JBDC CEO Urges Strategic Partnerships to Support MSMEs

Chief Executive Officer of the Jamaica Business Development Corporation (JBDC), Valerie Veira, has highlighted the need for the strengthening of partnerships to foster the growth and success of micro, small and medium-sized enterprises (MSMEs).

Such collaboration involves government, corporations and MSME stakeholders.

“As we enter into the new Budget year, we are looking forward to [forging] even stronger relationships,” she said.

“Unless we partner, we will not achieve our common goal of creating an enabling business environment for our MSMEs,” she added.

Ms. Veira was addressing the JBDC’s annual ‘Breakfast with the CEO’ event held recently at the AC Marriott Hotel in Kingston.

Under the theme ‘Strategic Partnerships: Facilitating Business Success’, the event was held to address the various challenges impacting MSMEs to unlock the full potential of the sector.

MSMEs have long been recognised as vital components of economic development, serving as catalysts for innovation, job creation, and wealth distribution.

However, despite its significant contributions, MSMEs often face challenges such as limited access to financing, market constraints, and regulatory hurdles.

Participants examined the role of ministries, departments and agencies (MDAs) and other entities in facilitating MSME success, the gaps that exist and how these can be addressed to achieve the sector’s policy goals.

As stated in the updated MSME and Entrepreneurship Policy (2018), these include fostering an enabling environment; access to affordable and appropriate financing; adequate business development support; and creating a culture of entrepreneurship and innovation.

The Breakfast with the CEO was the first of several activities by the JBDC for the 2024/2025 financial year to forge strategic partnerships to ensure that MSMEs have the support they need to thrive and contribute meaningfully to economic development.

Source: JIS News