Almost 3,000 micro, small and medium-sized enterprises (MSMEs) are poised to profit from a share of some €9.5 million in grant-funding assist from the European Union (EU).
The funds are being supplied below the EU’s Digital Transitioning Programme in Jamaica that was launched in 2023, which goals to extend info and communications know-how (ICT) entry and use by MSMEs islandwide.
That is in line with the Authorities’s ongoing thrust to transition the island to a digital financial system.
Talking in the course of the official opening of the Jamaica Enterprise Growth Company (JBDC) Manchester Enterprise Centre in Mandeville just lately, Minister of Trade, Funding and Commerce, Senator the Hon. Aubyn Hill, mentioned roughly €1.7 million of the EU grant is earmarked for the JBDC.
He indicated that the availability will fund additional digital know-how buildout for a focused 2,700 MSMEs, whereas emphasising the significance of this endeavor and the dividends to be derived.
“Companies, whether or not micro, small, medium or massive that embrace digital know-how, develop sooner, attain extra clients and are extra worthwhile, productive and environment friendly – all of which we plan that will help you to do,” Senator Hill mentioned.
He added that, in so doing, native stakeholders shall be higher positioned to maintain tempo with counterparts in nations corresponding to america of America (USA).
“We admire this and we’re going to be certain it really works. We have now to equip [MSMEs] to be digitally alive, conscious and sensible,” the Minister additional acknowledged.
Senator Hill famous that the expansion recorded by a variety of Jamaica’s main companies and enterprises was largely pushed by their embracement of know-how, and inspired MSMEs to do likewise.
“Whether or not you plant turmeric or bananas, do goat farming or meals processing, that is your [JBDC] transitioning centre to purchase or promote in markets the place you wish to be linked on to the shopper. The transitioning centre is important to equipping rural entrepreneurs with the digital instruments you will want to compete, scale-up your companies and have the capability to export,” he mentioned.
Minister Hill reminded entrepreneurs that they had been working in an period the place digital adoption is an absolute crucial, therefore the choice to include businesses such because the JBDC to lend assist in driving this thrust.
In the meantime, Programme Supervisor, EU Delegation to Jamaica, Turks & Caicos, The Bahamas, Belize and the Cayman Islands, Marlene Lamonth, mentioned the partnership with Jamaica is testomony to the shared dedication to foster financial resilience, innovation and inclusive progress for the residents.
“The European Union’s determination to assist Jamaica on this journey, comes from the popularity of the very important function that MSMEs play within the financial system. In accordance with the PIOJ, MSMEs account for 80 per cent of employment in Jamaica, displaying that you’re the engine of financial progress and the lifeblood of the communities throughout the nation,” Ms. Lamonth mentioned.
“On this more and more digital age, you have to, due to this fact, be supplied with the proper assist to allow you to innovate, optimise, develop and develop your companies, and Jamaica. Our MSMEs have to be empowered to leverage the digital instruments and applied sciences to thrive on this ever-evolving international market. You must see your self exterior of Jamaica,” she acknowledged.
In the meantime, Performing Chief Government Officer, JBDC, Harold Davis, described the Company’s newly established complicated in Manchester as a daring step, mentioning that it additionally marks the growth of the entity’s footprint in supporting the continued progress of rural entrepreneurs.
“For twenty-four years, JBDC has served as the house of MSMEs, offering steerage, sources and assist from idea to advertising; it has allowed hundreds of companies to take root and develop. Since 2009, now we have been a dedicated accomplice within the ecosystem of Manchester. Since then, the JBDC has supported a whole lot of small companies, producers and creatives on their path to success,” Mr. Davis mentioned.
The Digital Jamaica Undertaking contributes to the island’s nationwide digital plan.
This consists of addressing the digital divide inside rural areas, and facilitating entry to training and technological innovation within the non-public sector.
The venture is co-funded by the EU by a financing settlement to attain outcomes below the ICT, MSME and training sectors.
