Government Assisting Micro-Businesses with Funding

Minister of Industry, Investment and Commerce, Hon. Karl Samuda told his audience at the Jamaica Business Expo, last Friday (May 30), that the Government is starting programmes to offer low cost loans to micro-businesses across the island.
There would also be training in business techniques and marketing assistance and financing incentives to lure the interest of small business owners.
According to the Minister, in order to move productivity, Government is prepared to take the necessary risk. He added that an incubator was already established so that the Government can provide assistance by offering the best opportunity investment for potential entrepreneurs through partnering programmes with several governmental and non-governmental agencies.
The Minister was speaking at the third annual Recognition and Installation luncheon of the Jamaica USA Chamber of Commerce (JAUSACC) and Business Expo, at the Broward Convention Center, in Fort Lauderdale, where nearly 40 companies showcased a range of goods and services available there and in Jamaica.
Minister Samuda also informed, that over the next four years, his Ministry intended to reduce areas of bureaucracy to allow for more flexibility and accessibility in the system, warning lawbreakers of the consequences and that necessary sanctions would be applied.
The Minister emphasized that, the business community must exercise ingenuity with fairness and honesty. Reiterating that Jamaica is right for investment, the Minister said that the new administration was engaged in creating a favourably climate in order to compete in the global economy, at the same time building on the accomplishments of the former government, such as the new road network among others, to boost incentives for investors.
“We must harness our resources to ensure productivity,” according to the Minister as he outlined areas for investment, citing packages in the tourist industry, the manufacturing and agro industries, information technology, and more importantly, training the human resources. He also spoke of on-going development in the physical infrastructure for investment as well as creating a business-friendly environment.
As a large percentage of food supplies and furniture in the hotel industry were imported, he urged persons to look also to those areas of local manufacturing and production for potential investment opportunities.
Turning to the Diaspora, the Minister praised nationals for their on-going contribution to the development of the Jamaican economy. He called for assistance in the marketing of Jamaican products and appealed for investment in the economy.
Noting that the strength of the economy was reflected in its trade, he indicated that there was still room for growth as Jamaica’s trade import figures were in excess of US$4 billion, more than that of export.
Meanwhile, the manufacturing sector grew by 2.9 per cent over the last year, in the areas of food and beverages, tobacco, metal and metal fabricated products, among others, he informed.
The Jamaican Milestone Awards were presented to ten Florida-based businesses in the South Florida community, in the areas of healthcare, hospitality and professional services, management, media, entertainment and arts and culture, and the advancement of trade in the region.
One posthumous award was presented in honour of the late George Barbar, who died earlier this year in Boca Raton, Florida. Mr. Barbar was the first former Chairman of the Board of the JAUSACC at its inception in March 2004 and served as trade expert under several Jamaican government administrations before retiring in the United States where he pioneered in the development of the Boca Raton commercial district.
The Minister also spent the morning visiting the two-day Trade Expo themed: “Buy Jamaican – Brand We Love.” Nearly 40 participating companies showcased a wide range of goods and services available in Jamaica as well as in South Florida. The array of products included the agro-industry, food and beverages, professional services including financing and business development consultancy, hospitality, apparel, and art and culture.
Sentiments were also echoed by the President of the JAUSACC, Marie Gill, Consul General Ricardo Allicock and President of the Jamaica Manufacturers Association (JMA), Omar Azan, who all spoke of building a strong and vibrant Jamaican brand, and the economy.