Nearly 3,000 micro, small and medium-sized enterprises (MSMEs) are poised to benefit from a share of some €9.5 million in grant-funding support from the European Union (EU).
The funds are being provided under the EU’s Digital Transitioning Programme in Jamaica that was launched in 2023, which aims to increase information and communications technology (ICT) access and use by MSMEs islandwide.
This is in keeping with the Government’s ongoing thrust to transition the island to a digital economy.
Speaking during the official opening of the Jamaica Business Development Corporation (JBDC) Manchester Business Centre in Mandeville recently, Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, said approximately €1.7 million of the EU grant is earmarked for the JBDC.
He indicated that the provision will fund further digital technology buildout for a targeted 2,700 MSMEs, while emphasising the importance of this undertaking and the dividends to be derived.
“Businesses, whether micro, small, medium or large that embrace digital technology, grow faster, reach more customers and are more profitable, productive and efficient – all of which we plan to help you to do,” Senator Hill said.
He added that, in so doing, local stakeholders will be better positioned to keep pace with counterparts in countries such as the United States of America (USA).
“We appreciate this and we are going to make sure it works. We have to equip [MSMEs] to be digitally alive, aware and smart,” the Minister further stated.
Senator Hill noted that the growth recorded by a number of Jamaica’s major corporations and enterprises was largely driven by their embracement of technology, and encouraged MSMEs to do likewise.
“Whether you plant turmeric or bananas, do goat farming or food processing, this is your [JBDC] transitioning centre to buy or sell in markets where you want to be connected directly to the customer. The transitioning centre is vital to equipping rural entrepreneurs with the digital tools you will need to compete, scale-up your businesses and have the capacity to export,” he said.
Minister Hill reminded entrepreneurs that they were operating in an era where digital adoption is an absolute imperative, hence the decision to incorporate agencies such as the JBDC to lend support in driving this thrust.
Meanwhile, Programme Manager, EU Delegation to Jamaica, Turks & Caicos, The Bahamas, Belize and the Cayman Islands, Marlene Lamonth, said the partnership with Jamaica is testament to the shared commitment to foster economic resilience, innovation and inclusive growth for the citizens.
“The European Union’s decision to support Jamaica in this journey, comes from the recognition of the vital role that MSMEs play in the economy. According to the PIOJ, MSMEs account for 80 per cent of employment in Jamaica, showing that you are the engine of economic growth and the lifeblood of the communities across the country,” Ms. Lamonth said.
“In this increasingly digital age, you must, therefore, be provided with the right support to enable you to innovate, optimise, grow and develop your businesses, and Jamaica. Our MSMEs must be empowered to leverage the digital tools and technologies to thrive in this ever-evolving global marketplace. You have to see yourself outside of Jamaica,” she stated.
Meanwhile, Acting Chief Executive Officer, JBDC, Harold Davis, described the Corporation’s newly established complex in Manchester as a bold step, pointing out that it also marks the expansion of the entity’s footprint in supporting the continued progress of rural entrepreneurs.
“For 24 years, JBDC has served as the home of MSMEs, providing guidance, resources and support from concept to marketing; it has allowed thousands of businesses to take root and grow. Since 2009, we have been a committed partner in the ecosystem of Manchester. Since then, the JBDC has supported hundreds of small businesses, manufacturers and creatives on their path to success,” Mr. Davis said.
The Digital Jamaica Project contributes to the island’s national digital plan.
This includes addressing the digital divide within rural areas, and facilitating access to education and technological innovation in the private sector.
The project is co-funded by the EU through a financing agreement to achieve outcomes under the ICT, MSME and education sectors.
