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JM | Jun 22, 2022

Gov’t pumps $5B into financing MSME solutions as e-commerce, online shopping flourish

/ Our Today

administrator
Karl Samuda, minister of labour and social security.

The Jamaica Productivity Centre is reporting that e-commerce and online shopping are flourishing among Jamaican consumers.

“There was increased productivity in every quarter last year in the Wholesale and Retail Trade industry, with the last two quarters recording increases of 1.1 per cent and 11.5 per cent, respectively,” said Karl Samuda, minister of labour and social security.

Samuda was speaking at a Jamaica Productivity Centre forum, held virtually on June 20.

Capitalising on this trend, the minister said $5 billion has been allocated in this financial year, through the Development Bank of Jamaica, to finance micro, small and medium-sized enterprises (MSMEs), with solutions aimed at increasing e-commerce.

FINTECH ALREADY AUTOMATING GLOBAL FINANCES

Samuda said this includes the installation of online payment and other e-commerce facilities, cross-border e-commerce and trading and digital food ordering.

In addition, the he noted that financial technology (FinTech) is already automating global finances.

“Locally, JAM-DEX is emerging as one of our digital Jamaican currencies, and more banking apps are being initialised and updated for convenient use. FinTech allows for efficient ease of transactions and, more importantly, for more Jamaicans to be incorporated into the formal banking system,” Samuda said.

“Although we are making progress in some sectors, we must attract more investments for greater growth. We must also reorient, nurture and train the labour force for these technological opportunities, and allow them to participate actively in the process.”

Karl Samuda, minister of labour and social security

The minister argued that Jamaica’s move towards higher technological advancement was being hampered by low levels of foreign and local investments.

“Although we are making progress in some sectors, we must attract more investments for greater growth. We must also reorient, nurture and train the labour force for these technological opportunities, and allow them to participate actively in the process,” Samuda said.

In the meantime, the Jamaica Productivity Centre continues to spearhead the development of the ministry’s policy on productivity.

Samuda said work continues apace on the national policy on productivity, which will guide the improvements in efficiency and support the conditions to drive a better quality of life in Jamaica.

The Centre is also looking at the new wave and attitude of entrepreneurism among Jamaicans.

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