Industry State Minister Says Country Still Open For Business

Jamaica is “still open for business”, even as the Government continues to prioritise the health and safety of its citizens.

This is the message from State Minister in the Ministry of Industry, Commerce, Agriculture and Fisheries, Hon. Floyd Green.

“Even with our emphasis and priority on keeping our citizens safe, ensuring that we take the decisions that are in the best interest of the health of our nationals, we have done so while ensuring that business can continue,” he said.

The State Minister’s comments were made during the Jamaican American Youth Alliance (JAYA) ‘Young People Talk COVID-19’ virtual forum on Tuesday (April 14).

JAYA provides mentorship and networking opportunities for young Jamaicans in the diaspora.

The forum provided an opportunity for young Jamaicans to voice their concerns on the impact of the coronavirus (COVID-19) and to have personal interaction with government officials and business industry experts in Jamaica and the United States.

In his contribution to the discussion, Mr. Green said micro, small and medium-sized enterprises (MSMEs) have a critical role to play in the recovery of the Jamaican economy, which is one of many around the world that have been negatively impacted by COVID-19.

The State Minister said the Government is providing a range of interventions to stimulate growth in the MSME sector, adding that the Development Bank of Jamaica (DBJ) has allocated $7.39 billion for loans to MSMEs during the 2020/21 fiscal year.

Additionally, the DBJ will be promoting sustainable and robust growth among MSMEs and business start-ups under the US$50-million Inter-American Development Bank (IDB)-funded Boosting Innovation in Growth and Entrepreneurship Ecosystems (BIGEE) Project, which is slated to be launched this year.

The initiative aims to stimulate innovation and productivity among MSMEs with growth potential, promote sustainable and disruptive growth in scalable start-ups, and create a sustainable pipeline of high-growth potential start-ups and supporting entrepreneurship ecosystem.