Social enterprises critical in addressing social issues and accelerating economic growth – Min. Green

State Minister in the Ministry of Industry, Commerce, Agriculture and Fisheries, Hon Floyd Green, says that social enterprises are critical in addressing Jamaica’s social issues and accelerating economic growth and development.

Social enterprises are businesses with primarily social objectives, and whose surpluses are reinvested in their business or the community. Their primary mission is to solve social, economic or environmental problems at community or national level through effective and ethical business practices. They have the dual responsibility of creating social value and ensuring financial viability.

According to the minister, the social enterprise model has shown particular strength in addressing issues related to inclusion of the marginalized such as youth, rural women and persons with disabilities.

Minister Green was speaking at the second hosting of the National Social Enterprise Consultation Forum at the Mandeville Hotel in Manchester on November 13.

He noted that social enterprises will be critical to Jamaica’s growth and development thrust going forward.

“Along with micro, small, medium enterprises, social enterprises are indispensable to achieving, not just mere growth, but broad-based, inclusive growth, which also supports the attainment of several specific goals under the National Development Plan – Vision 2030,” he stated.

He further stated that the Government will continue to increase its efforts in providing robust support to the sector by enacting and implementing the necessary institutional reforms and legislations to make the sector more vibrant, competitive, and sustainable.

The minister informed that the Ministry, having recognized the importance of the social enterprise sector in value creation and social cohesion, has ensured that the sector is included in the Government’s policy framework.

“This is why we are encouraging more people to do business the social way, generating a profit while ensuring that we focus on solving some of our social, economic, cultural or environmental problems at the community and national levels through effective and ethical business practices with the reinvestment of income towards the social mission,” he added.

The forum was organized by the Ministry of Industry, Commerce, Agriculture and Fisheries in collaboration with the Planning Institute of Jamaica, the Development Bank of Jamaica and the Jamaica Stock Exchange.

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