FOROMIC to Create Opportunities for MSMEs

Photo: Dave Reid Manager, Loan Origination at the Development Bank of Jamaica, Tracy-Ann McIntosh, (right), addresses a recent JIS Think Tank to provide details about the Inter-American Microenterprise Forum (FOROMIC) to be held from October 24 to 26 in Montego Bay. Listening is Assistant Business Advisory Services Manager at Jamaica Business Development Corporation (JBDC), Keera Walters.

Story Highlights

  • The Inter-American Microenterprise Forum (FOROMIC), the region’s largest event on microfinance and entrepreneurship, is expected to significantly boost opportunities for growth and expansion of the country’s micro, small and medium enterprise (MSME) sector.
  • FOROMIC is a space for business and financial innovations and, in particular, a platform for microfinance businesses to showcase their products and services.
  • FOROMIC will be held at the Montego Bay Convention Centre in St. James from October 24 to 26.

The Inter-American Microenterprise Forum (FOROMIC), the region’s largest event on microfinance and entrepreneurship, is expected to significantly boost opportunities for growth and expansion of the country’s micro, small and medium enterprise (MSME) sector.

FOROMIC is a space for business and financial innovations and, in particular, a platform for microfinance businesses to showcase their products and services.

Assistant Business Advisory Services Manager at Jamaica Business Development Corporation (JBDC), Keera Walters, said the event will allow local business operators to learn from others in Latin America and the wider Caribbean.

“The investors, the suppliers and the buyers will be there and it will provide opportunities for getting into new markets. Come and meet other businesses like yours in Latin America and the Caribbean so you can exchange experiences and get some inspiration and ideas and rejuvenate your approach to business,” she urged.

Miss Walters, who was addressing a recent JIS Think Tank, said that FOROMIC, which is being staged in Jamaica for the first time, is opportune, as MSMEs are positioning themselves to become powerhouses in the Jamaican economy.

“The majority of entities that provide employment and are generating income are those that are small, which is why it is critical to Jamaica’s development now that we are moving and still aiming towards our Vision 2030 goals to have this enabling business environment,” she pointed out.

Manager for Loan Origination at the Development Bank of Jamaica (DBJ), Tracy-Ann McIntosh, noted that MSMEs are the growth engine of Jamaica.

“In most successful societies MSMEs create jobs and contribute significantly to the gross domestic product (GDP),” she noted.

FOROMIC will be held at the Montego Bay Convention Centre in St. James from October 24 to 26.

More than 1,500 attendees from over 41 countries are expected to attend the event, which is being organised by the Multilateral Investment Fund, a member of the Inter-American Development Bank.

Activities will include the observance of Jamaica Day on October 24 under the theme “Catalysing Inclusive Growth: A Taste of Jamaica”.

On that day, the country’s innovation in business, particularly the MSME sector, will be showcased and it is expected to provide opportunities for networking and trade.

The conference will be hosted by Prime Minister, the Most Hon. Andrew Holness with support from Minister of Finance and the Public Service, Hon. Audley Shaw.

The Ministry of Finance, JBDC and DBJ are some of the government partners for FOROMIC 2016.

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