Minister commends MSMES for providing revenue, employment

Minister commends MSMES for providing revenue, employment

Tuesday, January 21, 2020

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Minister of Industry, Commerce, Agriculture and Fisheries Audley Shaw says the micro-small -and medium-sized enterprise (MSME) sector is providing stable revenue and employment for Jamaica.

In a speech delivered by principal director in the ministry, Michelle Parkins, at Mona Graphic Printers (MGP) 25th Anniversary Celebration and Awards Ceremony in Kingston, last Friday, Shaw said the sector positively impacted the economy in 2018 with some $80.4 billion in revenue.

The minister noted that this represented 16.3 per cent of the funds collected from businesses, adding that the Government is fully committed to providing a “facilitatory environment” for MSMEs to continue thriving.

“We believe that the more we facilitate and strengthen opportunities for our entrepreneurs to do business, is the more we will enhance the country's capacity to expand economic growth and to create employment,” the minister said.

Shaw pointed out that the Government is also pursuing several development initiatives for the sector, including the “upgraded” MSME Policy, and provision of ease of access to loans to the productive and services sectors, through the National Export-Import Bank of Jamaica (EXIM Bank).

The minister noted that operators of small-and medium-sized enterprises (SMEs) benefited from 72 per cent of the $6.83 billion in loans that were disbursed up to December 2018.

“Our goal is to see more of our MSMEs expanding and creating wealth for themselves and their employees. There is a lot of creativity and huge potential in the MSME sector, and I urge you to grasp the opportunities to be the best that you can be,” Shaw said.

A special feature of the ceremony was MGP's opening of a new building to house its operations, and the commissioning of a state-of-the art printing press.

“This speaks not only to the confidence that you have in our economy but also to the potential that lies within the micro-small-and medium-sized enterprises to create and retain wealth, generate employment, and provide the support for private sector growth and expansion,” the minister said.

Meanwhile, managing director of MGP, Arlene Wilson, said the business started with the simplest of machines.

“With the infrastructure, machinery and manpower in place, we have positioned ourselves to provide our customers with the best printing experience,” Wilson told the gathering.


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