MSMES Urged to Prioritise Exports

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, is reiterating the call for micro, small and medium-sized enterprises (MSMEs) to make export a top priority as part of their business strategy.

Addressing the MSME Business Roadshow at the St. Elizabeth Technical High School (STETHS) in Santa Cruz on Thursday (March 6), Senator Hill argued that Jamaica’s sustained economic growth hinges on its ability to expand beyond domestic markets.

As such, he said MSMEs must export goods and services to foreign markets to achieve business success while simultaneously contributing to national development.

“You want to export, then talk to Jamaica Promotions Corporation (JAMPRO) that is here. Let me tell you something, we have less than three million people and our per capita gross domestic product (GDP) is less than US$7000. Bahamas is US$34,000; Trinidad is US$25,000; Barbados, US$22,000; and Dominican Republic is US$27,000,” he outlined.

“However, we cannot move from US$7000 and get rich unless we export. So, everything you’re doing, we’re recommending that you look at export the moment you set up your business,” he urged.

The Minister said his vision is for Jamaica to reach US$20,000 per capita GDP.

He noted that the Government’s fiscal management has stabilised the economy and called on MSMEs to capitalise on the foundation laid by ramping up their efforts in sales and export to bring in foreign earnings.

Senator Hill also underscored the importance of business registration. He noted that formalisation opens doors to various benefits such as easier interaction with government agencies and access to financial support.

He urged business owners, even sole proprietors, to visit the Companies Office of Jamaica (COJ) to register their operations.

In the meantime, he pointed to increased business confidence, with positive expectations for profits rising by 15 points and overall confidence levels, as measured by the Conference Board, improving by nearly 12.9 points.

This is despite challenges such as the COVID-19 pandemic as well as the impact of Hurricane Beryl in July 2024.

“Every day, we Jamaicans must strive to become known, regionally and internationally, as focused, performing, productive and very smart innovators and crafters of great products and services,” Senator Hill said.

The Roadshow in St. Elizabeth marked the seventh in a series of events bringing together more than 20 agencies under the Ministry to directly engage with entrepreneurs across the island.

It featured panel discussions with stakeholders, including the Inter-American Development Bank (IDB), Hi-Pro, Planning Institute of Jamaica (PIOJ), and the Development Bank of Jamaica (DBJ).

The event covered topics such as social media monetisation, digital technology utilisation, access to affordable financing, and strategies for agricultural business innovation and growth.

The Roadshow also celebrated the achievements of MSMEs with $3 million in giveaways, prizes and surprises.