Government Assisting Micro-Businesses With Funding
Minister of Industry, Investment and Commerce, Hon. Karl Samuda told his audience at the Jamaica Business Expo, on Friday May 30, that The Government is starting a more comprehensive programme to offer low cost loans to micro-businesses across the island.
This was stated by Minister of Industry, Investment and commerce, Hon. Karl Samuda at the third annual Recognition and Installation luncheon of the Jamaica USA Chamber of Commerce (JAUSACC) and Business Expo, at the Broward Convention Center, in Fort Lauderdale on May 30. Nearly 40 companies showcased a range of goods and services available there and in Jamaica.
According to the Minister, there will also be training in business techniques and marketing assistance and financing incentives to lure the interest of small business owners. He told his audience that in order to move productivity, the Government is prepared to take the necessary risk.
Minister Samuda said that over the next four years, the Ministry intends to reduce areas of bureaucracy to allow for more flexibility and accessibility in the system, warning lawbreakers of the consequences and that necessary sanctions will be applied.
The Minister emphasized that, the business community must exercise ingenuity with fairness and honesty. Reiterating that Jamaica is ripe for investment, the Minister said that the new administration is engaged in creating a favourable climate in order to compete in the global economy, at the same time building on the accomplishments of the former government, such as the new road network among others, to boost incentives for investors.
“We must harness our resources to ensure productivity,” according to the Minister as he outlined areas for investment, citing packages in the Tourism industry, the manufacturing and agro industries, information technology, and more importantly, training in human resources.
As a large percentage of food supplies and furniture in the hotel industry were imported, he urged persons to look also to those areas of local manufacturing and production for potential investment opportunities.
Turning to the Diaspora, the Minister praised nationals for their on-going contribution to the development of the Jamaican economy. He called for assistance in the marketing of Jamaican products and appealed for more investment in the economy.
He noted that the strength of the economy is reflected in its trade, indicating that there is still room for growth as Jamaica’s trade import figures were in excess of US$4 billion, more than that of export.
The Jamaican Milestone Awards were presented to ten Florida-based businesses in the South Florida community, in the areas of healthcare, hospitality and professional services, management, media, entertainment, arts and culture, and the advancement of trade in the region.
One posthumous award was presented in honour of the late George Barbar, who died earlier this year in Boca Raton, Florida. Mr. Barbar was the first former chairman of the board of the JAUSACC since its inception in March 2004. He served as trade expert under several Jamaican government administrations, before retiring in the United States where he pioneered in the development of the Boca Raton commercial district.
The Minister also spent the morning visiting the two-day Trade Expo themed: “Buy Jamaican - Brand We Love.” Nearly 40 participating companies showcased a wide range of goods and services available in Jamaica as well as in South Florida. The category of products included agro-industry, food and beverages, professional services, including financing and business development consultancy, hospitality, apparel, and art and culture.
Sentiments were also echoed by the president of the JAUSACC, Marie Gill, consul general, Ricardo Allicock and president of the Jamaica Manufacturers Association (JMA), Omar Azan, who all spoke of building a strong and vibrant Jamaican brand and economy.