MSMEs Encouraged to Focus on Export Growth for Economic Advancement

Senator Aubyn Hill urged MSMEs to prioritize exports at the recent MSME Business Roadshow, emphasizing that Jamaica’s economic growth depends on expanding to international markets. He highlighted the importance of business registration and noted rising business confidence despite recent challenges. The Roadshow aimed to engage entrepreneurs through various discussions and celebrate MSME achievements.

The Honorable Senator Aubyn Hill, Jamaica’s Minister of Industry, Investment and Commerce, has urged micro, small, and medium-sized enterprises (MSMEs) to prioritize exports within their strategic operations. During the MSME Business Roadshow held at St. Elizabeth Technical High School on March 6, he emphasized that Jamaica’s economic growth relies significantly on expanding into international markets, beyond mere domestic sales.

Senator Hill articulated that success in business, alongside national development, requires MSMEs to engage in exporting goods and services. He pointed out the stark disparity in per capita GDP figures among Caribbean nations and stressed that improving Jamaica’s GDP, currently below US$7,000, hinges on export activities. He urged, “So, everything you’re doing, we’re recommending that you look at export the moment you set up your business.”

The Minister expressed a vision for Jamaica to achieve a per capita GDP of US$20,000 and credited the government’s fiscal stewardship for stabilizing the economy. He encouraged MSMEs to leverage this stability to enhance their sales and export efforts, thereby generating foreign revenue.

Senator Hill also highlighted the critical need for business registration, noting that formalization benefits enterprises through improved accessibility to governmental services and financial opportunities. He especially urged even sole proprietors to register their businesses with the Companies Office of Jamaica (COJ).

Despite challenges posed by the COVID-19 pandemic and Hurricane Beryl, there is an increase in business confidence, with profit expectations rising by 15 points and overall confidence improving nearly 12.9 points, according to the Conference Board. He stated, “Every day, we Jamaicans must strive to become known, regionally and internationally, as focused, performing, productive and very smart innovators and crafters of great products and services.”

The St. Elizabeth Roadshow was the seventh event in a series, bringing together over 20 agencies under the Ministry to support local entrepreneurs. It featured discussions on critical topics such as social media monetization, digital technologies, financial access, and agricultural innovation, while also celebrating MSME successes with $3 million in giveaways.

In conclusion, Minister Aubyn Hill’s call for MSMEs to focus on exporting as a core strategy highlights the vital connection between international market engagement and Jamaica’s economic growth. By prioritizing exports, participating in government initiatives, and formalizing their businesses, MSMEs can significantly contribute to enhancing the nation’s GDP and overall economic stability. The recent MSME Business Roadshow exemplified ongoing efforts to equip entrepreneurs with vital resources and support for sustainable success in both domestic and global markets.

Original Source: jis.gov.jm