The EU has allocated €9.5 million to support nearly 3,000 MSMEs in Jamaica through its Digital Transitioning Programme, enhancing ICT access. Notable beneficiaries include the JBDC, which will utilize €1.7 million for digital technology initiatives. The project aligns with Jamaica’s goal of a digital economy, enabling MSMEs to innovate and compete globally, thereby strengthening the country’s economic framework.
The European Union has allocated €9.5 million to support nearly 3,000 micro, small, and medium-sized enterprises (MSMEs) in Jamaica under its Digital Transitioning Programme, initiated in 2023. This funding aims to enhance information and communications technology (ICT) access and usage among MSMEs across the island, aligning with the Government’s goal of establishing a digital economy.
At the recent inauguration of the Jamaica Business Development Corporation (JBDC) Manchester Business Centre, Minister of Industry, Investment and Commerce, Senator Aubyn Hill, remarked that around €1.7 million from the EU grant would be designated for the JBDC. This investment will facilitate further digital technology enhancements for approximately 2,700 MSMEs and underscore the significant benefits of adopting these innovations.
Senator Hill emphasized that businesses embracing digital technology experience accelerated growth, increased customer reach, and enhanced profitability. He highlighted the importance of equipping MSMEs to remain competitive on a global scale, particularly against counterparts in countries such as the United States.
The Minister further illustrated that historical growth in Jamaica’s major enterprises stemmed from their technology adoption, urging MSMEs across various sectors to follow suit. He described the JBDC’s role as essential in connecting rural entrepreneurs with necessary digital tools for competitive advantage and market access.
Marlene Lamonth, Programme Manager from the EU Delegation, affirmed the partnership with Jamaica as a commitment to bolster economic resilience and innovation. She noted MSMEs account for 80% of employment in Jamaica, establishing their crucial role in the economy. Lamonth stressed the need for MSMEs to leverage digital advancements to thrive in the global market, urging them to envision opportunities beyond Jamaica.
In addition, Harold Davis, Acting Chief Executive Officer of JBDC, reflected on the newly opened Manchester complex as a pivotal development in assisting rural entrepreneurs. He highlighted JBDC’s 24-year legacy in supporting thousands of businesses and its pivotal role in the Manchester ecosystem since 2009.
The Digital Jamaica Project contributes significantly to the national digital strategy, focusing on bridging the digital divide in rural areas and enhancing access to education and technology in the private sector. The EU is co-funding this project through a comprehensive financing agreement aimed at promoting outcomes in the ICT, MSME, and educational sectors.
The €9.5 million grant from the European Union represents a vital investment in supporting nearly 3,000 MSMEs in Jamaica through the Digital Transitioning Programme. It aims to enhance ICT access, aligning with the Government’s digital economy roadmap. The initiative emphasizes the importance of technology adoption in fostering competitive growth and economic resilience, particularly for rural entrepreneurs. Enhanced support from organizations like the JBDC will undoubtedly catalyze innovation and success for Jamaican businesses in an increasingly digital global marketplace.
Original Source: jamaica-gleaner.com
