Minister Hill Lauds SBAJ

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, has lauded the Small Business Association of Jamaica (SBAJ) for its ongoing advocacy on behalf of local entrepreneurs.

“For half a century, the SBAJ has stood as a pillar of support, advocacy and empowerment for Jamaica’s micro, small and medium enterprises (MSMEs). From its inception during the economic shifts of the 1970s to its tireless work in the present day, the SBAJ has been instrumental in fostering resilience, innovation and growth within this vital sector,” the Minister said.

Noting that MSMEs “have long been the heartbeat of our economy”, Senator Hill said they represent 90 per cent of registered businesses, contribute 44 per cent of the nation’s gross domestic product (GDP) and account for 34 per cent of the employed labour force”.

“This sector embodies the entrepreneurial spirit that defines us as a people –adaptable, resourceful, and forward-thinking,” the Minister added.

Senator Hill’s speech was delivered by Permanent Secretary in the Ministry, Sancia Bennett Templer, during the SBAJ’s recent 50th anniversary banquet at The Jamaica Pegasus hotel in New Kingston.

He said the Ministry notes that the Association steadfastly ensures that entrepreneurs have the tools to compete in an ever-changing global economy.

Senator Hill pointed out that over the decades, the SBAJ has championed this, from advocating for access to credit and microfinancing in the earlier years to more recently driving digital transformation and e-commerce adoption.

“We applaud your drive and ingenuity in transforming your vision into a reality, year after year for the past 50 years. We have heard about the high employment that is done by persons in this sector as well and, of course, that employment is offered right across the country, including in remote rural areas,” he further stated.

Minister Hill said it is acknowledged globally that growing a business is more than simply having an ambition, pointing out that it takes “hard work, sustainability, resilience, innovation and determination to grow and succeed”.

He said that it is against this backdrop, recognising the importance of facilitating and maximising growth, that the Ministry and its portfolio agencies have implemented a comprehensive suite of services geared at empowering this vital sector to support these businesses.

“The aim is to further boost exports, attract more investments and create jobs,” the Minister added.

Meanwhile, Senator Hill said the Bureau of Standards Jamaica (BSJ) must be lauded for being a very good regulatory agency.

“When you have your products produced at a certain standard to where you get certification, then you know that your product is fit for the international market, and you will get the respect and recognition for your business in those markets,” he stated.

Additionally, Senator Hill said the BSJ has, more recently, successfully reduced turnaround times for services delivered, that in some cases took 21 days, to 14, adding that “they’re pushing to move [that timeline down] to nine”.

“This will enable businesses, including small businesses, to increase their productivity, efficiency and profit margins, and to export more easily, because you can quickly have your products tested and have them moving into international markets,” he added.