Hol­ness happy with IDB’s MSMEs in­put

Jamaica Gleaner - - SPORTS - Okoye Henry Gleaner Writer

WEST­ERN BUREAU: PRIME MIN­IS­TER An­drew Hol­ness says the Gov­ern­ment is fully com­mit­ted to pro­vid­ing the sup­port needed by the lo­cal mi­cro, small and medium-sized en­ter­prises (MSMEs) to drive sus­tained eco­nomic growth.

Hol­ness, who was ad­dress­ing hun­dreds of lo­cal and in­ter­na­tional guests at the open­ing of Foromic 2016 Con­fer­ence in St James this week, ac­knowl­edged the coun­try was fac­ing eco­nomic and so­cial chal­lenges, in­clud­ing crime, which needs to be over­come.

In fact, he noted that, stim­u­lat­ing MSMEs to en­hance growth is in­te­gral in the bid to over­come poverty and chan­nel in­di­vid­u­als to­wards vi­able in­come gen­er­a­tion and op­por­tu­ni­ties.

‘Cre­at­ing Op­por­tu­ni­ties Through Fi­nan­cial In­clu­sion’, which is the very theme of the con­fer­ence, is the cat­a­lyst that will help stim­u­late this vi­sion,” said Hol­ness. “This is to be achieved with the part­ner­ship of the In­terAmer­i­can De­vel­op­ment Bank (IDB), which is the or­gan­iser be­hind the three-day fo­rum.”

“The Gov­ern­ment’s goal is to pro­vide the best busi­ness cli­mate and sup­port ser­vices to en­cour­age fi­nan­cial in­clu­sion and drive sus­tain­able eco­nomic growth and mean­ing­ful job cre­ation,” con­tin­ued Hol­ness.

“In­di­vid­u­als, and, there­fore, MSMEs, will ben­e­fit and bet­ter po­si­tion them­selves to strengthen Ja­maica econ­omy and more par­tic­i­pa­tion on the global trade.”

How­ever, the prime min­is­ter raised con­cerns about the fact that many lo­cal MSMEs con­tinue to op­er­ate within the in­for­mal sec­tor of the coun­try.

He aims to bring these in­for­mal MSMEs into the le­gal frame­work and said a study is be­ing done with the sup­port of the IDB to gather more cur­rent and ac­cu­rate data.

“If the con­tri­bu­tion of the in­for­mal sec­tor were taken into ac­count, Ja­maica’s GDP would regis­ter ap­prox­i­mately 40 per cent in­crease in size,” the prime min­is­ter noted.

In re­sponse to be­ing lauded by the prime min­is­ter for the IDB’s ef­fort to help Ja­maica to im­prove its busi­ness en­vi­ron­ment and com­pet­i­tive­ness, IDB Pres­i­dent Luis Moreno said the or­gan­i­sa­tion stood ready to help the coun­try speed up the tran­si­tion to a stronger growth.

“That’s why we are sup­port­ing ev­ery­thing, from an ex­pand­ing ac­cess to mi­cro-credit in com­mu­ni­ties, to de­vel­op­ing psy­chro­met­ric tools that will help banks to eval­u­ate loan ap­pli­ca­tions from en­tre­pre­neur­ial busi­nesses or putting to­gether Ja­maica’s first An­gel In­vestor Net­work,” Moreno stated.

Foromic is the re­gion’s lead­ing fo­rum for sup­port­ing and fi­nanc­ing MSMEs and small farm­ers in Latin Amer­ica and the Caribbean.

HOL­NESS

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