The European Union has allocated €9.5 million to support nearly 3,000 MSMEs in Jamaica via its Digital Transitioning Programme, promoting access to ICT. Approximately €1.7 million of the funds will assist JBDC in enhancing digital capabilities for MSMEs, emphasizing the need for local businesses to adopt technology to remain competitive. This initiative aligns with governmental efforts to transition Jamaica to a digital economy.
The European Union is poised to grant €9.5 million to support nearly 3,000 micro, small, and medium-sized enterprises (MSMEs) as part of its Digital Transitioning Programme in Jamaica, initiated in 2023. This funding aims to enhance access to information and communications technology (ICT) for MSMEs across the island, aligning with the government’s efforts to advance Jamaica’s digital economy.
Minister of Industry, Investment and Commerce, Senator Aubyn Hill, announced that approximately €1.7 million of the grant will be allocated to the Jamaica Business Development Corporation (JBDC) for further digital technological enhancements, targeting around 2,700 MSMEs. He emphasized the advantages of digital technology, noting that businesses embracing these innovations tend to grow faster, expand customer bases, and increase profitability.
Senator Hill further remarked on the necessity for local stakeholders to adapt to digital advancements to remain competitive with international counterparts, including those in the United States. He stated, “We appreciate this and we are going to make sure it works. We have to equip [MSMEs] to be digitally alive, aware and smart.”
He encouraged MSMEs from various sectors to utilize the JBDC as a resource for digital integration, suggesting that the centre is pivotal for rural entrepreneurs to gain access to essential tools for success and market connectivity. He stressed that digital adoption is critical for growth in today’s economy.
Marlene Lamonth, Programme Manager of the EU Delegation to Jamaica, reiterated the partnership’s importance, highlighting that MSMEs are vital to Jamaica’s economic framework as they represent 80 percent of employment. She expressed the need for appropriate support for these enterprises to innovate and thrive in the digital landscape.
Harold Davis, Acting CEO of JBDC, lauded the new Manchester complex as a significant development in assisting rural entrepreneurs. He recounts JBDC’s lengthy history of supporting MSMEs, emphasizing its role in fostering local business growth over the past 24 years.
The Digital Jamaica Project aligns with the national digital plan by addressing the digital divide and enhancing access to educational resources and technological advances within the private sector. It represents a collaborative effort involving EU funding to advance the ICT, MSME, and education sectors in Jamaica.
The recent EU grant of €9.5 million marks a significant step towards empowering Jamaica’s MSMEs through enhanced access to digital technology. This financial support aims to foster innovation, resilience, and inclusive growth among nearly 3,000 enterprises while aligning with the government’s digital transformation objectives. The ongoing commitment from both the EU and local authorities underscores the importance of MSMEs in driving economic development and sustaining communities throughout Jamaica.
Original Source: jamaica-gleaner.com
