Senator Aubyn Hill called on MSMEs to prioritize exports during the MSME Business Roadshow, emphasizing the importance of reaching international markets for economic growth. He urged business registration for better access to resources and noted rising business confidence despite challenges. The Roadshow provided valuable discussions and resources for entrepreneurs.
The Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, emphasized the pressing need for micro, small, and medium-sized enterprises (MSMEs) to prioritize exportation in their business strategies. Speaking at the MSME Business Roadshow held at St. Elizabeth Technical High School in Santa Cruz on March 6, he asserted that Jamaica’s economic growth is dependent on the ability to reach international markets.
Senator Hill advised, “If you want to export, then talk to Jamaica Promotions Corporation (JAMPRO).” He highlighted that Jamaica’s per capita gross domestic product (GDP) currently stands at less than US$7000, starkly contrasting with figures from neighboring countries such as Bahamas, Trinidad, and Barbados. He insisted on the necessity of exporting to elevate the GDP and improve national wealth.
The Minister conveyed his aspiration for Jamaica to achieve a per capita GDP of US$20,000, attributing the economy’s stabilization to prudent government fiscal management. This stabilization, he argued, provides MSMEs a solid foundation upon which to enhance sales and export capabilities, thereby generating foreign currency earnings.
Moreover, Senator Hill underscored the significance of business registration, stating that formalization allows for advantageous interactions with governmental bodies and access to financial resources. He encouraged all business owners, including sole proprietors, to register their operations with the Companies Office of Jamaica (COJ).
Despite facing challenges like the COVID-19 pandemic and Hurricane Beryl’s aftermath, he noted a rise in business confidence, with expectations for profits increasing by 15 points and overall confidence levels improving significantly. Senator Hill asserted, “Every day, we Jamaicans must strive to be known, regionally and internationally, as innovators of quality products and services.”
The St. Elizabeth Roadshow was part of a series aimed at engaging entrepreneurs and featured various stakeholders, including the Inter-American Development Bank (IDB) and the Development Bank of Jamaica (DBJ). Discussion topics included monetizing social media, leveraging digital technology, and strategies to foster growth in agricultural businesses. Additionally, the event celebrated MSME success, offering $3 million in various prizes and giveaways.
In conclusion, the Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, has highlighted the critical role that exports play in the growth of Jamaica’s economy. He urged MSMEs to prioritize exportation and formalize their businesses to reap benefits while fostering national development. The ongoing Roadshow series provides valuable resources and networking opportunities for entrepreneurs, enhancing their potential for success in both local and international markets.
Original Source: jis.gov.jm
