Tufton Says MSME Policy Could Be Out By Year-End

KINGSTON — Minister of Industry, Investment and Commerce, Hon. Dr. Christopher Tufton, has indicated that the Government's Micro Small and Medium Enterprises (MSME) policy could be ready by the end of the year.

“This policy is long in making, but I think we are close to a final document,” Dr. Tufton said at the signing of a Memorandum of Understanding (MoU) between the Bureau of Standards Jamaica (BSJ) and the MSME Alliance, at his Ministry in Kingston, Tuesday (November 1). 

He said that the policy was very important to the Government, which has engaged in tremendous levels of stakeholder consultations in its formulation.

“We have done that because of the importance of ensuring that we help small, medium and micro businesses to formalise themselves, to be recognised, to be considered and to raise their standards sufficiently to become major players and compete against other similar type entities, wherever those entities are located in the world,” Dr. Tufton said.

The MoU is part of the larger process of implementing the MSME Policy, a critical objective of which is to enhance the competitiveness of MSMEs, through the implementation of standards.

He said that the MoU was a jump start of the formal launch of the policy, and the Government is currently looking at different areas that the policy addresses, to develop practical programmes dealing with some of the issues the policy will speak to.

The Minister noted that it was not sufficient to have a policy, that it was also important to have a work programme supplementing its practical application.

He disclosed that it is with this view that the Ministry has begun dialogue with a number of partner institutions, such as the Development Bank of Jamaica (DBJ), on finding resources to plan a programme to accompany the policy, once it is launched.

Under the MoU, the BSJ will provide technical assistance to members of the MSME Alliance’s 30 associations, enabling them to implement quality systems in their operations.

The MSME Alliance represents some 300,000 small businesses across various sectors. Its membership include: the Jamaica Society of Engineers, the Hardware Merchants Association, the Jamaica Wood Products and Furniture Association, the National Council of Taxi Operators, the National Association of Hairdressers and Cosmetologists and the Trelawny Arts, Craft and Entertainment Association.

By Alphea Saunders, JIS Reporter