$30.5 Million Allocated to Promote Entrepreneurship

A total of $30.5 million will be spent on the promotion of entrepreneurship under the Productive Integration of Micro-Enterprises in Jamaica/Industry Modernisation Project, as outlined in the 2008/09 Estimates of Expenditure, which is now before the House of Representatives.
The project aims to assist the micro, small and medium-sized enterprises to make a meaningful and visible contribution to industrial and economic development by increasing their competitiveness in the Agro-processing and Craft sub-sectors.
The project, which originally lasted from April 2005 to March 2007, has been extended to November 2009.Targets envisaged include strengthening horizontal and vertical integration, that is, public awareness activities; completion of baseline studies of 14 micro-enterprise network groups; and further diagnostic assessment of the project beneficiaries.
The project also seeks to upgrade enterprises in the Craft and Agro-processing sub-sectors by providing training in specific product development, upgrading products to meet international standards, and the registration and formalization of enterprises.
Strengthening the industry specific support systems for craft and agri-processing projects, such as: brand strengthening activities; islandwide training of business service providers; development of information technology driven network of relevant service providers; and increased marketing efforts, are also part of the project’s objectives.
The Jamaica Business Development Centre (JBDC), which falls under the Ministry of Industry, Investment and Commerce, will be the agency responsible for implementing the project.
The project is funded by the Government and the Inter-American Development Bank (IDB).