The EU has granted €9.5 million to support nearly 3,000 Jamaican MSMEs under its Digital Transitioning Programme. Approximately €1.7 million will be allocated to the JBDC to aid technological growth for businesses. Minister Aubyn Hill emphasized the need for digital adoption for competitive growth, while EU representatives highlighted the essential role of MSMEs in the economy.
The European Union (EU) has allocated €9.5 million in grant funding to support nearly 3,000 micro, small, and medium-sized enterprises (MSMEs) across Jamaica. This financial support is part of the EU’s Digital Transitioning Programme, initiated in 2023, which aims to enhance access to information and communications technology (ICT) among MSMEs throughout the island.
This initiative aligns with the Jamaican Government’s commitment to advancing the transition to a digital economy. During the inauguration of the Jamaica Business Development Corporation (JBDC) Manchester Business Centre, Senator Aubyn Hill, Minister of Industry, Investment, and Commerce, announced that approximately €1.7 million of this grant is designated for the JBDC. The funding will facilitate the digital technology expansion for 2,700 targeted MSMEs, highlighting its significance for sustainable business growth.
Minister Hill underscored the benefits of digital technology for businesses of all sizes, stating that embracing these tools leads to accelerated growth, improved customer reach, and heightened profitability. He emphasized the urgency of equipping MSMEs with the necessary digital capabilities to remain competitive, particularly against international counterparts such as those in the United States.
Hill referenced the success of leading Jamaican corporations, which have thrived due to technological adoption, urging MSMEs—across various sectors such as agriculture and food processing—to utilize the JBDC as a centre for digital engagement and market connection. He reiterated the critical nature of digital adoption, reinforcing the importance of the JBDC’s role in this initiative.
Marlene Lamonth, Programme Manager from the EU Delegation, affirmed the partnership with Jamaica, highlighting the crucial contribution of MSMEs to the national economy. She noted that MSMEs account for 80 percent of employment in the country, further asserting their position as essential to economic vitality and community support. Lamonth stressed the need for MSMEs to acquire appropriate support to innovate and flourish within the ever-evolving global market.
Harold Davis, Acting Chief Executive Officer of the JBDC, hailed the launch of the new Manchester complex as a significant advancement in aiding rural entrepreneurs. He noted the JBDC’s longstanding commitment to supporting MSMEs for over two decades. The Digital Jamaica Project seeks to bridge the rural digital divide and enhance access to educational resources, thereby promoting technological advancement across various sectors.
The European Union’s grant of €9.5 million signifies a substantial step towards empowering approximately 3,000 MSMEs in Jamaica through enhanced access to digital technologies. The initiative, aligned with the country’s goal of transitioning to a digital economy, underlines the importance of equipping local businesses with the necessary tools to thrive competitively. By focusing on the critical engagement of MSMEs, the program aims to foster innovation and sustainable growth within the economy.
Original Source: jamaica-gleaner.com
