Michael Bernard, Chairman of One-On-One Educational Services inserts the company's strip on the JSE trading board during its official listing ceremony on September 1, 2022.
Speaking today at the listing of One on One Educational Services Limited on the Jamaica Stock Exchange, Senator Aubyn Hill, minister of industry, investment and commerce, stressed the importance of Jamaican companies possessing the ability to export to markets outside Jamaica, particularly territories that have high performing economies with big populations.
He also congratulated the managing director of the Jamaica Stock Exchange, Dr Marlene Street-Forrest, for the 100th listing and for being able to encourage companies to access capital via this route. Below is Hill’s speech:
For a very long time I have been impressed by the work of the Jamaica Stock Exchange, ably led by Dr Marlene Street-Forrest, her management team and board of directors in broadening the reach of the Jamaica Stock Exchange.
Today’s listing is a telling and enduring resonance of your legacy in your sterling administration of a fair, efficient and transparent Jamaican stock market. The 100th listing of One on One Educational Services Limited on your stock exchange is a most filling tribute to your astute leadership of your team and the stock exchange.
The story of One on One is reflected in the challenges and steep learning curves that characterise many local (and even foreign) start ups. Just last month, the Companies Office of Jamaica (COJ), which is an agency of my ministry, announced that the country is on track to surpass some 17,039 business names and 4,878 new companies recorded last year, as new entrepreneurs emerge across such industries as e- commerce and ICT, manufacturing and distribution.
EXPLORE SUBSTANTIAL STORE OF EQUITY FINANCING
They will invariably require capital, a strong labour force and reliable markets. The Exchange’s listing, trading, settlement and custody of securities will provide these and other entrepreneurs with access to rich sources of equity funding to complement commercial bank financing. I encourage many more local businesses, especially MSMEs to explore the substantial store of equity financing that is offered by the Jamaica Stock Exchange.
But more broadly, I must urge the adoption of stronger models of inclusion among financial institutions in Jamaica, particularly for MSMEs that continue to face deepening challenges with access to financing, but which are responsible for a substantial majority of the employment of Jamaicans and contributes significantly to our country’s GDP.
Notwithstanding, the government continues to advance mechanisms to inspire greater levels of confidence among financial service providers as they interact with the public, seeking to start and expand business operations.
Ladies and gentlemen, we talk about a lot of issues in Jamaica, but Jamaicans hardly ever speak of exports. I want to lay down just two numbers that I don’t want you and Jamaica to stop talking about until the smaller number equals and passes the current larger number. These are they: in 2021 Jamaica imported goods and services valued US$5.975 billion and exported US$1.441 billion. With a per capita GDP of just under US$5,000 Jamaica will never become a rich country by selling to only three million relatively poor people.
That same year, 2021 we spent approximately US$2 billion to import fossil fuel to provide energy. One item of oil import dwarfed our total exports for the year!
Every single business in Jamaica – no matter whatever sector it is in, and every single person must concentrate on constantly exporting goods and services to grow our export income exponentially. That’s one of the best employment providers there can ever be.
A HISTORIC AND EXCITING EVENT
We can all acknowledge that a developed capital market means an integrated, well-funded, and efficient platform to support the development and expansion of industries. It articulates significant benefits for businesses and investors in the growth of business and profits, the provision of tax incentives and enhanced visibility for businesses, while encouraging innovation, and economic growth.
This 100th listing of the Jamaica Stock Exchange is a historic and exciting event, but it is also instructive to local businesses that are serious about growth, and individuals that are similar minded about wealth creation and financial security.
Congratulations on this significant milestone and be assured of the Ministry of Industry, Investment and Commerce continuous support as you help to build a stronger and more inclusive business sector across Jamaica and the wider region.
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