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MSMEs present great growth potential, says Minister Shaw


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November 2018
 

Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw.

Above Body

 21 Nov 2018    communications   

Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw, says that micro, small and medium-sized (MSME) businesses present one of the greatest areas of growth potential for Jamaica.

He noted that it is for this reason that the Government has placed significant and strategic focus on the MSME sector, in recognition of the role it can play as a major contributor to wealth creation, employment and sustainable development.

Minister Shaw was speaking at the ELEVATE Small Business Marketing Event, hosted by 20 Twenty Strategies Consulting, under the theme: ‘Elevate your Business with the Power of Technology,’ at the Mandeville Hotel, Mandeville, on November 14.

According to the Minister, data from the Tax Administration of Jamaica for 2015 showed that approximately 97.6% of classified tax payers are MSMEs, contributing approximately 18% of taxation.

“When we take into consideration that there are approximately 417,700 own account workers, in addition to an estimated 198,00 registered farmers, based on the Ministry’s Agricultural Business Information System, it is clear that the MSME sector can be an important driver of inclusive and broad-based economic development,” Minister Shaw stated.

The Minister further informed that the government recognizes the need to continually review and bolster the platform to foster growth and development among our MSMEs, especially toward enriching the environment, through policy and access to investment and financing.

The conference was hosted as part of Global Entrepreneurship Week, November 12-18 and, included workshops, panel discussions, breakout sessions and exhibitions with key industry personnel.

ELEVATE Small Business Marketing Event (SBME) is being positioned as Jamaica’s premier Marketing Event aimed at building capacity among Jamaican MSMEs. It also provides the opportunity for peer and supplier networking, increased business exposure and ultimately increased sales.

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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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