The European Union (EU) has reaffirmed its commitment to supporting the digital transformation of Jamaica’s micro, small, and medium-sized enterprises (MSMEs).
Speaking at the Digital Jamaica Summit and Showcase, held recently at The Jamaica Pegasus hotel in New Kingston, Head of Cooperation for the EU Delegation to Jamaica, Aniceto Rodriguez Ruiz, highlighted the critical role of the digital landscape in propelling economic growth and resilience within the MSME sector.
Mr. Rodriguez Ruiz emphasised that the EU-Jamaica partnership marks a new chapter in their long-standing relationship, particularly through the integration of digital transformation strategies aimed at fostering innovation and growth.
“This new chapter brings a solid digital transformation dimension to the EU’s support of the MSME sector in this country. It came about because the EU and the Jamaica Business Development Corporation (JBDC), through its parent Ministry, the Ministry of Industry, Investment and Commerce, share a common understanding of the vital role that you, the stakeholders of Jamaica’s MSME sector, play in the economy,” he said.
The Head of the EU Delegation also cited the significant contribution of MSMEs to Jamaica’s economy, stating that they account for 60-70 per cent of all jobs and contribute 44 per cent to the nation’s gross domestic product (GDP), which he said is “absolutely impressive”.
Armed with this information, Mr. Rodriguez Ruiz said that the EU is pleased to support the JBDC in building on its immense contribution to the country.
“The European Union fully understands the imperative for the local business support ecosystem to facilitate MSMEs to access and optimise digital transformation services. We [also] understand that this is a powerful contributor to wider efforts to unlock MSME growth, innovation and prosperity,” Mr. Rodriguez Ruiz shared.
However, to unlock the potential that exists for MSMEs, challenges such as limited market access and high operating costs must be overcome, noted the Head of the EU Delegation.
To combat these challenges, he highlighted the pivotal role of digital technology in helping MSMEs reach new customers, increase operational efficiency, and access new markets.
“The European Union’s partnership with JBDC will support MSME digital transformation towards these and other ends, geared at fostering innovation, growth and resilience of the sector,” Mr. Rodriguez Ruiz informed.
Support will also be given to the JBDC to integrate digital transitioning services within their existing menu of business support services, thus making these services available to MSMEs across the country.
Mr. Rodriguez Ruiz further acknowledged that “digital transformation is not just about adopting new technologies; it is, fundamentally, about changing the way business is done. including the use of data analytics to make informed decisions and e-commerce to reach global markets”.
This collaboration with the JBDC is part of a larger EU budget support initiative under the Digital Jamaica programme, signed in July 2023 by Jamaica’s Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke.
The programme aims to integrate digital transitioning services into the JBDC’s existing menu of business-support services, making them accessible to MSMEs across the island.
Digital Jamaica is a flagship initiative under the EU’s Global Gateway Strategy, launched in 2022 to bridge the investment gap and encourage sustainable and transformative investments.
This strategy, which spans four key sectors – climate and energy, health, transport, and the digital sector, is designed to promote socio-economic prosperity through public-private collaboration.
The programme also supports the Ministry of Education by providing broadband connectivity to more than 1,000 public schools and children’s homes across the country and by revising Jamaica’s information and communications technology (ICT) Competency Framework for Teachers.
As part of the EU-Latin America and Caribbean (EU-LAC) Digital Alliance, the EU is also working to foster cooperation on digital matters between Europe, Latin America, and the Caribbean, Mr. Rodriguez Ruiz said.
The alliance will focus on policy dialogue, connectivity improvements, and satellite-based services such as Copernicus, the EU’s Earth observation programme, which is available to Jamaica.
Mr. Rodriguez Ruiz took the opportunity to encourage MSMEs to take full advantage of the digital transformation services offered by the JBDC, as these tools are designed to unlock their full potential, build resilience, and contribute to a more prosperous future for Jamaica’s MSME sector.
“Where you see fit, make full use of the JBDC’s offering. It will help you to harness the power of digital technologies to unlock the potential in your businesses. It can contribute to building a more prosperous and resilient MSME sector in Jamaica,” he said.
Source: JIS – https://jis.gov.jm/features/eu-supports-digital-transformation-of-msmes/
