Jamaica looks to increase competitiveness of its businesses

As part of efforts to boost the small business sector in Jamaica, the Commonwealth Secretariat is delivering comprehensive technical assistance, which aims to foster the competitiveness of micro, small and medium enterprises (MSMEs) across the Caribbean country.

The Secretariat is working with Jamaica’s Ministry of Industry, Investment and Commerce (MIIC) and the Small Business Association of Jamaica (SBAJ), as well as a group of other stakeholders engaged in MSME development, in delivering this project.

The President of SBAJ, Dalma James, said: “This project has been very timely for Jamaica’s small businesses which are under tremendous pressure owing to the decline in economic growth and opportunities. We are confident that through some of the interventions from this project Jamaican small businesses can boost their competitive capability and innovativeness.”

This project will lead to what Mr James calls the ‘multiplier effect’, where small businesses can harness financing and procurement opportunities, which in turn leads to increased competitiveness of individual enterprises and eventually socio-economic development led by small business activities throughout the country.

As part of this technical assistance project a Jamaica Business Information System - an information and communication technology application that acts as a database and benchmarking tool for MSMEs across the country - will be launched in November 2010.

The project also aims to assist the SBAJ on issues of operationalising the affirmative government procurement policy and putting in place a proper financing mechanism for Jamaican small businesses.

Over 300 small business operators across Jamaica participated in an event – the first Small Business Conference – which was inaugurated on 21 September. It was at this conference that this project was launched. Many small businesses also displayed their products during an exposition, which was organised as part of the conference.

Speaking at the inaugural session, Michael Stern, Minister of State, MIIC, said: “MSMEs need support from various angles - better government policies, regulatory environment, business climate, legal framework, business support services and market information. We are fortunate to have our friends from the Commonwealth Secretariat working with our sector in a transparent and focused manner.”

Key Links:

• Special Advisory Services
• Country Profile: Jamaica