Gov’t Partnering With MSMEs on Economic Growth and Job Creation

Photo: Mark Bell Finance and Public Service Minister, Hon. Audley Shaw (right), converses with University of Technology (UTech) Lecturer, Lloyd Wint, during the institution’s Money, Banking and Finance Conference held at the school’s main campus in Papine, St. Andrew, on Wednesday, April 13.

Story Highlights

  • The Government has given an undertaking to engage micro, small and medium-sized enterprises (MSMEs) in a partnership to further spur the administration’s programme of economic growth and job creation.
  • Mr. Shaw said that by facilitating the MSMEs with incentives, accessible through enlistment on the Jamaica Stock Exchange’s (JSE) Junior Market, the Government would be enabling them to generate capital and, ultimately, growth.
  • The forum, which was held under the theme: ‘Financial Stability in Jamaica and its Implications for the Equities Market’, also featured presentations from: JSE General Manager, Marlene Street-Forrest; Financial Economist with the Bank of Jamaica (BoJ), Dr. Leo-Rey Gordon; and Economics Lecturer at UTech, Randell Berry.

The Government has given an undertaking to engage micro, small and medium-sized enterprises (MSMEs) in a partnership to further spur the administration’s programme of economic growth and job creation.

Finance and Public Service Minister, Hon. Audley Shaw, says the Government is keen on forging this partnership, as it regards MSMEs “as engines of growth.”

He pointed out that they are among the stakeholders being encouraged to engage in risk-taking and entrepreneurial activities, and embark on creating new businesses.

“They (MSMEs) form the most stable base for job creation at the community level, but are in need of incentives to unleash the economic and job creation potential that are latent in them,” he noted.

Mr. Shaw said that by facilitating the MSMEs with incentives, accessible through enlistment on the Jamaica Stock Exchange’s (JSE) Junior Market, the Government would be enabling them to generate capital and, ultimately, growth.

His comments come against the background of an announcement by Prime Minister, the Most Hon. Andrew Holness, on April 1, that Cabinet approved the renewal of incentives offered through the JSE Junior Market, which would have expired on March 31.

The Minister was speaking at the second annual Money, Banking and Finance Conference, hosted by the University of Technology’s (UTech) School of Business Administration, at the institution’s main campus in Papine, St. Andrew, on Wednesday, April 13.

In welcoming the forum, Mr. Shaw said its staging was timely in light of the Government’s focus on engendering a partnership for prosperity, and as the country’s macro-economic variables were trending in a favorable direction, which would attract potentially sustainable investments.

“This is a partnership…with the Jamaican people that will lead to an investor-friendly environment, bringing economic opportunities to life, job creation, sustainable employment and, ultimately, real economic growth, to be enjoyed by a healthy, educated and socially well-adapted citizenry,” he said.

The forum, which was held under the theme: ‘Financial Stability in Jamaica and its Implications for the Equities Market’, also featured presentations from: JSE General Manager, Marlene Street-Forrest; Financial Economist with the Bank of Jamaica (BoJ), Dr. Leo-Rey Gordon; and Economics Lecturer at UTech, Randell Berry.

The topics covered included: ‘Financial Stability’; ‘Oil and the Economy’; ‘Market Valuation’; and ‘Investment Opportunities’.

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