Senator Aubyn Hill urged MSMEs to prioritize exports for economic growth during the MSME Business Roadshow in St. Elizabeth. He highlighted the need to improve Jamaica’s per capita GDP through international markets and emphasized the importance of business registration for accessing resources. The event also showcased strategies for innovation and included significant giveaways to support MSMEs.
The Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, emphasized the urgency for micro, small, and medium-sized enterprises (MSMEs) to prioritize exports during the MSME Business Roadshow at St. Elizabeth Technical High School (STETHS) in Santa Cruz. He articulated that Jamaica’s economic prosperity relies on its capacity to penetrate foreign markets, urging MSMEs to focus on exporting goods and services for their business success and national development.
Senator Hill pointed out the disparity in per capita gross domestic product (GDP) between Jamaica and its regional counterparts, suggesting that increasing exports is essential for improving Jamaica’s GDP, which currently stands at less than US$7,000. He has set an ambitious goal for Jamaica to achieve a US$20,000 per capita GDP and encouraged MSMEs to leverage improved fiscal management for enhanced sales and export efforts.
He also highlighted the significance of business registration as a means to access governmental services and financial support. Senator Hill urged all business owners, including sole proprietors, to formalize their operations by registering with the Companies Office of Jamaica (COJ). Furthermore, he reported an increase in business confidence, noting a rise in profit expectations and overall confidence despite challenges posed by the COVID-19 pandemic and Hurricane Beryl.
The Roadshow in St. Elizabeth, which is the seventh in a series aimed at engaging entrepreneurs, featured discussions with prominent stakeholders like the Inter-American Development Bank (IDB) and the Development Bank of Jamaica (DBJ) on topics relevant to business growth. With an emphasis on innovation, the event also celebrated MSME achievements with generous giveaways totalling $3 million.
In conclusion, Senator Aubyn Hill’s call for MSMEs to prioritize exports underscores the critical role that international markets play in advancing Jamaica’s economic growth. By advocating for formal business registration and increased export activities, he provides a pathway for enhancing the national GDP. The positive trends in business confidence highlight the potential for MSMEs to thrive in a competitive environment.
Original Source: jis.gov.jm
