State Minister for Industry, Investment and Commerce, Hon. Sharon Ffolkes-Abrahams, said support for Micro, Small, and Medium-sized Enterprises (MSMEs) is high on the national agenda, as the Government seeks to transform the economy to make Jamaica the place for choice to live, work, raise families and do business.
She said Government will be implementing programmes for the sector "which facilitate entrepreneurial development, through financial and non-financial support."
In addition, she said, the drive to secure resources, through multilateral and bilateral agencies will be continued, to facilitate capacity building in credit institutions and businesses in an effort to improve efficiency and productivity throughout the sector.
Mrs. Ffolkes-Abrahams, who was addressing the Stocks and Securities Limited’s Investor Forum on February 7 at the Terra Nova Hotel in Kingston, said the support of the sector is in recognition of its potential as a catalyst for growth and development.
She stated that small businesses are the backbone of most economies, with research showing that they account for more than 90 per cent of all industries and 50 per cent of gross domestic product (GDP) worldwide.
Mrs. Ffolkes-Abrahams also noted that it is widely accepted that the small business sector has the potential to create employment, and reduce income disparity.
She said the Government acknowledges that there are major impediments to doing business in Jamaica, and the administration is working to address these constraints.
“We are determined to improve the business environment for all business – large and small…we intend to have a record that you (business owners) can access and attest to, that there has been improvement in terms of how you do business and how we facilitate business in Jamaica,” she stated.
By Alecia Smith-Edwards, JIS Reporter