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Enhancing Micro, Small and Medium Enterprises
posted (May 29, 2019)

Beltraide, along with its partners has launched a new program called the MSME Enhancement program. As the name states, the main focus is to assist micro, small and medium enterprises to becomes more competitive and successful which translates to overall economic growth. Executive Director for Beltraide Leroy Almendarez explained today at the Biltmore.

Leroy Almendarez - Executive Director, Beltraide
"The launch is a program called MSME Enhancement program and the whole purpose of it is to benefit micro, small and medium enterprises that is what we launched today, it has to do with what are those exemptions, what are the products that you will be exempted from, the whole list is there, if you notice we have our partners so customs is included, the economic development council, company’s registry because one of the things we want to come out of this is to expand the formal base of MSME, at this point you still have those who are not registered and operating informally so we sell them the benefits and we hope that as we go around the country starting very soon that more of these entities will want to become formalize because that is the only way you can benefit. You have to be registered as an importer, you must be registered with GST in terms of getting a tax identification number and that will be the identifier to show how you can benefit from the program in terms of importation. Over 70 percent of GDP is from micro small and medium enterprises and for them to be more sustainable and reduce the cost of doing business because of these exemptions it will help with these inputs that they need, packaging, labelling to meet global standards and so it simply means innovation, creativity, all those things we want to see because this sector, the more vibrant it becomes, the more participation we have then the greater our economy will grow as well."

In a release it states “following the launch, the Ministry of Investment, Trade and Commerce along with its partners will facilitate a series of countrywide road shows to sensitize MSMEs on the application process and benefits and at the same time expand the formal base.â€￾

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