PM wants more 'purpose-built facilities' for MSMEs

 

Prime Minister Andrew Holness has underscored the need for more "purpose-built facilities" for micro, small and medium sized enterprises (MSMEs).

 

He says the quality and availability of good real estate, including warehousing space, remains a big challenge - one that the government cannot solve by itself. 

 

"How do we get the private sector to mobilise more capital in building up commercial spaces that are affordable and built in such a way that it can accommodate many types of businesses? Nevertheless, through the Factories Corporation of Jamaica... the government has given a directive to the FCJ, that right across Jamaica where they have property or where they don't they should acquire, to start building out what we're calling the turnkey community micro business parks," he outlined. 

 

One such park will be in St. Thomas, as part of the $6 billion development of the Morant Bay Urban Centre. 

 

"We recognise that whilst we will have larger businesses moving in and occupying the space, that we must support the MSMEs in and around the area to create this ecosystem of real estate and facilities. And so, the first park will be built there on an additional 10 acres that we have acquired," he said. 

 

The Prime Minister was speaking at Wednesday's official opening of Adam and Eve Day Spa, in St. Andrew.

 

There are about 425,000 MSMEs in Jamaica, with annual revenues of between $15 million and $425 million.