Senator Aubyn Hill has urged MSMEs in Jamaica to prioritize exports to enhance economic growth. Speaking at the MSME Business Roadshow, he highlighted the importance of international markets for business success. He emphasized the need for government registration and noted improvements in business confidence despite recent economic challenges.
Senator the Hon. Aubyn Hill, Jamaica’s Minister of Industry, Investment and Commerce, has stressed the necessity for micro, small, and medium-sized enterprises (MSMEs) to prioritize exports within their business strategies. In a speech delivered at the MSME Business Roadshow held on March 6 at the St. Elizabeth Technical High School, he asserted that Jamaica’s sustained economic growth depends on its efforts to penetrate international markets.
He emphasized that for MSMEs to thrive and contribute to national development, exporting goods and services abroad is essential. Senator Hill noted the stark contrast between Jamaica’s per capita gross domestic product (GDP) of under US$7,000 and that of its regional counterparts, including the Bahamas at US$34,000 and Trinidad at US$25,000.
To progress economically, he proposed that businesses must focus on establishing export capabilities from their inception. The senator expressed his aspiration for Jamaica to elevate its per capita GDP to US$20,000 while highlighting government efforts in stabilizing the economy.
Senator Hill also called on MSMEs to leverage the structured opportunities provided by the government by formalizing their businesses. Registration with the Companies Office of Jamaica (COJ) allows for better government interaction and access to financial resources, which are crucial for business growth.
He noted the positive increase in business confidence, with expectations for profits and overall confidence levels showing improvement despite hurdles from the COVID-19 pandemic and Hurricane Beryl’s aftermath. Senator Hill encouraged Jamaicans to strive for recognition as innovative and productive entrepreneurs, capable of creating high-quality products and services.
The St. Elizabeth Roadshow was the seventh event in a series aimed at fostering engagement between entrepreneurs and over 20 agencies under the Ministry. Highlights included discussions on topics like social media monetization, digital technology, accessible financing, and agricultural innovation, along with celebrating MSME achievements through $3 million in giveaways and prizes.
In conclusion, Senator Aubyn Hill’s address underscores the critical role of exports for Jamaica’s economic advancement and the success of MSMEs. He encourages formal business registration to access benefits while promoting innovative practices within the entrepreneurial community. The government’s supportive measures aim to bolster business confidence and inspire MSMEs to flourish in local and international markets.
Original Source: jis.gov.jm
