The EU has granted €9.5 million to support nearly 3,000 MSMEs in Jamaica through digital transformation. The funding, part of the EU’s Digital Transitioning Programme, will enhance ICT access and support local businesses in becoming more competitive. Key figures like Minister Aubyn Hill and EU Programme Manager Marlene Lamonth emphasize the importance of digital adoption for economic growth and job creation.
The European Union (EU) is providing €9.5 million in grant funding to nearly 3,000 micro, small, and medium-sized enterprises (MSMEs) in Jamaica. This initiative is part of the EU’s Digital Transitioning Programme launched in 2023, which aims to enhance access to information and communications technology (ICT) to foster a digital economy across the island.
During the opening of the Jamaica Business Development Corporation (JBDC) Manchester Business Centre, Minister of Industry, Investment and Commerce, Senator Aubyn Hill, announced that approximately €1.7 million from this grant is allocated for the JBDC. This funding will support digital technology enhancements for 2,700 targeted MSMEs, emphasizing the potential benefits of digital adoption for business growth and efficiency.
Senator Hill remarked that businesses embracing digital technology experience faster growth and enhanced profitability. He encouraged local stakeholders to advance their technological capabilities to remain competitive globally, especially with counterparts in developed nations like the United States. He stressed the importance of equipping MSMEs to thrive in the digital landscape.
Additionally, Hill urged entrepreneurs from various sectors, including agriculture and food processing, to utilize the JBDC as a platform to access digital tools that would enable them to compete and expand their reach. He reiterated that digital transformation is essential for business survival in the current market.
Marlene Lamonth, Programme Manager for the EU Delegation to Jamaica, articulated the EU’s commitment to fostering economic resilience and innovation in Jamaican MSMEs. She highlighted the vital role MSMEs play in the economy, noting they account for 80 percent of employment in Jamaica. Lamonth emphasized empowering these enterprises with the right digital resources is critical for their success in a modern global marketplace.
Harold Davis, Acting CEO of the JBDC, characterized the new Manchester facility as a significant expansion of resources available to rural entrepreneurs. He reflected on the JBDC’s 24-year history of assisting MSMEs, helping them develop from concept to market. The project also aligns with Jamaica’s national digital strategy, which aims to bridge the digital divide in rural areas and support technological advancements in education and business sectors.
The EU’s significant grant of €9.5 million aims to empower nearly 3,000 MSMEs in Jamaica through enhanced ICT access. Essential funding is allocated to the JBDC to facilitate digital technology improvements, thereby supporting local businesses in embracing digitalization for growth. The collaborative effort with the EU emphasizes the crucial role MSMEs play in the Jamaican economy, and highlights the necessity of equipping entrepreneurs for competitiveness in a global market.
Original Source: jamaica-gleaner.com
