The University of Technology (UTech) will receive a 1,000 STEM scholarships over the next five years at a total cost of $2.4 billion to support Jamaicans from low-income households.

Finance Minister Dr Nigel Clarke made the announcement in Parliament yesterday (March 7) during his opening of the budget debate for the fiscal year 2023/2024.

He said that UTech is one of the largest sources of work-ready science, technology, engineering and math graduates in Jamaica and the investment will diversify Jamaica’s economic gains.

“Jamaica has only five sectors that consistently generate over US$200 million of foreign exchange each year. Those are tourism, business process outsourcing, mining and quarrying, refined petroleum products, and food and beverages,” said Clarke.

He continued: “We need to broaden that economic base, Madam Speaker, with the emergence of new sectors that can generate higher paying jobs, expand the middle class, and simultaneously earn significant foreign exchange for Jamaica”.

The minister said that the development in computer science will encourage data science firms to invest in Jamaica, providing higher paying, higher value-added jobs. But only if Jamaica can produce qualified and technically proficient STEM graduates.

Clarke also expressed confidence that under the leadership of the new Chancellor, Lloyd Carney, “this
competence will only grow stronger, and the STEM output will only increase”.

“UTech positioning is enhanced by already having a number of innovation labs that provide practical experience for students and raise revenue through industry collaboration projects for local and global firms needing KPO and ITO solutions, ” said the minister.

He added that the Student Loan Bureau and the Ministry of Finance will work together to support Jamaica’s goals and UTech’s ambitions to ensure that those who cannot afford the cost of tuition will have an opportunity to further their education.

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