MSME Policy Tabled in the House

The Micro, Small and Medium-Sized Enterprise (MSME) and Entrepreneurship Policy, which provides a comprehensive, targeted and coherent framework to support the sector, was tabled in the House of Representatives on July 23.

In tabling the document, Minister of Industry, Investment and Commerce, Hon. Anthony Hylton, said the policy represents a comprehensive approach to improving the business climate and removing the impediments to doing business.

“The MSME and Entrepreneurship Policy presents an integral framework for implementing measures that can significantly improve the business environment in which the sector operates in a coordinated, coherent and targeted fashion,” Mr. Hylton said.

He added that this is underscored by the fact that the MSME sector has been identified as a critical element of the country’s overall economic agenda.

“The hostile business environment for MSMEs has got to change; we simply have no choice if we are serious about stimulating and sustaining economic growth with jobs. In order to realize the full growth potential of the MSME sector it is necessary that Government implements a framework that supports entrepreneurial activities and more generally, MSME businesses,” Mr. Hylton stated.

The policy framework, which was established through extensive collaboration, provides a working definition of the MSME sector; the policy mission and vision; critical elements and issues; as well as the objectives and strategies to drive growth in the industry.

The framework for the development of the MSMEs is closely aligned with the strategic plans by the Government of Jamaica to drive growth and create jobs on a sustained basis.

Minister Hylton said that the Government is also actively putting in place the appropriate legal and regulatory structures to support the doing business reform agenda.

“This framework will position the MSME sector to take advantage of opportunities that are anticipated to arise from establishing Jamaica as the fourth pillar in the global logistics and supply chain network,” he added.

He further commented that the Logistics Hub will provide a platform for the integration of the MSMEs into the global supply and value chains, which now defines how business is conducted within the globally integrated economy and business environment.