So, the country now has a new Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill. Well we’ll hear about his plans on how MSMEs can benefit through partnership with EXIM bank.
Exports are the key to Jamaica’s wealth, says Hill
“We can not get rich selling to just three million people in Jamaica,” says newly appointed Minister of Industry, Investment and Commerce, Senator Aubyn Hill.
Speaking during an interview with Kalilah Reynold on MoneyMovesJa, the Senator said his ministry is actively seeking both local and foreign investors to help boost the country’s exports.
“Because if you don’t invest to export, we will never be wealthy… we need to export to foreign markets and bring in foreign revenue, ” he said.
Hill said that he has been engaging with potential local investors to highlight the need for investments in the country.
“I met with retail distributors last week, many of them are very well established and I know from my banking days that they are very wealthy, but they don’t tend to invest in factories and building things in Jamaica,” he said.
“So, I’m encouraging them, they have the capital, they have the business acumen, they have the reach in the business world, to invest in Jamaica,” he added.
The minister said that increasing investments to boost Jamaica’s exports is one of his ministry’s top priorities.
“I am moving in an expert team at the ministry to work closely with me because we have to develop a modus operandi and look over a five- 10 year period where we get to where we want to go,” he said.
Hill added that small and medium sized businesses (SMEs) should also be given the opportunity to export to international markets.
He said that while institutions such as EXIM Bank have done a great job of fostering relationships with SMEs, some business owners may still feel intimidated turning to larger financial institutions for support.
Hill said that without adequate financial and technical support SMEs will likely not benefit for international market opportunities.
“We want them to work towards high (business) standards, set their sights on foreign markets, earn foreign exchange and develop lots of jobs in Jamaica,” he said.
To that point, the Minister said that EXIM will be partnering with various institutions to provide financial and technical support to SMEs.
“The plan is to not just give money. Money is important and we know the shortage of capital that exists in Jamaica. So we have to find ways- institutions like the Development Bank of Jamaica will have to coordinate with EXIM to find some venture capital money,” he said.
However, Hill noted that technical support for SMEs is also crucial.
“We have to find ways to help ordinary small businesses to develop sensible business plans. Without that they really can’t get the capital that they need, whether it is borrowed money or investment, nor will they get the kind of people they need unless they have a good, well balanced plan that can be executed,” he explained.
The minister said that while he could not give specifics about the Government’s budget, funds will be allocated to getting SMEs the help that they will need to continue growing.
“”More money will have to be spent there to help businesses do their plans, so that when they get the money, they don’t waste it or run into problems that they should have been able to foresee,” he added.
