Bills To Be Tabled To Support Businesses

During Fiscal Year 2021/2022, the Government will table the Companies (Amendment) Bill, the National Compliance and Regulatory Authority Bill and the Customs Duties (Dumping and Subsidies) Bill, to support businesses.

This was disclosed by Governor-General, His Excellency the Most Hon. Sir Patrick Allen, when he delivered the Throne Speech at the ceremonial opening of Parliament on Thursday (February 18), under the theme ‘Building Forward…Stronger Together’.

He said this is consistent with the Government’s recognition of its role as an enabler to ensure that businesses not only survive but grasp opportunities to strengthen value and supply chains.

This, the Governor-General said, is especially important with changing consumption patterns.

He pointed to other initiatives already being implemented by the Government through the Ministry of Industry, Investment and Commerce.

In fiscal year 2020/21, the Government facilitated the full operationalisation of the Cannabis Licensing Authority (CLA) to support the local medical cannabis industry.

“Additionally, the Small Business Development Centre initiative was strengthened as a central and comprehensive source of support for MSMEs through provision of a platform for business development professionals to acquire capacity-building opportunities,” he said.

The Manufacturing Sector Strategy was approved, facilitating implementation of a five-year plan with the ultimate goal of increasing local manufacturing output and employment by 23 per cent within five years.

The Governor-General said the Ministry also supported enactment of critical legislation such as the Patent and Designs Act, the Trade (Sale of Goods during the period of Declaration of Disaster Area) Order, the Insolvency (Standard for Determination of Excess Income) Notice and the Copyright (Extension of Transitional Period) Order.