(L-R) Permanent Secretary in the Ministry of Industry, Commerce, Agriculture and Fisheries (MICAF), Donovan Stanberry, along with Chief Technical Director, MICAF, Andrene Collings; Chief Executive Officer, Jamaica Business Development Corporation (JBDC), Valerie Veira; and Director General, MICAF, Vivian Brown, in discussion at the Final Validation Round Table for Updated MSME and Entrepreneurship Policy, held at the Jamaica Conference Centre, on Thursday, January 25, 2018. Among some of the areas discussed were the Business Enabling Environment, Entrepreneurship and Innovation, Social Value Creation and Cross Cutting Issues, Increasing Financing to the Sector, Enhancing Business Development Support.
Permanent Secretary in the Ministry of Industry, Commerce, Agriculture and Fisheries, Mr. Donovan Stanberry, has reiterated the importance and potential of the micro, small and medium-sized enterprises (MSMEs), if properly managed, in the development of the local economy.
He said that the MSME sector is a key driver for wealth creation and prosperity in Jamaica.
Mr. Stanberry was speaking at a Round Table for the Updated MSME and Entrepreneurship Policy final validation, hosted by the MSME Division of the Ministry of Industry, Commerce, Agriculture and Fisheries, at the Jamaica Conference Centre on (Thursday) January 25.
The Permanent Secretary informed that the Policy, which is at the Green Paper stage, will support many Jamaicans, and will help to bring informal commercial operators into the formal economy.
“There are a number of persons out there who are exporting without any support from the Government, with no fanfare and it is our duty and responsibility to harness those potentials and support them in one way or another as they are creating jobs”, he stated.
Mr. Stanberry acknowledged that there are several impediments facing MSMEs, such as difficulties in exploiting technology, low productivity and access to financing, but that the Government is working to overcome these issues. He added that the Ministry’s mission is to facilitate and create the kind of policy and legislative framework that will provide the sector with the tools it needs to maximize its potential, making it easier to do business and increase productivity.
The policy serves as a comprehensive framework for the implementation of strategies to support growth and development of the sector, addressing the needs of businesses over the entire investment cycle. It involves a structured approach to business development and project design; screening and evaluation of business plans, risk management assessment and a window for financing.
The review of the 2013 Policy began in 2016 and is intended to make it more relevant and current to the changing economic landscape.
On Thursday, stakeholders in the MSME sector got an opportunity to review the Updated MSME and Entrepreneurship Policy and offered their comments, suggestions and recommendations before it returns to Cabinet.
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Welcome to the official website of the Ministry of Industry, Investment and Commerce.
The Ministry of Industry, Investment and Commerce is described as Jamaica's "Business Ministry." It's mandate is to lead the development of policies that will create growth and jobs, while achieving social inclusion and consumer protection. The Ministry, working its stakeholders is primarily responsible for business policy development, monitoring and evaluation, while giving direction and oversight to a cluster of implementing departments and agencies.
We have, therefore, placed much energy and enthusiasm into the development of this website to provide timely information on the Ministry, our agencies and programmes.
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