The European Union has granted €9.5 million to support nearly 3,000 MSMEs in Jamaica through the Digital Transitioning Programme. The initiative aims to enhance ICT access, promoting digital adoption among local businesses to boost growth and competitiveness. Key stakeholders emphasize the importance of digital tools and the role of MSMEs in economic development.
The European Union (EU) has allocated €9.5 million in grant funding aimed at benefiting nearly 3,000 micro, small, and medium-sized enterprises (MSMEs) in Jamaica. This funding is a part of the EU’s Digital Transitioning Programme, initiated in 2023, which focuses on enhancing access to information and communications technology (ICT) for MSMEs across the island to facilitate the transition to a digital economy.
During the recently launched Jamaica Business Development Corporation (JBDC) Manchester Business Centre in Mandeville, Industry Minister Aubyn Hill announced that about €1.7 million of the EU grant will be directed towards the JBDC. This provision is intended to advance digital technology capabilities for about 2,700 MSMEs, highlighting the benefits such as increased customer reach, profitability, and operational efficiency associated with digital adoption.
Hill emphasized the importance of equipping MSMEs to leverage digital tools, ensuring they remain competitive with international counterparts, such as those in the USA. He indicated that embracing digital technology could significantly impact various sectors, encouraging businesses engaged in agriculture and food processing to harness digital marketplaces for direct customer engagement.
Additionally, Marlene Lamonth, Programme Manager at the EU Delegation to Jamaica, highlighted the partnership’s significance in promoting economic resilience and inclusive growth. She acknowledged the crucial role of MSMEs in Jamaica’s economy, as they account for 80% of employment, and stressed the need for these enterprises to adopt innovative digital solutions to succeed in a globalized marketplace.
Harold Davis, Acting CEO of JBDC, described the new Manchester facility as an expansion of support for rural entrepreneurs, reflecting the organization’s long-standing commitment to MSMEs in Jamaica. Over 24 years, the JBDC has provided resources and guidance to businesses, assisting them from inception to market entry, thus supporting the local economy.
The Digital Jamaica Project is aligned with the nation’s digital strategy, aiming to bridge the digital gap in rural areas while promoting access to education and technology within the MSME sector. This collaborative initiative will ensure comprehensive support is available to foster innovation and growth.
The EU’s €9.5 million grant underscores the commitment to empowering Jamaica’s MSMEs through enhanced digital technology access. By embracing digital tools, these enterprises can boost growth and competitiveness in both local and international markets. This initiative not only supports economic resilience but also aims to bridge digital divides, which is crucial for fostering inclusive growth across rural areas of Jamaica. The ongoing partnership between the EU and Jamaica reflects a shared vision for a modernized economic landscape, driving forward the nation’s digital development agenda.
Original Source: jamaica-gleaner.com
