MSMEs play a key role in economic development – Stanberry

Permanent Secretary in the Ministry of Industry, Commerce, Agriculture and Fisheries, Mr. Donovan Stanberry, has reiterated the importance and potential of the micro, small and medium-sized enterprises (MSMEs), if properly managed, in the development of the local economy.

He said that the MSME sector is a key driver for wealth creation and prosperity in Jamaica.

Mr. Stanberry was speaking at a Round Table for the Updated MSME and Entrepreneurship Policy final validation, hosted by the MSME Division of the Ministry of Industry, Commerce, Agriculture and Fisheries, at the Jamaica Conference Centre on (Thursday) January 25.

The Permanent Secretary informed that the Policy, which is at the Green Paper stage, will support many Jamaicans, and will help to bring informal commercial operators into the formal economy.

“There are a number of persons out there who are exporting without any support from the Government, with no fanfare and it is our duty and responsibility to harness those potentials and support them in one way or another as they are creating jobs”, he stated.

Mr. Stanberry acknowledged that there are several impediments facing MSMEs, such as difficulties in exploiting technology, low productivity and access to financing, but that the Government is working to overcome these issues. He added that the Ministry’s mission is to facilitate and create the kind of policy and legislative framework that will provide the sector with the tools it needs to maximize its potential, making it easier to do business and increase productivity.

The policy serves as a comprehensive framework for the implementation of strategies to support growth and development of the sector, addressing the needs of businesses over the entire investment cycle. It involves a structured approach to business development and project design; screening and evaluation of business plans, risk management assessment and a window for financing.

The review of the 2013 Policy began in 2016 and is intended to make it more relevant and current to the changing economic landscape.

On Thursday, stakeholders in the MSME sector got an opportunity to review the Updated MSME and Entrepreneurship Policy and offered their comments, suggestions and recommendations before it returns to Cabinet.

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