Gov’t gives $20m to youth enterprise development

Parliamentary Secretary in the Ministry of Youth, Sports and Culture, Senator Warren Newby, has said that Government’s injection of $20 million into the Jamaica Youth Business Trust for on lending to youth businesses, signals its support for youth development.

“We have revamped the youth entrepreneurship programme, through the capitalization of the Jamaica Youth Business Trust to the tune of $20 million for on lending to youth businesses. All our Youth Information Centres are now becoming hubs, or regional offices for the Youth Business Trust,” Senator Newby said.

He was addressing the Montego Bay Co-operative Credit Union Limited’s Skill for Life Launch and Awards Ceremony, at the Montego Bay Civic Centre Tuesday January 25.

Senator Newby observed that encouraging and promoting youth entrepreneurship activities contribute to social wealth, by creating new markets, new industries, new technology, new institutional forms, new jobs and a net increase in real productivity.

“Jobs created through entrepreneurship in turn lead to equitable distribution of income, which culminates in higher standards of living. In this way, the resources available to Government will likewise increase and, hence, enable it to offer more social services, like hospitals and schools and to support youth work, develop the infrastructure and maintain law and order,” the Senator pointed out.

“Youth entrepreneurship is one of the pillars on which we are going to build the new Jamaican economy and, unless we engage our young people in responsible risk-taking and enterprise building, we will not be able to unlock the potential that Jamaica has to achieve first world status”, Senator Newby added.

He stressed that for a country to have adequate supply of entrepreneurs, it was incumbent on leaders to develop and foster a culture of enterprise and responsible risk-taking.

“People must also be able to recognize opportunity and be amenable to change,” Senator Newby said.

He stated that the country must have an ease of doing business for this culture of enterprise to thrive. There must be transparency in government and there must be fairness in approach to doing business, he added.

“We therefore want to encourage our young people to examine what it is that they can do, what skills they can hone and what products they can develop,” Senator Newby noted.

In the awards presentation segment of the ceremony that followed, Spot Valley High School walked away with the Montego Bay Co-operative Credit Union Limited’s Skills for Live Trophy, and $10,000 cash award for emerging first place winners in the Skills for Life competition 2010.

CONTACT:  GLENIS ROSE

JIS REGIONAL OFFICE

MONTEGO BAY.