Senator Aubyn Hill calls for MSMEs to prioritize exports to drive Jamaica’s economic growth. He emphasizes the importance of formalizing businesses through registration and notes increasing business confidence amid challenges. The MSME Business Roadshow seeks to connect entrepreneurs with resources to enhance their growth and export capabilities.
The Minister of Industry, Investment and Commerce, Senator Aubyn Hill, has urged micro, small, and medium-sized enterprises (MSMEs) to prioritize exports in their business strategies. Speaking at the MSME Business Roadshow at St. Elizabeth Technical High School on March 6, he emphasized that Jamaica’s economic growth depends on expanding beyond domestic markets into foreign sales.
Senator Hill stated that with Jamaica’s per capita GDP currently below US$7,000, significant improvement necessitates increased exports. He compared Jamaica’s GDP with that of neighboring countries, underscoring that moving away from low GDP levels requires a focus on exportation from the outset of business operations.
Hill’s vision is to elevate Jamaica’s per capita GDP to US$20,000. He highlighted the government’s sound fiscal management, calling on MSMEs to leverage this foundation by increasing their sales and export activities to boost foreign income.
The Minister also stressed the importance of business registration, explaining that formalizing a business unlocks numerous advantages, including improved interaction with government agencies and enhanced access to financial resources. He encouraged all business owners to register their operations with the Companies Office of Jamaica (COJ).
He pointed out increased business confidence, as indicated by a 15-point rise in profit expectations and an overall confidence increase of nearly 12.9 points, despite challenges posed by the pandemic and Hurricane Beryl in July 2024.
At the Roadshow, which is the seventh in an ongoing series aiming to connect entrepreneurs with over 20 government agencies, discussions addressed topics such as social media monetization, digital technology use, and financing strategies for agricultural innovation. The event also included $3 million in giveaways to celebrate MSME achievements.
The Minister of Industry, Senator Aubyn Hill, has reinforced the critical need for MSMEs to incorporate export strategies to drive Jamaica’s economic growth. He encourages business registration for access to government support and highlights positive trends in business confidence despite prior setbacks. By engaging in export markets, MSMEs can significantly contribute to their success and national development.
Original Source: jis.gov.jm
