Agribusiness Operators Encouraged to Retrofit Operations

Agribusiness operators are being encouraged to utilise the EXIM Bank’s ‘Energy Loan’ product to retrofit their operations to accommodate energy efficiency fixtures, energy conservation and alternative energy projects.

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, made the call during his address at the launch of the Global Entrepreneurship Network (GEN) Jamaica Global Entrepreneurship Week (GEW) 2022 on November 15, at the University of the West Indies (UWI), Mona campus.

He said the facility will assist in supporting greater diversity in the country’s energy sources of supply.

“Businesses must adapt to the use of new technology and efficient business practices if they are to succeed. You are well placed as members of GEN Jamaica,” the Minister argued.

Meanwhile, Senator Hill noted that Jamaica in 2021 had a negative trade gap of more than US$4.5 billion.

“We exported only US$1.441 billion in goods and services,” the Minister pointed out.

Senator Hill encouraged local entrepreneurs to seek export markets for both goods and services to expand their client base.

The Companies Office of Jamaica (COJ) has more than 140,000 business names and 116,402 companies registered on record. In 2021, the COJ recorded 10,831 business names and 4,416 new companies.

“We expect to pass that figure in 2022 for new companies since at the end of October the COJ recorded 2,770, and 5,837 business names,” the Minister said.

Global Entrepreneurship Week, to be observed from November 14 to 20 under several themes – ‘Education’, ‘Ecosystem’, ‘Inclusion’ and ‘Policy’ – seeks to celebrate and empower entrepreneurs in every country and community across the world.

Jamaica has been celebrating GEW since 2010, including participation by governmental and non-governmental organisations, universities, high schools, and private-sector organisations.