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MSME roadshows help entrepreneurs to be export ready

Published:Wednesday | November 1, 2023 | 12:06 AM
Minister of Industry, Investment, and Commerce, Senator Aubyn Hill (left), Lorenzo Escondeur (centre), chief of operations at the Inter-American Development Bank’s (IADB) Jamaica country office, and Kayla Grant, sector specialist at the IADB, engage in c
Christopher Thomas
Minister of Industry, Investment, and Commerce, Senator Aubyn Hill (left), Lorenzo Escondeur (centre), chief of operations at the Inter-American Development Bank’s (IADB) Jamaica country office, and Kayla Grant, sector specialist at the IADB, engage in conversation during the MSME Business Roadshow’s Montego Bay leg at the Half Moon Conference Centre in Montego Bay, St James, on Thursday, October 26.

WITH AN estimated 425,000 businesses in the medium, small and micro enterprise (MSME) sector in Jamaica, Minister of Industry, Investment & Commerce(MIIC), Senator Aubyn Hill, says greater focus needs to be placed on making them export ready.

Insisting that Jamaican businesses need to become even more competitive in the global market, the minister encouraged entrepreneurs to make use of the 20 agencies that fall under the MIIC during the second staging of the MSME Business Roadshow at the Half Moon Hotel in Montego Bay on October 26. The first roadshow was held in Mandeville.

“The MSME Business Roadshow is a long-term initiative and commitment that creates awareness about Jamaica’s business ministry’s mandate and mission to grow exports exponentially. We are using the MSME Roadshow to promote local and foreign investments, facilitate job creation, and drive economic growth,” he said.

The roadshow, which is being done in collaboration with the Inter-American Development Bank (IDB), features forums on varying issues, an expo and a business pitch competition, which saw three entrepreneurs winning $300,000 each to reinvest in their business.

Representatives from the different agencies were on location to provide entrepreneurs with advisory services, assist with certification, and provide financial options to position their businesses for growth and export.

“It is not just about information sharing, but it provides practical support for business owners, entrepreneurs, and MSMEs to enhance their capabilities, and it illustrates a comprehensive strategy to foster entrepreneurship, promote compliance, and prepare businesses for export,” Senator Hill said of the event.

MSMEs currently constitute about 60-70 per cent of all jobs and contributes over $80 billion in tax revenue to the Jamaican government.

According to permanent secretary in the MIIC, Sancia Bennett Templer, the MSMEs are the backbone of the Jamaican economy as they provide employment and support for private sector growth and expansion.

“One of the things that we hope to accomplish with these roadshows is getting more small businesses formalised and able to access various facilities and opportunities offered by the government of Jamaica and the private sector,” she said.

The permanent secretary noted that the ministry is moving to update the MSME’s policy and strategy in order to create a more regulatory environment for the sector.

“We are hoping that by the end of next year, earlier perhaps, we will have an updated MSME policy for Jamaica, and consultations will take place,” she revealed.

The MSME Roadshow also has the support of several local sponsors.

The next staging of the roadshow will be at the Sandals Ochi Beach Resort in St Ann on Wednesday, November 1, and the final leg will be at the Pegasus Hotel in Kingston on November 21.