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State of the MSME Sector in CARICOM – Prospects for the Future

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6 years ago

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I want to begin my remarks this morning by thanking Senator Lynette Holder, CEO of the Barbados Small Business Association for inviting me to deliver the keynote address at this year’s State of the Sector Conference.

I also want to congratulate the SBA for its continuing advocacy of micro, small and medium-sized businesses across Barbados, and for organising this important event.

I encourage you to remain steadfast in your mission“to provide effective representation and exemplary development services to and on behalf of micro, small and medium enterprises, nationally” and to continue to play a leadership role in elevating MSME issues on the local policy agenda.

This Conference is a perfect opportunity for all stakeholders here today to exchange ideas and widen their collective understanding of effective ways to catalyse MSME development in Barbados.

By providing a platform for dialogue and exchange of information, fora like this one can deepen the partnership between the Government, the Small Business Association and MSMEs.

I feel especially privileged to have been asked to address this Forum on the topic “State of the MSME Sector in CARICOM – Prospects for the Future.”

This discussion is timely.  In 2015, all CARICOM countries became signatories to the United Nations 2030 Sustainable Development Agenda.  MSMEs are regarded as an important vehicle for achieving the Sustainable Development Goals (SDGs).   Through their significant job creation impact, MSMEs can play a pivotal role in reducing poverty and income inequality, especially amongst women and youth.

The Caribbean Development Bank shares the SBA’s ambition to nurture and unleash the transformation potential of MSMEs and to create a strong, enabling business ecosystem.

Importantly, we, at the CDB, are in the midst of preparing our strategic plan for the period 2020-2024; and the MSME sector is emerging as a critical area for strategic and focused attention in our Region’s ongoing efforts to achieve sustainable and inclusive economic growth, and eliminate abject poverty, and inequality. Based on  our almost 50 years of experience working in 19 borrowing member countries, including Barbados, we have come to realise that MSMEs across this Region share similar history, experiences, challenges and prospects.

Our intention, therefore, is to continue to craft programmes of support that are available and accessible to all of these countries.

I must also admit to my own personal and longstanding interest in MSMEs’ potential for contributing to economic growth and development, having myself grown up in a family whose livelihood was sustained by small business.

My colleagues at CDB can confirm that I consistently pore through the clippings of local, regional and international newspapers, and other publications in search of new information on MSMEs.  The main objective is to broaden my own understanding of what strategies can galvanise the growth of the MSME sector in our neck of the woods, so to speak!

Even as I thank you for offering me this platform, I also seek your forgiveness for taking the liberty of expanding the scope of my mandate to speak, this morning, on the state of MSMEs and their prospects, largely from a regional perspective.

Interestingly, as I prepared for this event, I was reminded of the relative paucity of in-depth studies of the MSME sector in our part of the world, and hence the need for CDB to commission the study entitled “Micro Small Medium Enterprise Development in the Caribbean: Towards a New Frontier.” That 2016 study examined MSMEs in 12 Caribbean countries.

I assure you, ladies and gentlemen, that there is considerable commonality in the structure, experience, and challenges facing MSMEs across our Region.  So too are the lessons which inform the appropriate policy responses for this group.

This morning I propose to draw four general conclusions.

II. MSMEs ARE ESSENTIAL FOR CARIBBEAN LONG-TERM GROWTH AND DEVELOPMENT

First, let me underscore the importance of MSMEs.

They are the backbone of the private sector and are key drivers of economic growth, and social inclusion in Barbados. Their importance for this island’s long-term growth and development is undeniable.

According to a survey commissioned by the Small Business Association in 2016, MSMEs in Barbados accounted for approximately 92% of formal enterprises and over 60% of private sector employment.  The bulk of these jobs was in small service companies, which were responsible for 34% of private sector employment. MSMEs also accounted for 39% of total exports.  In addition, 34% of enterprises had women as the largest owner, while 6% had equal male and female ownership.

Based on findings published in CARICOM’s 2016 Regional MSME policy and reconfirmed in the CDB-financed study, the situation in Barbados is very typical of the rest of the Region.  On average, MSMEs contribute 50% of GDP and create 45% of the jobs in our Region.

But their full potential remains unrealised.  MSMEs can do so much better.

What is the basis for my conclusion?

If MSMEs account for such a significant proportion of enterprises, and provide the bulk of employment, should we not also expect them to make a bigger contribution to Barbados’ exports?

Certainly if our MSMEs are operating efficiently, then it would be reasonable to assume that they are competitive and have the potential to export.

Therefore, we have to figure out how to unravel those issues that are preventing them from operating more efficiently, more productively and more competitively. If we understand the constraints, we can design workable solutions to unleash this potential and create a business environment in which MSMEs can grow and flourish in a well-functioning market economy.

Because of the size of its contribution to GDP, the performance of the MSME sector is generally a good barometer of the state of the wider economy.  Further, because these countries are small and open, there is a strong nexus between our ability to trade and economic growth performance.  Therefore, we must first come to grips with the issues affecting MSMEs, before our Region can expect to overcome the challenges of low growth, weak trade and investment, and persistently high poverty and inequality.

The issues, which are constraining MSMEs from realising their full potential are generally well known.  A weak enabling environment; high energy and other production costs; limited and poor product/service quality and standards; and limited access to both loan and equity finance are the principal limiting factors.

III. GETTING THE ENABLING ENVIRONMENT RIGHT

This brings me to my second general conclusion this morning.  If we accept these limiting factors, then those of us charged with policy-making must be resolute in our advocacy for giving high priority to creating a business-friendly environment within which MSMEs can develop.

The World Bank’s Doing Business surveys benchmark all countries which participate in the yearly exercise against the regulations that affect business performance.   In the most recent survey of 190 countries Barbados ranked 129 and the average for the Caribbean was 126, suggesting that, relative to other countries, much work remains to be done to create an environment which is “good for business.”

In many Caribbean countries, there is ample evidence of inadequate legislative and regulatory frameworks; weak public sector institutions for providing legal protection; and inefficient business support and training services.  In some Caribbean countries, for example, property registration continues to be time consuming and expensive because property rights are not adequately defined or protected.  Bankruptcy laws are often excessively punitive; and severe penalties can confound the willingness to invest in new business ventures. Also, better enforcement of copyright, patents and trademarks is required to provide appropriate protection for businesses and to avoid litigation and copyright infringement.

Then, our Region suffers from prolonged delays in implementing agreements reached under the Revised Treaty of Chaguaramas.  Several issues require urgent attention.  For example, market access has not improved despite the removal of over 450 legal and administrative barriers to the free movement of goods, services, capital and labour in most CARICOM countries.  The establishment of a single jurisdiction to allow for the equal treatment of business entities across CARICOM is outstanding.  And a CARICOM business must still register in every jurisdiction in which it wishes to operate!  And alien landholding licensing requirements are still in place.

Then, most of the 12 participating CSME countries have failed to enact the requisite legislation that would allow the free movement, of even the ten categories of persons that now have the right to seek employment in other CARICOM member states without the need for a work permit.

These are restrictions which add to the cost and slow pace of doing business, and hamper the extent to which CARICOM businesses can penetrate regional markets.

In the past 15 months, there has been a renewed focus on the CSME.  I remain optimistic that accelerated interest in honouring Treaty obligations will follow shortly.

Our Governments must remain committed to improving the business environment and scale up their efforts to create a policy and institutional framework that responds appropriately to the characteristics and special needs of MSMEs.   Are the tax regimes and regulatory requirements making compliance costs too burdensome?  Or are they incentivising SMEs to remain in the informal sector?  Priority must be given to cutting red tape; increasing the transparency and the cost-efficiency of regulations; collecting data on a systematic basis; and adopting stronger evidence-based policies.

During the Budget presentation earlier this year, Prime Minister Mottley gave notice of  her Government’s intention to utilise technology to enhance the quality and speed of delivering services via online platforms for clearing imports, submitting planning and development applications, renewing driver’s licenses; obtaining Police Certificates of Character; and paying of taxes.  These measures are encouraging enhancements of the business eco-system.

IV. ACCESS TO FINANCE

My third comment this morning directs attention to the difficulty that MSMEs face in accessing appropriate financing.

Because they drive economic growth and job creation, MSMEs can be one of our most potent weapons in the fight against unemployment, poverty and social exclusion.  But to play this role effectively, the conditions must be also be “ripe” for them to grow and flourish.  We have to give highest priority to creating an eco-system in which MSMEs become more willing to embrace uncertainty and to take risks.

Key to creating this environment is access to finance and financial services.   Limited access to credit; the paucity of venture capital; and the generally underdeveloped nature of our Region’s capital markets are troublesome constraints facing MSMEs in Barbados and the rest of the Caribbean. The issue is not simply that funds are unavailable.  In fact, even in situations where the financial system is reporting high levels of liquidity, MSMEs struggle to access resources from the banking system at acceptable interest rates.

Diagnostic studies conducted by the Inter-American Development Bank reveal that only 3-5% of Caribbean micro-entrepreneurs have access to financing. Indeed, financial institutions are generally reluctant to lend to MSMEs, because they lack adequate collateral; they operate in unfavourable business environments; or they have limited access to affordable accounting, legal, auditing and other services.   According to the study also, MSMEs prefer informal modes of credit, which are relatively easy and cheap to secure.  As a result, the uptake of micro-credit has lagged behind expectations.

This suggests that the mainstream financial system, working collaboratively with Government and the business community, may need to consider redesigning their products and offering special mechanisms for enhanced MSME access. These mechanisms could include:

(a)  credit bureaux to facilitate the lending institution’s assessment of credit worthiness;

(b)  collateral registries to restrict the possibility of fraudulent re-use of collateral;

(c)  guarantee schemes, to reduce the risk spread in the pricing of MSME loans by sharing the risk with retail lenders; and

(d)  additional financing channels, such as equity funds, angel investor networks and junior stock exchanges.

Let me make special mention of junior stock exchanges as a financing modality to promote the use of equity financing by MSMEs.  Junior markets can be found in Barbados, Jamaica and Trinidad and Tobago.  Jamaica, with the incentive of a ten-year tax holiday for listing, has the most active exchange. Important lessons can be learned from the experiences of these three junior markets.

One lesson for those countries without junior exchanges is that the legal reforms which encourage MSMEs to raise equity financing by listing their companies on local junior markets must be implemented to facilitate growth and expansion of small businesses.

I strongly recommend that MSMEs formalise their businesses by keeping proper accounting records and adopting sound business practices.  The greatest inhibitor to accessing finance, global competitiveness, or even growth is the failure to adopt good business practices.

MSMEs should also register to be members of business support organisations.  Across Europe, this is mandatory when registering a business.   These organisations, similar to the SBA, lobby on behalf of their members, bring sector issues to the table, and represent their interests in policy discussions. BSOs are also key in capacity building, PPP engagements and making links in new markets.

V. BUSINESS CULTURE/MINDSET

My fourth point is with respect to changing the business culture and mindset.  “The Biggest mistake that a small business can make is to think like a small business.”

I am not sure to whom I should give credit for this quote, but it describes succinctly the mindset needed for successful MSMEs and should be included, alongside effective business planning, good financial management, continuous marketing,  and excellent customer service.

MSMEs are simply the incubators for most large businesses. So you must be able to visualise the company having the DNA of an elephant, as the distinguished Barbadian management consultant and newspaper columnist, Dr. Basil Springer would characterise it. Such a company would be capable of operating outside the narrow geographical confines of Barbados.  With increased trade we can expect more jobs, higher economic growth and increased prosperity.

“Thinking big” will open up new opportunities for MSMEs to compete on the international market by becoming part of a regional value chain.   The theme for this Conference, “Small Size, Big Thinking – Changing the Mindset for Global Engagement” says it well!

The attractiveness of this strategy is substantiated by the achievements of several large, medium and small Caribbean enterprises, which have grown their businesses by moving cross-border to other regional and international markets.

Companies like these become large by embracing behaviours and practices that engender superior levels of production efficiency and cost effectiveness.  The regional market alone gives MSMEs immediate access to just over 18 million consumers under the CSME arrangement.  Firms which are incapable of competing in the local and/or regional markets and do not employ good international business practices will not graduate to the world stage.

With duty and quota free access for most of our goods and services under the CARIFORUM-EU Economic Partnership Agreement, the European Union still offers a relatively protected market for regional MSMEs to hone their competitiveness skills prior to venturing onto the wider unprotected world market.

VI. CARIBBEAN DEVELOPMENT BANK

I have said quite a bit, this morning, about what needs to be done in the eco-system to support MSMEs in our Region.  It would be remiss of me to discuss the development role and impact of MSMEs without mentioning my own institution.

So before I close, let me quickly recap CDB’s own contribution to supporting MSME development.

Our strategic posture is informed by three general principles:

(a)      CDB’s operations should increase the flow of capital into BMCs for the benefit of MSMEs;

(b)      We should use our interventions to enhance financial intermediation and develop regional and sub-regional capital markets; and

(c)      CDB should cooperate and build alliances with other financial institutions, including multilateral institutions, to increase the overall impact of assistance to MSMEs.

Within this operating framework, since 2015, we have committed US$30 million and disbursed US$20 million to over 900 firms for private sector development.  Going forward, our focus is on ramping up our engagement with the Barbadian and Caribbean-wide private sector whilst maintaining the high credit quality of CDB’s banking function.

There is scope and need for CDB to continue to intermediate funding to MSMEs through public and privately-owned financial institutions.  However, careful attention will have to be paid to the pricing of our funding through the privately-owned institutions, in particular, to ensure that their on-lending rates are competitive.

We are determined to increase our involvement with MSMEs and to play an even bigger role in unleashing their potential.  In this regard, we have embarked on some innovative approaches to attract additional financial flows for our MSME programme. In 2018, for example, we launched the multi-donor Cultural and Creative Industries Innovation Fund (CIIF) with start-up capital of U$2.6 million.  There is no shortage of demand for CIIF which provides grants and technical assistance to MSMEs in order to encourage innovation and job creation in the creative industries.

Our most recent proposal is to mobilise additional financing which can be used to derisk lending to MSMEs by providing partial credit guarantees to financial institutions. Additional technical assistance will be offered to assist MSMEs in bolstering their creditworthiness by developing suitable marketing and business plans and ensuring that proper accounting systems are in place.  This initiative is to be executed through the Caribbean Consultancy Technological Services, our main mechanism for delivering professional services to MSMEs.  It is a small programme of direct technical assistance, workshops, and training attachments; but it delivers big results with huge impact!

VII. CONCLUSION

In closing, I wish to point out that the current business environment, while still being difficult because of weak global growth, has presented us with a window of opportunity in the form of increased funding for MSMEs.

CDB remains committed to supporting the development of MSMEs in Barbados and the rest of our Region. We are giving high priority to financing and promoting initiatives that enhance their competitiveness.  And we are relying on   institutions like the Small Business Association to help us design programmes that are better targeted for MSMEs to drive economic growth and employment creation in Barbados and the wider Caribbean.

By
Dr. William Warren Smith, CD President Caribbean Development Bank

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The Samsung 25 Line: For The Time Of Your Life And The “Life Of Your Time”

Published

3 weeks ago

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April 13, 2025

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It might not seem like roughly a quarter-century since the digital smartphone made an irrevocable impact on all our lives (whether you currently have one or not), but over the course of those years, cell phones have moved from being glorified field radios to nearly everyone’s go-to device; in business and in personal life, the smartphone is THE accessory, replacing analog watch, camera, game console, phone book and day-runner (remember those?).

And the function consolidation shows no signs of abating, as new feature-rich phones continue to be released to an ever-hungry public.

Dane Spencer, of Smart Mobile Solutions

No surprise then, that a gaggle of entrepreneurs, execs, media and influencers thronged the Digicel store in Tropical Plaza for Samsung’s latest salvo in the smartphone market “arms race” – the S25 line, comprising the base model, S25+ and the topline S25 Ultra, all boasting advanced artificial intelligence (AI) capabilities in addition to the expected bells and whistles (3 different types of camera; powerful new chipset; vital body function monitor etc). Emcee Debbie Bissoon kept things moving with her usual aplomb.

Dane Spencer, of Smart Mobile Solutions, in Jamaica, spoke to this ongoing function consolidation as a key driver of sales and market share. “The convergence of multiple apps on a single handy device means I can truly access and respond to information from anywhere,” he said, providing a personal demonstration on his own S25. “That means whether you’re in corporate or in business for yourself, you can make better decisions, faster.”

Jaszmin Martinez, the Dominican Republic-based Corporate Marketing Manager for Samsung amplified Spencer’s points on market share, adding, “Samsung has a significant presence in the Jamaican market, and one which has grown year on year, so it’s a very important market for us,” she said. According to Stat Counter, Samsung enjoys roughly 52% of the Jamaican smartphone market.

Stephen Murad of Digicel reminisced briefly about the head-spinning growth the company experienced in its early days and all the momentous changes that had taken place in the cell phone market since its launch in 2001. The cell phone, he said, was no longer just a device that you talked through, but increasingly, one you talked with (referring to the AI capabilities) and a constant companion. “The markets’ need for data is never-ending” he said, as folks of all ages have been spending more and more time with their phones.

The company has, however, taken note of those factors and the associated dangers of this manner of closeness with our devices, and has recently launched, though the Digicel Foundation, the Safer Internet Together (SIT) project. In partnership with other corporate entities (JPS Macmillan Education and Sunshine Snacks) and public agencies, the mobile carrier intends to advocate for safer, more responsible internet usage among students in 150 educational institutions.

But, as evidenced even from the interest in the store on launch night, a considerable number of Jamaicans plan to spend lots of time with their S25s.

The new device arrives almost, on cue, in a very dynamic and recently volatile, global smartphone market. After nearly three years of decline, the smartphone market had posted a creditable 7%, according to figures from Canalys Research. The hammer looked set to hit this year with the US President’s all-out trade war, and with the trade conflicts with China ongoing, smartphone sales may buckle under inflationary pressures.

Indeed, the stated Jamaican list price for the S25 entry model (J$136K + tax) is an eminently competitive tag, no doubt influenced by an awareness of the general market conditions (while not cheap, its entirely in line with what one would expect to pay for a similarly equipped competitor model). Indeed, the two lucky guests at the launch who each won one of the S25s on offer are no doubt putting their devices through their respective paces.

The ongoing evolution of life, both in the business and personal spheres, demand devices that can keep pace with dynamics of our multi-active, instantly communicating world, and at a competitive price point. Samsung, with its new flagship series, is looking to deliver -and reap handsomely – on all of those expectations.

Michael A. D. Edwards

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Powering the Future: CARILEC and Green Solutions International SKN Launch Electric Vehicle Training in St. Kitts

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3 weeks ago

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April 7, 2025

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Caption: Participants receiving hands-on training in electric vehicle maintenance and repair during an EV Training Programme facilitated by GSI SKN.

Basseterre, St. Kitts, 7th April 2025 – CARILEC, the leading association for electric utilities in the Caribbean, has partnered with Green Solutions International SKN Inc (GSI SKN) to deliver a cutting-edge Electric Vehicle (EV) Training Programme in St. Kitts from June 23 to July 4. This comprehensive training aims to equip professionals with the skills needed to work safely and effectively with electric and hybrid vehicles.

GSI SKN, a leading NGO driving clean energy growth and sustainability across the Caribbean, offers EV certifications from the Institute of the Motor Industry (IMI) in the UK and Technischer Überwachungsverein (TÜV) in Germany. The organisation partners with the IRENA SIDS Lighthouses Initiative, holds accreditation with the UNFCCC, and is the exclusive regional partner for the North American Board of Certified Energy Practitioners (NABCEP). With a strong track record in renewable energy and e-mobility, GSI SKN has successfully delivered consulting, training, and certification projects across the Caribbean, including in Guyana, Jamaica, Barbados, Bermuda, and St. Kitts & Nevis.

Dr Wayne Archibald, Executive Director at GSI SKN, will also contribute his expertise as a featured speaker at the upcoming Eastern Caribbean Central Bank (ECCB) 9th Annual Growth and Resilience Dialogue, taking place from April 10 to 11, 2025. His participation reflects the regional recognition of GSI SKN’s leadership in clean energy and sustainable mobility.

Accelerating the Caribbean’s Shift to Electric Vehicles

The Caribbean region is increasingly adopting electric vehicles (EVs), driven by government incentives, environmental concerns, and economic opportunities. Barbados leads in per capita EV usage in the region, with over 600 EVs on the road and more than 100 charging stations (2023). Jamaica has also made significant strides, setting a goal to have 10% of its transportation powered by EVs by 2030 and introducing electric buses into its public transit system. These efforts align with regional strategies, such as the CARICOM Regional Electric Vehicle Strategy (REVS), which aims to transform transportation systems and promote sustainable mobility across the Caribbean. St. Kitts and Nevis is also advancing electric vehicle (EV) adoption through a government-led initiative focused on EV maintenance training and policies to promote sustainability. The island’s compact size makes EVs an ideal solution for local transportation, with several EV charging stations already installed to support the growing number of electric vehicles on the road.

Preparing the Caribbean for the EV Revolution

This training is a vital step toward ensuring that regional professionals are equipped with the necessary technical and safety skills to handle EV systems. As governments and private sector entities increase their investments in electric vehicle infrastructure, trained specialists will be essential to maintaining and expanding this rapidly growing industry.

Dr Archibald, Executive Director at GSI SKN and a key advocate for green energy and sustainable development in the Caribbean, emphasised the significance of this training: “The adoption of electric vehicle technology is a crucial component of the Caribbean’s transition to a sustainable energy future. By providing professionals with hands-on training and internationally recognised certifications, we are not only advancing technical expertise but also fostering a culture of innovation and resilience in the region.”

World-Class EV Training for the Caribbean

The EV Training Programme is certified by IMI and TÜV, ensuring world-class accreditation and technical proficiency. Participants will gain hands-on expertise in EV maintenance, repair, and diagnostics, with courses designed to cater to a broad spectrum of professionals, including auto technicians, fleet operators, engineers, compliance officers, and safety professionals. Participants will benefit from the IMI certification, which ensures that auto professionals receive industry-standard training, and the TÜV certification, recognised globally for safety and compliance in engineering.

Participant Testimonials

Past participants have found the training to be highly relevant and beneficial. Devlin Connor, Vehicle Superintendent with the Government of Anguilla’s Vehicles Department, shared his experience:

“This training course was incredibly valuable and came at a critical time, as electric vehicles represent the future of transportation. It was essential for us to have the opportunity to attend, gain insights, and receive hands-on training in EV operation and safety practices. This knowledge will enable us to be better prepared to manage the challenges and opportunities that arise from the adoption of EVs.”

Vince Archibald, Technician, Automotive Division, Clarence Fiztroy Bryant College, reflected on the significance of the training: “This training was an eye-opening experience, providing hands-on expertise and a deeper understanding of EV technology. The programme was not only highly beneficial but also innovative, equipping us with the latest industry knowledge and best practices. As the automotive industry transitions to greener technologies, this kind of specialised training is essential for keeping professionals ahead of the curve.”

Expert-Led Training

The training will be facilitated by Andy Latham, a globally recognised expert in electric and hybrid vehicle technology, with an extensive career spanning senior management roles in the automotive sector. As a Fellow of the Institute of the Motor Industry (FIMI) and an Incorporated Engineer with the Engineering Council UK, Latham will provide participants with a world-class learning experience.

How to Register

Contact training@carilec.org or slprimus@carilec.org, provide your organisation’s name, the number of participants and contact details. For further inquiries, call +1 (758) 717 9577.

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GOV’T Remains Committed to Facilitating an Enabling Investment Environment

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4 weeks ago

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April 6, 2025

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GOV’T Remains Committed to Facilitating an Enabling Investment Environment
Photo: Prime Minister, Dr. the Most Hon. Andrew Holness right) speaks with designer, Vintage Chic, Shanna Campbell about her handmade pieces, during the opening ceremony for Expo Jamaica 2025 at the National Indoor Sports Centre in St. Andrew on April 3.

 

GOV’T Remains Committed to Facilitating an Enabling Investment Environment
Photo: Prime Minister, Dr. the Most Hon. Andrew Holness left), samples a coffee carrot ginger brew from Beyond 5 Beverages given to him Managing Director of the company, Damain Drummond right) during the opening ceremony for Expo Jamaica 2025, at the National Indoor Sports Centre in St. Andrew on April 3.

 

Prime Minister, Dr. the Most Hon. Andrew Holness has committed to ensuring that the policies and initiatives of the Government remain aligned with entrepreneurs, thereby creating an enabling environment that fosters investment. “To our manufacturers and exporters… your effort represents the heart of our economic progress, your resilience, innovation, and entrepreneurial courage has carried Brand Jamaica to every corner of the globe.

“As Prime Minister, I commit to ensuring our policies and initiatives remain aligned with your ambitions, creating an enabling environment that fosters investment, innovation and global competitiveness. Together we will strengthen our local economy and solidify Jamaica’s position on the international stage,” Dr. Holness said.

The Prime Minister was speaking during the opening ceremony for Expo Jamaica 2025 at the National Indoor Sports Centre in St. Andrew on April 3.

Dr. Holness said Expo Jamaica is a vivid showcase of Jamaica’s boundless potential, “so as we advance global partnerships and create impactful local results, let us reaffirm our collective determination to build a prosperous, productive Jamaica that leaves no one behind”.

“Expo Jamaica exemplifies how far Jamaica has come. Over 250 exhibitors showcasing more than 5000 products and services alongside 884 registered local and international buyers from 25 countries. This clearly reflects Jamaica’s growing global influence and appeal,” he said.

He added that the event has grown tremendously, now standing as the largest trade exhibition in the English-speaking Caribbean.

Meanwhile, Dr. Holness said Jamaica today boasts its strongest economy since independence.

“Whether you measure Jamaica’s economic performance and stability by the unemployment rate, the inflation rate, the debt-to-GDP (gross domestic product) ratio or Net International Reserves (NIR), by every critical metric, our economy undeniable demonstrates economic stability and resilience,” he said.

He added that growth is another central pillar to economic stability and resilience.

“For Jamaica to realise its fullest potential, our growth rate must accelerate from one to two percent towards a more ambitious target of four to five per cent. Central to achieving this are initiatives which this Government has launched, and we call them ASPIRE, that is our comprehensive growth strategy,” he said.

ASPIRE stands for: Access to Economic Opportunity for All (Inclusive Growth); Safety and Security; People (Human Capital Development); Infrastructure Development; Reform of the Bureaucracy (Ease, Speed, and Cost of Doing Business); Economic Diversification/New Industries.

He further added that inclusivity and equity are paramount to the Government’s growth agenda.

Meanwhile, Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill said the administration continues to position Jamaica as an investment destination for financial services, logistics, skilled labour, high value services and premium products.

“This expo is Jamaica’s open invitation to the world… The Andrew Holness administration has made it our mission to make Jamaica a very attractive place in this region in which to do business. Our macroeconomic numbers tell a clear story,” he said

Other speakers at the function included President, Jamaica Promotions Corporation (JAMPRO), Shullette Cox, and Chairman, Expo Jamaica, Aswad Morgan.

This year’s event is being held from Thursday (April 3) to Sunday (April 6) at the National Arena and the National Indoor Sports Centre in Kingston.

The four-day tradeshow, under the theme ‘Global Partnership, Local Impact: Advancing Jamaica’s Reach’, is organised by the Jamaica Manufacturers and Exporters Association Limited (JMEA) and JAMPRO.

By: CHRIS PATTERSON, JIS

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Government Engages with US Trade Representative on New Tariff Regime

“There are opportunities that must be had. There are prospects to be uncovered, and so I urge my manufacturers, my businesspeople, before you start to look at the negative, also look for the opportunities. Don’t just sit down and complain about all the things that’s going on and all the things that’s going bad, expecting that Government is going to solve all the problems for you. Be the entrepreneur; be the one who is the risk-taker, and be the one who is looking for the opportunity,” Dr. Holness said.

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4 weeks ago

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April 6, 2025

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Prime Minister, Dr. the Most Hon. Andrew Holness, says the Government is actively engaging with the United States (US) Trade Representative and other relevant authorities “to seek urgent clarification” on the new US tariff regime.

Speaking at the opening of EXPO Jamaica 2025 at the National Indoor Sports Centre in Kingston, on April 3, he said the United States Government recently announced a 10 per cent baseline tariff on imports from all countries, set to take effect on April 5, 2025, which introduces a significant shift in global trade policy, “one that could impact Jamaica’s market access to our largest trading partner”.

Dr. Holness informed that Jamaica, like other CARICOM nations, has traded with the US under the Caribbean Basin Initiative (CBI), which provides non-reciprocal duty-free access for a wide range of products to the US market.

“Today, nearly 90 per cent of Jamaican exports to the United States enter under these preferential terms; however, the new US tariff regime, rooted in a broader policy of reciprocal trade balancing, has raised serious concerns about the future of these preferential arrangements,” he said.

The Prime Minister noted that the Government has not yet received formal notification on the precise implementation procedures, including whether these new tariffs will override existing CBI provisions.

“We are also conducting a detailed technical assessment, in collaboration with relevant ministries and agencies, to fully understand the scope of these tariffs and their implications for Jamaica’s trade and industrial policy,” he said.

Prime Minister, Dr. the Most Hon. Andrew Holness (right), in discussion with Public Affairs and Government Relations Manager, J.Wray and Nephew, Samara South, while touring the company’s exhibition booth at the opening of EXPO Jamaica 2025, at the National Indoor Sports Centre in Kingston, on April 3. Observing is Executive Director, Jamaica Manufacturers and Exporters Association Limited (JMEA), Kamesha Turner-Blake.

He pointed out that the developments do not reflect any erosion in the long-standing and strong bilateral relationship between Jamaica and the United States; rather, it reflects a broader recalibration of US trade policy that is global in scope.

“Still, we will use every available diplomatic channel, including working with our CARICOM brothers and sisters and utilising the Office of Trade Negotiations, to seek to preserve the position our exporters have secured over decades of deepening trade ties with the United States,” Dr. Holness said.

He noted that preliminary analysis indicates that some of the country’s top exports may fall under exempted product categories “and we are working to confirm and where possible, to expand these exemptions”.

“Again, I must emphasise that clarity is still needed on several matters. Furthermore, there may also be opportunities to be found and we must, therefore, be proactive and prospective,” the Prime Minister said.

He added that the Government will continue to advocate for manufacturers and exporters to ensure their interests are protected in any new global trade architecture.

“So, to our manufacturers and exporters, we understand the uncertainty this announcement has created and we are with you every step of the way. You are not only integral to our economic strategy, you are national champions of our resilience and ingenuity,” Dr. Holness said.

Meanwhile, he said the Administration will continue working to ensure the country secures its economic independence, even as it remains alert and responsive to evolving global trade dynamics that affect manufacturers and exporters.

“Yes, it is uncertain times, but we have done the necessary work. We have built the relationships; we have placed ourselves in strategic positions to be heard and to be heard from and to be consulted. When these changes are going to happen, we know that they could have long-term impact; we started planning long ago,” the Prime Minister said.

“You have a Government that is thinking very carefully, very strategically. I play chess, not draughts… . Maybe a decade ago, the word disruptive would have been an inherently bad thing. In today’s world, you require disruption of systems for there to be innovation and new opportunities. So, whilst we see the downside of the disruptive global order that we have now, we are not going to sit by and wait,” he added.

The Prime Minister urged manufacturers and exporters to explore new opportunities, noting that the Government will work with them.

“There are opportunities that must be had. There are prospects to be uncovered, and so I urge my manufacturers, my businesspeople, before you start to look at the negative, also look for the opportunities. Don’t just sit down and complain about all the things that’s going on and all the things that’s going bad, expecting that Government is going to solve all the problems for you. Be the entrepreneur; be the one who is the risk-taker, and be the one who is looking for the opportunity,” Dr. Holness said.

By: Chris Patterson, JIS

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Corporate Movements

Corporate Movements – April 2025

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4 weeks ago

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April 6, 2025

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With reference to statements made in a letter to Jamaica Stock Exchange from World of Dolphins dated April 8, 2025 that have been posted on Instagram and on Dolphin Cove Limited’s website, this is to inform that, based on legal advice received to date, the ‘notice’ signed on behalf of World of Dolphins, and inter alia, issued on an unauthorized ‘letterhead’ of Dolphin Cove Limited, is ineffective for the purposes of Article 95(h) of the Company’s Articles of Incorporation and therefore the office of director occupied by Stafford Burrowes has not been vacated in accordance with that Article.
Should a proper instrument be issued within the terms of the Article, the office of the director in respect of which it is issued, would be vacated, without more.

Pulse advises that Ms. Romae Gordon has resigned as Co-Managing Director and Company Secretary of Pulse Investments Limited effective 31st March 2025. Miss Gordon will remain a director of the company. Ms. Safia Cooper will assume the post of Managing Director.

IronRock Insurance Company Limited (ROC) wishes to advise that effective 1 April 2025, Mr. Christian Watt has been appointed as a Director and Chief Executive Officer of the Company.

Innovative Energy Group is pleased to announce the appointment of Dr. Conrad Miller as President and Chief Executive Officer, effective April 14, 2025. Dr. Miller brings over two decades of experience in the energy sector, with a proven track record of leadership, innovation, and financial acumen. He holds a Doctorate in Business Administration focusing on Strategy and Innovation, a master’s degree in engineering management, and an undergraduate degree in Mechanical Engineering. He is a registered Professional Engineer with the Professional Engineering Registration Board.

Supreme Ventures Limited (SVL) is pleased to announce the appointment of Ms. Krista-Gaye Fisher as the CEO of Supreme Ventures Services Limited effective April 1, 2025.

The Board of First Citizens Group Financial Holdings Limited took the decision on Friday, March 28, 2025, to appoint Mr. Jason Julien as the new Group Chief Executive Officer to replace Ms. Karen Darbasie upon her retirement. Mr. Julien possesses an MBA (Distinction) from the Edinburgh Business School, Heriot – Watt University and a BSc Management Studies (Honours) from The University of the West Indies. He is a Chartered Financial Analyst with the CFA Institute. He also possesses a Certificate of Financial Advisors with the Institute of Business and Finance. He has twenty-five years of banking and finance experience in leading local and regional financial service entities, along with varied board.

Tropical Battery Company Limited (“TROPICAL”) is pleased to announce the appointment of Mrs. Jody Gager-Rose, Independent Director, to the Company’s Compensation Committee, effective 20th March 2025. Mrs. Gager-Rose brings a strong track record in accounting, financial reporting, and corporate governance, which will further strengthen the Compensation Committee’s oversight of executive remuneration and talent management. This appointment enables the Compensation Committee to meet the corporate governance requirements of the Jamaica Stock Exchange (JSE) Main Market. As TROPICAL advances its planned migration from the Junior Market to the Main Market, the Company is committed to aligning with the highest standards of board independence, transparency, and accountability. The Board of Directors welcomes Mrs. Gager-Rose to her new role and looks forward to her contributions in ensuring that the Company’s compensation framework supports its long-term strategic objectives and sustainable value creation for shareholders.

JMMB Group Limited wishes to advise that Mr. Johann Heaven will be appointed to the Board of Directors of JMMB Group Limited, effective April 4, 2025.  Mr. Heaven is a co-founder of PROVEN Group Limited and is currently the Group CEO of PROVEN Management Limited, the management company of the PROVEN Group. He brings to the JMMB Group over 25 years of experience in finance, planning, and investment functions.  He is a Chartered Financial Analyst (CFA) charter holder, holds the Financial Risk Manager (FRM) certification, and has a Master’s Degree in Finance from the University of London. The JMMB family welcomes Mr. Heaven and looks forward to his contribution to the further success of the JMMB Group.

Jamaica Money Market Brokers Limited is pleased to announce that Mr. Christopher Walker has been appointed to the role of CEO for Jamaica Money Market Brokers Limited effective April 1, 2025. Mr. Walker previously held the role of CEO, JMMB Fund Managers Limited & Group Fund Operations Oversight Officer. Mr. Walker has over twenty-eight (28) years of experience in the financial sector. His qualifications include a BSc in Management and Economics from the University of the West Indies, a Canadian Investment Manager Designation from the Canadian Securities Institute and a Master’s degree in Business Administration from the University of Liverpool.  The JMMB team looks forward to his continued valuable contribution. Ms Keisha Forbes continues as Country Chief Executive Officer – Jamaica.

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