Why we are having this SME Conference

There is ample evidence to show that the use of Information and Communication Technology (ICT) is a key driver of innovation and productivity, even in economies where other sources of productivity gains produce lower returns or have dried up.

A 2001 working paper by Jalava and Pohjola entitled “Economic Growth in the New Economy” found that ICTs enhance a country’s economic growth in three basic ways:

• Directly through the production

of ICT goods and services

• Indirectly through the use of ICT

in the production of other goods

and services,

• The increasing application of

ICTs leads to rising productivity

• The view is no different today.

ICTs can help transform societies

by improving access to services,

enhancing connectivity, and

creating employment

opportunities through

entrepreneurship and new

business models.

The World Economic Forum, realising this transformative impact created the Global Information Technology Report (GITR) in 2001, and the Network Readiness Index (NRI) to help measure and rank the performance of participating countries in the use of ICTs.

Trinidad and Tobago, in the 2015 release of the GITR, ranked 70th out of 143 countries.

The reason for this can largely be seen by our ranking of 89th in the Environment sub-index, which is a measure of the extent to which the market conditions and regulatory framework support entrepreneurship, innovation, and ICT development. The Government clearly has its part to play.

But what is notable is that while our ranking on individual usage of ICT is 58th, our business usage ranking is 86th. And our ranking for the Economic Impact of ICTs - a measure of the effect of ICTs on the economy through technological and non-technological innovations - is 84th. This means that the private sector and business community are not doing their part either.

We at the T&T Chamber believe that greater investments into ICTs by businesses can help them to grow even in these turbulent times. Small and Medium Businesses, being more nimble and able to make faster decisions are well-poised to make the most out of ICT investments.

In this vein, the NOVA Committee of the T&T Chamber of Industry and Commerce has set the theme for its 2016 biennial SME Conference to be held on May 23-24, 2016 “Smarter Technology; Better Business”.

This two-day conference will be focused on giving SMEs the tools necessary to use technology to build better businesses. There will be a keynote address and panel discussions, but the main part of the conference is the workshops which are meant to provide participants with concrete ideas that they can implement into their business from the very next day.

To find out more or our Facebook page for the conference, please visit the website www.novasme.com, or call 637-6966 ext 1286 or 1252.

We look forward to seeing you there, as the T&T Chamber continues its efforts in helping the important SME sector to expand.