Saint Lucia’s Opposition Leader Allen Chastanet has called for urgent action to empower small businesses as key drivers of economic growth in the Caribbean.
Speaking at the 10th Annual Leo Leacock Memorial Lecture, the former prime minister emphasised the critical role of government in enabling the success of small enterprises and harnessing their potential for long-term development.
“I cannot begin to imagine how our countries are going to develop without the strength of small businesses,” he declared during his address at the Errol Barrow Centre for Creative Imagination on Tuesday evening. The lecture, part of the 21st Annual Small Business Week, focused on the theme, Small Businesses as a Catalyst for Economic Growth.
Chastanet, a former hotel manager, airline executive and director of tourism, stressed the importance of small businesses in preserving the unique culture of Caribbean nations while serving as catalysts for transformational growth.
He argued that governments must play a more active role in supporting these enterprises: “Our democracy requires checks and balances. In order for us to continue to succeed in industries like tourism or agro-processing, it requires the government’s intervention to allow us to be competitive.”
Chastanet identified tourism as a major opportunity for small businesses, urging local entrepreneurs to capitalise on the influx of tourists to showcase culturally rich, authentic products.
“Tourism offers a huge opportunity for exports,” he said, explaining that tourists seeking authenticity are more likely to buy culturally enriched products, potentially becoming long-term customers even after returning home.
Chastanet highlighted the importance of innovation and thinking globally from the outset.
“The vast majority of big businesses in the world have one thing in common: they started small,” he noted, encouraging local entrepreneurs to think big from the start.
Chastanet examples such as Tortuga Rum Cakes, which began as a small operation in the Cayman Islands but expanded into a global brand through tourism and strategic export planning.
Reflecting on the Caribbean’s potential, he remarked: “There’s a bigger market out there that we can have access to than the little market that we have here.”
He called for a collaborative effort between governments, the private sector, and civil society to create the necessary conditions for small businesses to thrive both domestically and internationally.
“If we want to strengthen our culture, encourage creativity, and create economic opportunities beyond our expectations, we need to act with urgency,” Chastanet urged.
He expressed frustration at the pace of change, warning that without decisive action, the Caribbean risks falling behind in the global economy.
Chastanet’s presentation covered a range of topics, from government policy to innovation, with Chastanet emphasising the need for governments to focus on building an enabling environment through infrastructure, access to capital, and proactive policies.
He also stressed the importance of continual improvement in products and services, embracing new designs, technologies, and customer service standards to stay competitive on the global stage.
“In small islands like ours, the relationship between government and industry is indispensable. We have to learn to speak with each other, and we need to be able to speak factually,” Chastanet said.
“Every big business started small.” The challenge, he said, is for Barbados and the Caribbean to create the conditions for those small businesses to grow into global successes.
