SHAW... We recognise that MSME recovery takes a village and it is only through our concerted efforts that the sector will strive and in time become the primary driver of our economy.
In acknowledging the link between the growth of the micro, small, and medium-sized enterprises (MSMEs) sector and the country's economic recovery, Minister of Industry Investment and Commerce Audley Shaw says the Government remains committed in facilitating the development of a robust and enabling policy ecosystem.
Speaking at the Young Entrepreneurs Association (YEA) Success Summit held recently, Shaw indicated that the Government has instituted several initiatives to make it increasingly easier to start and register a business in Jamaica.
This, he said, has allowed Jamaica to be recognised by several international bodies, and in 2020 the country maintained its high ranking of 6th among 190 economies for starting a business in the World Bank's Ease of Doing Business Survey.
Additionally, Jamaica is ranked number one of all the countries in Latin America and the Caribbean in relation to the number of procedures required to register a company.
According to him, despite the devastating impact of the novel coronavirus pandemic, during the 2020 calendar year the number of companies registered was 2.96 per cent above the number registered in the previous year.
While the number of business names registered was 13.07 per cent more than the number recorded for the previous year.
In the 2020 calendar year 22,772 loans were accessed using security interests in personal property as collateral of which 10 per cent or 2,277 were business loans, Shaw said.
He disclosed that, in continuing on this positive trajectory, the Government intends to secure 11,000 new business registrations by March 31, 2022.
Consequently, the minister reiterated calls for MSMEs to become formalised to enable access to business development support and capacity training, specialised financing, and other instruments put in place for their growth and development.
With collaborative effort from the Development Bank of Jamaica (DBJ), the Government provided $3 billion to support MSMEs affected by the pandemic through its Social and Economic Recovery and Vaccine (SERVE) Jamaica Programme. In addition, the DBJ offered $1 billion in MSME Go-Digital loans to support MSMEs' investment in software and digital technologies to increase their resilience in the COVID-19 environment, as well as $2 billion in MSME recovery loans to support the vulnerable sector with working capital support, refinancing of loans, and expansion credit as they recover from the impact of the pandemic.
He pointed out that the implementation of the AgriCare Plan for farmers and fisherfolk through the partnership between the Government and Sagicor Life Insurance Company is one step closer to incorporating the sector into the formal economy.
“We now have in the pipeline a blueprint for microinsurance for MSMEs, which we hope to roll out in the near future,” the minister said.
He added, “We recognise that MSME recovery takes a village and it is only through our concerted efforts that the sector will strive and, in time, become the primary driver of our economy. My ministry is cognisant that there are several challenges that are being faced by our entrepreneurs and the only way to overcome these challenges and recover faster and stronger is to work together.”
Source: Jamaica Observer
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.