Big Businesses Urged to Support MSME Sector

Large Jamaican companies are being implored to do all they can to support local micro, small and medium-sized enterprises (MSMEs).

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, in making the call, said that the MSME sector is a key contributor to the economy and must be protected at all costs.

He noted that the island’s 422,000 MSMEs are the cornerstone of the country’s workforce, employing 60 to 70 per cent of workers and accounting for 90 per cent of private-sector employment.

“That’s huge,” he noted.

“Thanks to the role of the MSMEs, the Jamaican economy is undeniable. This is why I am making this strong and special appeal to big Jamaican companies to support before looking abroad, a strategy which will certainly strengthen our economy,” he said.

“I am challenging the large companies to ensure that you look at ways to include small companies in the stuff that you buy and the services that you buy. Don’t look overseas first; look at our micro, small and medium-sized companies. Why? Because when you build them, they employ people that buy the stuff that you sell. It’s a symbiotic relationship that makes sense to both sides,” Senator Hill emphasised.

He was speaking at the media launch of the Montego Bay Chamber of Commerce and Industry (MBCCI) 20th Biennial Trade Expo 2024 at the Montego Bay Convention Centre, St. James, on February 1.

The event will be held at the Convention Centre from March 22 to March 24 under the theme ‘Future Forward: Shaping Tomorrow’s Business Today’.

It provides an opportunity for MSMEs, larger business organisations and entrepreneurs in Montego Bay and the wider Jamaica to network and make business contacts.

“A large part of shaping tomorrow’s business today is the collaboration between larger and small local companies. Expos like Montego Bay Chamber 2024 epitomises the need for partnership between the local MSMEs and big companies,” Senator Hill said.

For his part, President of the MBCCI, Oral Heaven, in his remarks said the trade show is expected to attract more than 100 exhibitors and approximately 5,000 attendees from diverse sectors such as finance, retail, hospitality, technology and trade.

He is urging stakeholders and business interests to turn out in their numbers, noting that the event will have something for everyone and will showcase the many opportunities that are available in the tourism capital.

“Our regional partners are expected to join us, further enriching the corroborative spirit of this trade expo,” he indicated.

Mr. Heaven said the theme of this year’s event “encapsulates the spirit of innovation and progress that we aim to foster within our business community”.

“At Expo 24, we aim to facilitate connections between businesses of all sizes, and to provide a platform for them to showcase their offerings, make sales on the floor, forge new partnerships, and explore avenues for growth. It is a testament to the power of collaboration and the potential for collective success when we come together with a shared vision,” he added.

Source: JIS