Minister Urges MSMEs to Focus on Exports for Economic Growth

Minister Aubyn Hill urges MSMEs to prioritize exports for business growth and national development. He emphasizes registration, highlights economic comparisons with neighboring countries, and reports rising business confidence despite challenges. The MSME Roadshow fosters collaboration and celebrates achievements while providing resources for entrepreneurs.

In recent statements, Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, has emphasized the necessity for micro, small, and medium-sized enterprises (MSMEs) to prioritize exports in their strategic planning. Speaking at the MSME Business Roadshow at St. Elizabeth Technical High School on March 6, he asserted that Jamaica’s economic progress is dependent on expanding into international markets.

Senator Hill highlighted that MSMEs must focus on exporting goods and services to achieve their business objectives and contribute to Jamaica’s national development. He provided context by comparing Jamaica’s per capita gross domestic product (GDP) of less than US$7,000 to the higher figures of neighboring nations, stressing the pivotal role of exports in economic enhancement.

The Minister articulated his aspiration for Jamaica to attain a per capita GDP of US$20,000, mentioning that stable fiscal management by the government provides a strong foundation for MSME growth through increased sales and exports. He also advocated for formal business registration to unlock benefits such as improved interactions with government bodies and access to financial resources.

Furthermore, he reported a rise in business confidence, with projections for profit increases and overall confidence levels improving notably, despite challenges like the COVID-19 pandemic and Hurricane Beryl.

Senator Hill urged entrepreneurs to enhance Jamaica’s reputation internationally as innovative and productive creatives. The St. Elizabeth Roadshow represented the seventh event in a series aimed at ensuring engagement between over 20 agencies and local entrepreneurs, covering critical topics like digital technology and affordable financing while celebrating MSMEs with a total of $3 million in giveaways and rewards.

In conclusion, Minister Senator Aubyn Hill has highlighted the critical importance of exports for MSMEs in Jamaica as a means to bolster both individual business success and national economic growth. By advocating for formal registration and emphasizing increased business confidence, the Minister aims to foster a culture of innovation and international competitiveness among Jamaican entrepreneurs. The initiative at the MSME Roadshow enhances support resources available to businesses while celebrating their accomplishments, aiding in Jamaica’s overall economic advancement.

Original Source: jis.gov.jm