Ministry of Industry, Commerce, Agriculture and Fisheries of Jamaica

11/13/2020 | Press release | Distributed by Public on 11/13/2020 16:49

Entrepreneurship the backbone of the Jamaican economy – Min. Dunn

Minister of State in the Ministry of Industry, investment and Commerce, Hon. Dr. Norman Dunn (2nd right), along with (from left) Chair of Technical Team, Young Entrepreneurs Association of Jamaica (YEA), Gilroy Gordon; President, YEA, Cordell Williams; and Communications Specialist, YEA, Shanoy Coombs, at the virtual summit of the Young Entrepreneurship Association of Jamaica, at the Audi Showroom, Oxford Road, Kingston, on Thursday, November 12, 2020. The summit is in recognition of National Entrepreneurship Week from November 12-15, under the theme 'The Next Wave'.

Above Body

13 Nov 2020 communications

State Minister in the Ministry of Industry, Investment and commerce, Dr. Hon. Norman Dunn, says that entrepreneurship is the backbone of the Jamaican economy, and represents the country's most important source of new employment.

According to the Minister, entrepreneurship allows for the establishment of innovative companies, opens up new markets, improves productivity and creates wealth.

Addressing the Young Entrepreneurs Association Summit, in Recognition of Entrepreneurship Week 2020 under the theme, 'The Next Wave', at the Audi Showroom, Oxford Road on Thursday, November 12, Minister Dunn said that 'the COVID-19 pandemic has called for a shift in mind-set and a revision of how our businesses operate'.

The Minister informed that the Government is committed to supporting the MSME sector and has put in place a number of initiatives to stimulate a culture of entrepreneurship, built on creativity, problem solving and innovation and demystifying the stories of business failure and business risk; the provision of appropriate business development and capacity building services tailored based on the particular stage of the business lifecycle, training in management and marketing techniques, and financial management.

'Yes, there is always more to be done. We are doing what we can to create employment and build entrepreneurship. We are aware of the challenges, but I believe the stage is now sufficiently set to find ways around the obstacles. Indeed, that is what real entrepreneurship is all about,' the Minister said.

President of the Young Entrepreneurs Association (YEA), Cordell Williams Graham, noted that the significance of the MSME sector in driving economic growth and social transformation is undeniable, and is more relevant and important than ever before.

'The Government's recent interventions to help the sector rebound from the impact of the COVID-19 pandemic, is proof that the government is committed to the growth and development of the sector. As the impact of the pandemic continues to deepen, the economic woes which continue to beset the country calls for the implementation of an immediate and much more sustained, collaborative and institutionalized approach to reinstating the sector,' the president said.

She added further that the YEA is committed to lending its efforts to the work that needs to be carried out in support of the MSME sector.