EU Grants €9.5 Million to Strengthen Jamaica’s MSMEs Through…

The EU has provided €9.5 million in grants to support nearly 3,000 MSMEs in Jamaica under its Digital Transitioning Programme. This funding facilitates enhanced ICT access, aligning with the country’s goals of digital transformation. Key figures like Minister Aubyn Hill and EU Programme Manager Marlene Lamonth emphasized the importance of empowering MSMEs to thrive in the digital age.

The European Union (EU) has allocated €9.5 million in grant funding aimed at empowering nearly 3,000 micro, small, and medium-sized enterprises (MSMEs) in Jamaica. This financial support is part of the EU’s Digital Transitioning Programme launched in 2023, designed to enhance access to information and communications technology (ICT) among MSMEs across the island. The initiative aligns with the Jamaican Government’s goal to transition the nation towards a digital economy.

During the recent inauguration of the Jamaica Business Development Corporation (JBDC) Manchester Business Centre in Mandeville, Senator Aubyn Hill, Minister of Industry, Investment and Commerce, announced that approximately €1.7 million of the EU grant is specifically allocated for the JBDC. This funding will facilitate further advancements in digital technology for around 2,700 MSMEs, highlighting the potential benefits of embracing digital solutions.

Senator Hill emphasized the advantages for businesses that adopt digital technologies, stating, “Businesses, whether micro, small, medium or large that embrace digital technology, grow faster, reach more customers and are more profitable, productive and efficient.” He noted the importance of positioning local stakeholders to compete effectively with counterparts in nations like the United States.

Acknowledging the need for digital adaptation, Hill asserted that MSMEs are essential in achieving economic growth, encouraging entrepreneurs engaged in various sectors to leverage the transitioning centre for connectivity and market access. He stated, “Whether you plant turmeric or bananas… this is your [JBDC] transitioning centre to buy or sell in markets where you want to be connected directly to the customer.”

Marlene Lamonth, Programme Manager for the EU Delegation to Jamaica, highlighted the EU’s commitment to fostering resilience and growth in Jamaica, pointing out that MSMEs are pivotal to the economy, accounting for 80 percent of employment nationally. She affirmed the necessity for MSMEs to acquire the right support to innovate and thrive in a digitally driven global market.

Harold Davis, Acting CEO of JBDC, remarked on the new Manchester complex as a significant development supportive of rural entrepreneurs, reinforcing the corporation’s 24-year dedication to nurturing MSMEs through guidance and resources. He noted that the JBDC has historically assisted numerous businesses in succeeding from concept to marketing.

The Digital Jamaica Project, through EU co-funding, contributes to the national digital plan, aims to bridge the digital divide in rural areas, and promotes access to educational and technological innovations in the private sector.

The EU’s €9.5 million grant is a significant support initiative for nearly 3,000 MSMEs in Jamaica, aimed at fostering digital growth and economic resilience. With a focus on enhancing ICT access, this program not only aligns with national objectives but also underscores the critical role of MSMEs in the Jamaican economy. Stakeholders are encouraged to embrace digital advancements to sustain competitiveness and drive innovation. The collaboration signifies a strategic effort to support entrepreneurs in adapting to modern market demands.

Original Source: jamaica-gleaner.com