MSMEs A Key Growth Driver – Minister Hill

Industry, Investment and Commerce Minister, Hon. Aubyn Hill, has reiterated the Government’s commitment to the micro, small and medium-sized enterprise (MSME) sector as a key driver of long-term economic growth.

“Our economic stability must be converted into strong and sustainable economic growth… . We are focused on that; this is where our micro, small and medium enterprises (MSMEs) come in,” he said, noting that the Government is supporting the sector through capacity development, access to finance, among other things.

He was addressing the recent National Commercial Bank (NCB) SME Conference at the AC Hotel Kingston.

Under the theme ‘Navigating the Digital Shift: Practical tools for SME Success’, the event focused on equipping businesses to thrive in the digital economy.

It addressed the barriers faced by SMEs in financing, technology and digital security, among other things.

Minister Hill, in further highlighting the impact of MSMEs, noted that there are 425,000 businesses in the country, which are responsible for 60 per cent to 70 per cent of jobs. He added that MSMEs contribute 44 per cent of gross domestic product (GDP).

The Minister said that the SME conference aligns with the economic direction of the Government to promote a strong, stable, digital Jamaica that supports investment, production, and export.

“The new economic strategy we are driving is about making our economy sustainable…. This means digitisation, [and] capital access,” he pointed out.

Chief Executive Officer of NCB, Bruce Bowen, said the entity is committed to supporting SMEs, noting that their growth is synonymous with building a better Jamaica.

“When SMEs grow, jobs are created, wealth is built, communities become more secure and the economy becomes more inclusive and resilient,” he said.

The SME Conference addressed topics such as cybersecurity, cross-border payments, digital readiness, export and financing strategies, fraud prevention, and accessible digital tools designed to support long-term growth and sustainability for Jamaican businesses.

The event also featured onsite consultations with SME specialists and a curated exhibition of NCB clients who are using technology to transform their operations.

The conference formed part of a series of initiatives by NCB to drive economic development by helping SMEs strengthen their digital capabilities, manage risk and access new opportunities across Jamaica and beyond.

Source: JIS