Gov’t pledges to aid MSMEs with US$70,000 budget
Juanique Tennant / Our Today
Approximately 100 micro, small and medium enterprise (MSMEs) business owners will benefit from government-partnered support to transition from informal to formal operations in the coming year, says Minister of Industry, Investment and Commerce, Audley Shaw.
Shaw made the announcement during his contribution ot the 2021-2022 contribution to the Sectoral Debate in the House of Representatives on Tuesday (May 11).
In his presentation, the minister highlighted the many limitations placed on informal businesses, including an inability to “access loans, expand their business and export their products and services”.
He noted that approximately 43 per cent of the Jamaican economy operates informally, significantly impacting the economy’s growth prospects.
Given this, Shaw said the ministry welcomed the support of the International Labour Organization (ILO) which will be providing a grant valued at US$70,000 to aid in the formalising of many of Jamaica’s MSMEs.
The project is expected to be implemented through the Jamaica Business Development Corporation (JBDC), with a plan to further expand to other sectors in the short to medium term.
Comments