JIS News

Story Highlights

  • Minister of State in the Ministry of Industry, Investment and Commerce, Hon. Sharon Ffolkes Abrahams, is underscoring the importance of co-operatives to the development of communities and expansion of Jamaica’s economy.
  • Mrs. Ffolkes Abrahams was addressing members of the 36-year old Montego Bay Fishermen’s Co-operative Society Limited (MBFCS), at the organisation’s Annual General Meeting held on August 21 at the Montego Bay Fishing Complex.
  • She said that despite financial hardships, the Committee of Management has been ensuring conformity to the rules as well as the Co-operative Societies Act.

Minister of State in the Ministry of Industry, Investment and Commerce, Hon. Sharon Ffolkes Abrahams, is underscoring the importance of co-operatives to the development of communities and expansion of Jamaica’s economy.

“Co-operatives are effective engines of sustainable economic growth. They contribute immensely in the improvement of lives and to the economic, cultural and social advancement of our communities. Co-operatives serve as a bridge between people at the grassroots level and the government. They continue to play a very vital role not only in serving members but also in the overall economic development of our country,” she stated.

Mrs. Ffolkes Abrahams was addressing members of the 36-year old Montego Bay Fishermen’s Co-operative Society Limited (MBFCS), at the organisation’s Annual General Meeting held on August 21 at the Montego Bay Fishing Complex.

She said that as the face of business in Jamaica changes, there is an increasing need for the establishment of new co-operatives especially in the non-traditional fields such as the fashion and bamboo industries. “This is the way forward for our communities,” she stated.

The State Minister, who has responsibility for Co-operatives and Friendly Societies, commended the strides made by the Montego Bay Fishermen’s Co-operative Society (MBFCS) to become compliant with statutes.

She said that despite financial hardships, the Committee of Management has been ensuring conformity to the rules as well as the Co-operative Societies Act.

She said that as work continues on the proposed amendments to the Act, it is expected that recommendations from the Department of Co-operatives and Friendly Societies will be submitted by the second quarter of this financial year.

The State Minister charged the MBFCS Committee of Management to place emphasis on “judicious financial management” to ensure that the entity is efficiently managed and sustainable.

She also invited members to join the Jamaica Business Development Corporation’s (JBDC) mobile clinic, which will be serving St. James in September, to benefit from entrepreneurship training.