Co-operatives critical to economic growth and development- Ministry rep

Director General in the Ministry of Industry, Commerce, Agriculture and Fisheries, Mr Vivian Brown, says that co-operatives are increasingly becoming drivers of economic growth and development. He noted that through their critical role in business development they have been having a direct impact on the type and quality of economic development the country is now seeing.

The director general who was addressing participants at a one-day conference and symposium hosted by the Department of Co-operatives and Friendly Societies (DFCS), at the Montego Bay Conference Centre, Rose Hall, on Thursday, October 19, said that co-operatives are among the best ways of doing business and must, therefore, figure prominently in the country’s efforts to achieve inclusive development.

“We have seen that through their distinctive focus on values, they have proven themselves resilient and viable business models that can prosper even during difficult times. When countries in many regions have experienced collapse of their financial systems, and when several market economies have also experienced economic meltdown, cooperative-run businesses and industries have remained largely untouched”, Mr. Brown said.

The director general added that for Jamaica, we have to ensure the continued growth of these very important enterprises as their approach to business enterprise is critical to the social and economic development of the country, in keeping with the country’s Vision 2030 goal to make ‘Jamaica the place of choice to live, work, raise families and do business’.

“In moving toward this vision, our focus must be to establish our macro-economy, creating a more business friendly environment, stimulating domestic and foreign investment, and unleashing the entrepreneurial energies of our people.
The Government is committed to the growth and development of the co-operative movement in Jamaica, and so we have to ensure that the proper legislative framework is in place to strengthen and safeguard the movement”, the director general said.

Mr Brown added further that agricultural co-operatives have been making a significant contribution to the agricultural sector, and in particular, giving farmers access to capital and resources they need for productivity.

“Agricultural co-operatives have been making an important contribution to food security in a number of countries, and have now become one of the main job creation sectors in rural areas”, he said.

The one-day conference and symposium on co-operatives was staged in collaboration with several of the island’s credit unions, and targeted members of co-operatives and benevolent societies. It was aimed at enabling networking among credit unions and other stakeholders of the cooperative movement.

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Contact:

Director, Communication & Public Relations
Ministry of Industry, Commerce, Agriculture and Fisheries
Hope Gardens, Kingston 6
T – 927-1731-50 / 618-7128; E: pr2@micaf.gov.jm; daoconnor@micaf.gov.jm