Indian agency to give small Jamaican firms exposure
Published:Sunday | March 4, 2012 | 12:00 AM
Jamaica Business Dev-elopment Corporation (JBDC) and its Indian counterpart, the National Small Industries Co-rporation Limited (NSIC), have signed a three-year agreement to promote business linkages for small companies.
NSIC will identify suitable projects to facilitate joint ventures, franchise arrangements and trade of products between India and Jamaica, under the memorandum of under-standing signed last Tuesday in Kingston.
Jamaican entrepreneurs in the micro, small and medium sector will be offered opportunities in small delegations to visit and acquaint themselves with the various technologies and processes available in India, said JBDC in a press release on the partnership.
The agreement comes as Jamaica and India ramp up trading relations, including business process outsourcing arrangements, and is positioning as a near-shore destination for India's ultimate market, the United States.
India, a country of more than a billion people, is a rising star and an increasingly powerful player in the global economy. Jamaica has made significant efforts to develop secure trading relationships with the Asian emerging market as well as China.
"We are very happy to have our Indian experts who are aware of the challenges that micro and small enterprises face daily and the solutions that NSIC brings to be table are welcomed, particularly the techniques and technologies that will be part and parcel of the experience," said JBDC Chief Executive Valerie Veira at the signing.
Chairman-cum-managing director of NSIC, Dr H.P. Kumar, signed for the Indian agency.
The agreement benefits India by opening up potential markets to sell the latest technologies and eq-uipment suited to Jamaica.
It also includes a training co-mponent for entrepreneurs and potentially the development of a skills training and development centre in Jamaica.
"The type of training programme to be offered to the entrepreneurs will be developed based on collaboration and in-depth discussions between the organisation," JBDC said. "Areas selected will be guided by industrial policy and other related programmes of the Go-vernment of Jamaica."