Entrepreneurs urged to exploit global growth trendsSunday, November 14, 2021
Amid global supply disruptions occasioned by the novel coronavirus pandemic, entrepreneurs are being urged to capitalise on new economic growth trends as potential opportunities for expanding their businesses.
Minister of state in the Ministry of Industry, Investment and Commerce, Dr Norman Dunn, speaking to small enterprise owners at a recent Jamaica Business Development Corporation (JBDC) business dialogue, encouraged operators to double down on emerging and trending opportunities in the market.
“Global disruptions have led to economic growth in many markets, such as manufacturing; logistics and distribution; renewable energy; as well as services in the financial, outsourcing, health and legal sectors,” the minister stated.
He said that with Jamaicans being naturally creative people, artisans should move to transform their innovative ideas into world-class products.
“Any enterprising Jamaican with a sound business plan can enjoy the same success as other local companies which are now trading internationally,” he noted, adding that a recent initiative to develop an industry of by-products from bamboo is set to become a game changer for the manufacturing sector.
Dunn said that with the island's over 160,000 acres of bamboo, entrepreneurs should seek to develop this largely underutilised area which globally has created multimillion-dollar industries in countries such as China and India. This, especially as demand also grows globally for renewable material sources for paper and other manufacturing needs.
The global bamboo market is estimated at US$24 billion, of which the product can be used in a variety of industries, including construction, health and wellness, agriculture, clothing manufacturing, paper manufacturing, furniture, among others.
The Business Dialogue Forum which took place last week was one of a series of events staged by the JBDC in observance of Global Entrepreneurship Week (GEW) celebrated November 8 – 14 under the theme 'Reboot, Rethink Regenerate' .
The JBDC, which is the government agency having responsibility for the growth and development of entrepreneurs, small businesses and start-ups, through a raft of programmes, offers support to micro, small and medium-sized enterprises (MSME). Through this support small enterprises are provided with the requisite training and support needed to grow and properly develop into viable businesses.