MSMEs Urged to Prepare for Opportunities Under NaRRA

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, says micro, small, and medium-sized enterprises (MSMEs) stand to benefit significantly from opportunities expected to arise under the National Reconstruction and Resilience Authority (NaRRA).

Speaking at the New Testament Church of God Kingdom Builders Business Expo held in Old Harbour, St. Catherine on Saturday (July 11), Senator Hill urged small business owners to prepare now by formalising their operations and positioning themselves to supply goods and services to major infrastructure projects.

“NaRRA is going to deal with huge contracts, billion-dollar contracts. They’re going to deal with big contractors, many of them from overseas. So where does the MSME come in? You must get registered and be ready to make sure you serve those big contractors,” he said.

“All of those contractors, they’re going to need trucking service. They’re going to need taxi service… I don’t care where they come from, they have to eat. So, we provide the food for them, because that’s not what they do. We provide services sometimes that need to employ people. We can go find the people, all that is part of NaRRA for the MSMEs,” he added.

Senator Hill said the country is expected to undertake billions of dollars in investments over the next several years, creating unprecedented opportunities for local businesses.

“We already know that we’re going to spend about US$6.5 billion that the World Bank, International Monetary Fund [IMF] and the rest handed us. But we’re going to have to spend more than that, maybe up to $20 billion in the next five to seven years…this is your opportunity,” the Minister stated.

Senator Hill also underscored the critical role MSMEs play in the economy, adding that, “they are the backbone of this economy, estimated to account for more than 97 per cent of all registered taxpaying enterprises in this country, employing most of our workforce, between 60 and 70 per cent, and generating a significant share of the gross domestic product of this country.”

Additionally, the Minister highlighted several Government initiatives to support businesses, including financing through the Development Bank of Jamaica (DBJ) and the National Export-Import (EXIM) Bank, the Jamaica Stock Exchange Micro Market, and a Jamaica Business Development Corporation (JBDC) programme funded by the European Union to help MSMEs digitise their operations.

He encouraged entrepreneurs to embrace innovation and technology to improve productivity and expand into international markets.