Driving MSME Growth, Fostering Export

Government strengthened support to micro, small and medium-sized enter- prises (MSMEs) to drive business growth and enhance export.

The Jamaica Business Development Corporation (JBDC) team demonstrates the use of equipment during a tour the state-of-the-art Essential Oils Incubator in November.
Prime Minister the Most Hon. Andrew Holness (left), listens as Manufacturing Chief, Pepsi Cola Jamaica, Javon Salmon, explains some of the features of the conveyor belt during a tour of the company’s new US$30-million state-of-the-art production line at the firm’s Spanish Town Road plant in Kingston.

• 16 technology firms benefited from access to capacity- building, mentorship, export markets and strategic networking opportunities under the Technology Innovation District (TID) Accelerator Project.

• Over 40 MSME operators were trained in the fundamentals of public procurement, equipping them to effectively participate in public procurement tenders, a crucial aspect of business growth and expansion.

• Export assistance was provided to 50 companies enrolled in JAMPRO’s Cohort 3 of Export Max.

• The Jamaica Business Gateway online platform was launched by JAMPRO to facilitate business-to-government transactions, fostering efficiency and transparency regarding investment and business procedures.

• A US$72,000 project was undertaken to strengthen cultural and creative industries.

Trade Missions

• 80 private sector companies benefitted from ministerial trade missions to Guyana, Trinidad & Tobago, Dominican Republic, Miami, Atlanta, Toronto, New York, Washington, New York, and London.

MSME Business Roadshows

• The MSME Business Roadshow was launched, offering over 1,000 businesses access to services provided by 20 State agencies and sponsors.

• 12 entities were granted $300,000 each to support the growth of their businesses, and over 155 MSMEs had the opportunity to exhibit their products and services.

Loan Products

• The Export-Import Bank of Jamaica launched its EX-IM Solar Energy Loan Product, to finance the acquisition and installation of solar equipment, offering borrowers a medium-term, non-revolving, secured pro-duct for a tenure up to seven years, at a 7.5 per cent interest rate.

• The EX-IM Bank on-lent $1.95 billion to support MSMEs faced with financial difficulties.

Promoting Consumer Rights

• The Consumer Affairs Commission (CAC) handled 895 complaints and achieved a 64.13% resolution rate, with over $22 million secured in refunds and compensation.

• 44,525 individuals were reached through 256 outreach activities, providing consumer advice and information.

• The CAC conducted 21 comprehensive price surveys covering various sectors such as groceries, agriculture, petroleum products, hardware items, and school textbooks. The findings which were published in news outlets and on the CAC’s website, helped consumers to make wise spending choices.