KINGSTON, Jamaica, CMC – Industry, Investment, and Commerce Minister, Aubyn Hill, has told micro, small, and medium-sized enterprise (MSME) entrepreneurs that they should be looking to produce their commodities for the overseas market to become profitable.
“Every entrepreneur must understand that we must export; we must not only make things that Jamaicans will eat and buy. We must lift their minds to a place where shipping is critical.
“We cannot become rich as a country if we are selling only to our population of three million people,” he added.
Hill told the launch of the MSME Business Roadshow that if 25 percent of MSMEs export US$1,000 worth of goods 12 times annually, it would result in earnings of one billion US dollars annually.
He said that as head of the ‘Business Ministry,’ part of his job is to move per-capita gross domestic product (GDP) from just over US$5,000 to above US$13,000, “enabling us to compete with countries at the top.”
Hill said he depended on the MSME sector to make that change, also noting that the Companies Office of Jamaica (COJ) is there is assist MSMEs in becoming export-ready.
The COJ registers and regulates entities ensuring they are credible when conducting business globally.
Four roadshows are being held across the island in collaboration with the Inter-American Development Bank (IDB) to enable MSME operators to access information on business development support, government incentives, and export opportunities.
“We are embarking on a journey to empower our MSMEs. The Business Roadshow is a platform for knowledge exchange, networking, and inspiration, fostering an environment where these businesses cannot only survive but thrive, hear from and inspire each other,” Hill said, noting the government’s commitment to supporting the MSME sector to propel the creation of jobs and growth in the economy.
IDB climate change senior specialist, Gerard Allen, said the bank, which has provided funding of US$250,000 for the project, recognizes the need for the roadshows to offer targeted support and guidance to the small business operators where they are located.
“For a small business, this can result in significant delays, loss of production, and, ultimately, reduced revenues,” Allen said, noting that the roadshows will provide entrepreneurs access to more than 30 service providers like JAMPRO and Sagicor.
He said that the IDB is committed to promoting and supporting private-sector firms in Jamaica.
“It’s part of our agreement with the country – a key element of which is private-sector development and removing possible barriers.”
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