AS the Government continues its quest to establish a logistics-centred economy, it is also providing crucial support through various funding agencies, to ensure the development of the micro, small and medium enterprise (MSME) sector.

Minister of State in the Ministry of Industry, Investment and Commerce Sharon Ffolkes-Abrahams said support for the sector has come through training, reducing bureaucracy, the Jamaica Business Development Corporation (JBDC), the Self-Start Fund, and the Micro Investment Development Agency (MIDA).

“All of this is supported by progressive legislation, such as the Security Interest in Personal Property (SIPP) Act, which allows moveable property to be used as collateral. Other business- enabling policies include the Collateral Registry to expand asset-based lending to the MSME sector,” Ffolkes-Abrahams said.

She was addressing an economic growth symposium on Wednesday at the Knutsford Court Hotel, in New Kingston. The two-day forum, held under the theme: ‘Economic Growth Through MSMEs, Creating An Integrated Strategy’, was organised by the HEART Trust/NTA.

“We must, in our logistics-centred economy, give our MSMEs more than a fighting chance to exploit the opportunities, and to become the multinationals of the future,” Ffolkes-Abrahams said.

Stressing that new approaches are required for the global workforce, the junior minister outlined that in “building our MSMEs, in laying the foundation for economic growth and development, the new Jamaican worker will have to be equipped with all the necessary competencies and attitudes that will enable him to be productive”.

She pointed out that MSMEs are responsible for up to 80 per cent of employment in the Jamaican economy, and will continue to be dominant in future employment and growth. She further explained that Government will play its part in providing the necessary policy to position them at the centre of the country’s development.

“We are positive that this symposium will generate new ideas for moving ahead. We in the ministry welcome the important deliberations and sharing of expertise, as we continue the efforts to grow our economy, and in particular, to focus on economic growth through our MSMEs,” Ffolkes-Abrahams said.