Recent conversations with individuals involved in the cultural and creative industries in The Bahamas revealed their concerns about the lack of a local market and high costs of identifying and exporting to overseas markets.
Poor business skills were identified as a major impediment to accessing local funding. There were also fears that foreign competitors could benefit from their creativity by copying and mass producing their designs.
The EPA addresses these concerns! One person had heard about the EPA but was unaware of how it could benefit his business.
Considering that the cultural and creative industries have the ability to diversify economies, promote micro and small enterprises and expand tourism, it is surprising that the private sector in The Bahamas, for the most part, appear oblivious to the opportunities presented by the Agreement and the regional changes gathering apace.
A few Bahamian enterprises participated in the recent Break Point competition, aimed at helping Caribbean businesses take advantage of the EPA. However, Bahamian stakeholders lag well behind their CARIFORUM counterparts who are powering ahead with EPA implementation and taking advantage of market access and development benefits.
In December 2010, a local newspaper reported that Bahamian attendees at a technical workshop on the EPA felt they lacked sufficient information to take advantage of the opportunities presented by the Agreement. Little appears to have changed and the following commentary on the state of play at the end of 2010 remains relevant.
Too Late For Baby Steps… Time To Sprint
The December 2010 technical workshop on the EPA highlighted the need for stakeholders in The Bahamas to become better informed in order to meet the challenges and benefit from the opportunities the Agreement affords.
Unlike counterparts in other CARIFORUM states, private sector bodies in The Bahamas have failed to take advantage of funding provided by the EU for capacity development.
The period September 2008 through June 2010 saw CARIFORUM States benefiting from €2,653,792 in grants from the 9th European Development Fund (EDF). Only four of these grants, out of the 197 awarded, went to two beneficiaries in The Bahamas. Jamaica led with 73 grants, followed by Barbados (33), Trinidad (18) and Grenada (16).
With over 45% of grants going to professional services, creative industries, tourism, ICT and business support organisations, it is surprising that Bahamian businesses from these sectors were missing. The two beneficiaries from The Bahamas were in the Health and Wellness Sector.
But the EPA is about so much more than providing funding. The provisions on services mean that there will be unprecedented opportunities for Bahamians to enter the EU and stay temporarily for business purposes. With 29 sectors committed to contractual service suppliers and 11 sectors to independent professionals many businesses and professionals will be able to look to countries such as the UK to increase their markets.
If stakeholders in The Bahamas know about the objectives of the EPA and its development element they can take advantage of concessions, training and other EU assistance available to help improve private sector capacity and competitiveness. More importantly, they need to be aware of their responsibilities under the EPA. It is a legally enforceable agreement and failure to comply could result in unforeseen and unwelcome costs.
The EU has already set up the institutions required by the EPA and some CARIFORUM states have also begun the implementation process. Recently, Antigua and Barbuda secured funding from CARTFund to set up an Implementation Unit.
The Bahamas cannot risk being left behind! The private sector in The Bahamas must become more aware of what the EPA is about if they are to meet the challenges and take advantage of the opportunities the EPA brings.
It’s too late for baby steps… time to sprint!
By Linda Hanna
Linda Hanna is a knowledge consultant. She holds an MBA and PGCE in post compulsory education and training. She is a Fellow of the Association of Chartered Certified Accountants and a Member of Gray’s Inn.
Source: Caribbean News Now!
