Industry Minister Lauds Credit Union Movement

Jamaica News: Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw, says the credit union movement has been a tower of economic strength, which has served as a catalyst for many small and medium-size businesses.

Speaking at the Jamaica Co-operative Credit Union League (JCCUL) awards banquet at the Hilton Rose Hall Hotel & Resort in St. James, recently, Minister Shaw said the League’s “stability” also illustrates the dynamism, potential and sustainability of the credit union movement.

“A loan book of $71.6 billion and total assets of $104 billion further demonstrates the JCCUL’s economic strength,” Mr. Shaw argued.

“It is this sustainability and resilience that resulted in the JCCUL’s existence for some seven decades, and from all indications, the League will be alive and well for another 70 years,” he added.

The Minister noted that shifts in the global business climate “solidifies the importance of co-operatives,” adding that the International Co-operative Alliance’s Blueprint points out that co-operatives have a way of doing business which is “better and brings a more effective balance to the global economy.”

“The projected Vision outlined in the Blueprint aims, by 2020, for the co-operative model to become the acknowledged leader in economic, social and environmental sustainability,” the Minister said.

“It also shows that co-operatives are the fastest growing form of enterprise and also the most popular business model. Other studies have also shown that co-operatives are responsible for almost 10 per cent of the world’s employment,” he added.

The Minister argued that the co-operative approach to business enterprise is critical to the social and economic development of the country.

“In this regard, our focus has been on stabilising our economy, creating a more business friendly environment, stimulating local and domestic investment and unleashing the entrepreneurial energies of our people,” Mr. Shaw said.

He noted that the role of the Government is to remove the impediments, create an enabling environment for future growth and development while, at the same time, improving the confidence of businesses and consumers.

“The Government is committed to creating an environment that makes it easier for Jamaicans to save, invest, do business and obtain relevant financial products and information to empower themselves,” the Minister said.


Source: JIS News

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