The European Union has granted €9.5 million to support nearly 3,000 MSMEs in Jamaica under its Digital Transitioning Programme. This funding will enhance ICT access, fostering growth and profitability for local enterprises. Highlights from the program’s advocates include the necessity for digital innovation to compete globally and the critical role of MSMEs in supporting economic resilience.
The European Union (EU) has announced a significant grant of €9.5 million aimed at bolstering nearly 3,000 micro, small, and medium-sized enterprises (MSMEs) in Jamaica. This funding is part of the EU’s Digital Transitioning Programme, launched in 2023 to enhance access to information and communications technology (ICT) for these enterprises across the island, aligning with the Jamaican government’s goal of transitioning to a digital economy.
During the inauguration of the Jamaica Business Development Corporation (JBDC) Manchester Business Centre, Industry Minister Senator Aubyn Hill revealed that approximately €1.7 million of the EU grant will directly benefit the JBDC. This allocation will facilitate the enhancement of digital technology for around 2,700 MSMEs, underscoring the necessity for these businesses to adopt digital solutions to improve profitability and efficiency.
Minister Hill emphasized the imperative for businesses of all sizes to embrace digital technology to boost growth and productivity, urging local stakeholders to become competitive on a global scale. He pointed out the essential role of the JBDC as a resource for MSMEs to access digital tools necessary for market engagement and business expansion.
Marlene Lamonth, Programme Manager at the EU Delegation to Jamaica and several other territories, hailed the collaboration with Jamaica, recognizing the crucial contribution of MSMEs to the economy. She noted that these enterprises account for 80% of employment in Jamaica, highlighting their importance as engines of economic growth. Lamonth advocated for empowering MSMEs to innovate and thrive in the global marketplace through digital capabilities.
Harold Davis, Acting CEO of JBDC, referred to the new facility in Manchester as a pivotal development that enhances JBDC’s support for rural entrepreneurs. He recounted the corporation’s 24-year commitment to aiding MSMEs from conception through to marketing, affirming their role in fostering business success in the region.
The Digital Jamaica Project aims to address the digital gap within rural communities, promoting educational access and encouraging technological advancement in the private sector. This initiative is co-funded by the EU, emphasizing a collaborative approach toward achieving goals within the ICT, MSME, and education sectors.
The EU’s €9.5 million grant represents a significant investment in Jamaica’s MSMEs, aiming to foster a digital economy. This initiative, coupled with JBDC’s support, is positioned to empower thousands of enterprises by enhancing their technological capabilities. The partnership underscores the vital role of MSMEs in driving economic growth, innovation, and inclusive development within the country, preparing local businesses to compete effectively in the global arena.
Original Source: jamaica-gleaner.com
