JIS News

Story Highlights

  • Equal emphasis is being placed on the achievement of economic growth, and on the inclusion of the MSMEs that will contribute to that growth.
  • The Minister cited measures the administration has embarked on to improve the business environment.
  • Dr. Phillips said this targeted focus forms part of the administration’s commitment to incorporating stakeholders “into the mainstream of economic life.”

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says equal emphasis is being placed on the achievement of economic growth, and on the inclusion of the micro, small and medium size enterprises (MSMEs), that will contribute to that growth.

Addressing members of the Diplomatic Corps at a special forum at the Courtleigh Hotel, New Kingston, on February 5, Dr. Phillips said this targeted focus forms part of the administration’s commitment to incorporating stakeholders, deemed marginalized, “into the mainstream of economic life.”

The Minister cited measures the administration has embarked on to improve the business environment, pointing out that these represent “long term issues” that need to be settled, “if we are to create a platform that will enable sustained economic growth, and higher rates of productivity over the medium to long term.”

Among these, he informed, are legislative measures to facilitate greater access to credit, and establishment of a central collateral registry. “We have also provided, in the budget, substantial resources for small and medium enterprises,” the Minister added.

“It’s a pragmatic (decision), because the bulk of employment is going to come from small and medium enterprises. So, not only have we provided resources through the Development Bank of Jamaica (DBJ), but we are exploring better ways of identifying the impediments to their participation…with a view to bringing them into the mainstream,” the Minister said.

He pointed out that some MSMEs will start small and grow, while others may “remain small” in their operations. Either way, he said efforts are being made to ensure that all interests are able to generate substantial income from their activities.

The forum formed part of activities being held between February 2 and 7, to mark Diplomatic Week, under the theme: ‘Partnership for Growth’.