Vital Support For MSMEs

As the Government continues its quest to establish a logistics centred economy, it is also providing crucial support through various funding agencies, to ensure the development of the Micro, Small and Medium Enterprise (MSME) sector.

According to Minister of State in the Ministry of Industry, Investment and Commerce, Hon. Sharon Ffolkes-Abrahams, support for the sector has come through training, reducing bureaucracy, the Jamaica Business Development Corporation (JBDC), the Self-Start Fund, and the Micro Investment Development Agency (MIDA).

“All of this is supported by progressive legislation, such as the Security Interest in Personal Property (SIPP) Act, which allows moveable property to be used as collateral. Other business enabling policies include the Collateral Registry to expand asset-based lending to the MSME sector,” the State Minister said.

She was addressing an economic growth symposium, held today (October 1), at the Knutsford Court Hotel, in New Kingston. The two-day forum, being held under the theme: ‘Economic Growth Through MSMEs, Creating An Integrated Strategy’, is organized by the HEART Trust/NTA.

“We must, in our logistics-centred economy, give our MSMEs more than a fighting chance to exploit the opportunities, and to become the multinationals of the future,” Mrs. Ffolkes-Abrahams said.

Stressing that new approaches are required for the global workforce, the State Minister outlined that in “building our MSMEs, in laying the foundation for economic growth and development, the new Jamaican worker will have to be equipped with all the necessary competences and attitudes that will enable him to be productive.”

She pointed out that MSMEs are responsible for up to 80 per cent of employment in the Jamaican economy, and they will continue to be dominant in future employment and growth, adding that the Government will play its part in providing the necessary policy to position them at the centre of the country’s development.

“We are positive that this symposium will generate new ideas for moving ahead. We in the Ministry welcome the important deliberations and sharing of expertise, as we continue the efforts to grow our economy, and in particular, to focus on economic growth through our MSMEs,” the State Minister told her audience.