MSMEs present great growth potential, says Minister Shaw

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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