed off three proposals with the St. Maarten Small Business Development Foundation. (SBDF) on Monday. Head of Economic Affairs Lucy Gibbes said SBDF is a vital organization for the development of small and medium enterprises on island. She said especially during this economic times the organization’s role is even more vital. The three projects are the SBDF support which will focus on capacity building, the consumer protection act, be your own boss program.
Commissioner of Economic Affairs Frans Richardson in his remarks said that St. Maarten’s does not have a very diverse economic activity. He said this mostly happens in the tourism sector but by strengthening the Small Business Development Foundation (SBDF) and stimulating a more diverse section of the business sector should improve the economy. ‘This would make the economy less prone to external shocks that affect the tourist industry.” Richardson said doing so would also create more jobs which would accommodate the labor market.
He said an economic diversification study was carried out and that indicated the kind of economic activities that are more feasible for St. Maarten.
Those activities are the Marie (i.e. those providing services for yachts and yacht owners.)
Logistics and distribution (becoming a logistical hub for the region) hydro- farming and agro-processing which is to foster small scale and local entrepreneurship.
Higher education (attracting foreign students by becoming an attractive and host for foreign educational institutions (An option would be to attract higher education in the fields of tourism.
The objective of the policy is to create a more sustainable economy through economic diversification. Create alternative jobs outside of the tourism sector as well as to diversify the tourism product.
The three projects that were signed have one objective in common which is to create jobs outside of the tourism sector. Many young people on St. Maarten live in the reality of a social exclusion. In addition to unemployment. Poverty and restricted access to vocational education and recreation. However many are exposed to crime and violence.
Richardson said because of the amount of un-employed youths the SBDF in collaboration with the private sector intends to start job training programs for the youth in depressed communities. Training will be provided for a period of one year in building trades, maritime, sectors as well as masseuse. This program would continue for three consecutive years,
The “Be your Own Boss Project submitted to the island government stands at NAF. 859.950, 00. This amount represents three programs for a period of three months.
The policy measure in this project entails the development of the educational and the poverty alleviation process.
It is also geared towards the new economic activities within the present educational and infrastructure. The objective of the program is to combat the unemployment rate by offering entrepreneurship in general while combating youth delinquency.
The target group for the projects ranges from 18- to 26 years old or school dropouts, delinquents, ex convicts, and the unemployed youths. The duration of the projects would last 36 months where the sum of NAF. 859.950, 00. is committed.
The SBDF support capacity would last four months and amount s to Naf. 250.000.
The goal of this project is to upgrade the organization which would enable them to cater to more clients.
The third and most important project is the consume protection act which would last a duration of four months which would cost Naf. 50.000 part of which would be coming from the Social Economic Funds.
The goals of this project are to maintain the reputation of St. Maarten as the shopping Mecca of the Caribbean.
The objective of the project is to draft the legislation and enforcing the law on consumer protection.