Entrepreneurship represents the lifeline of any economy and is an important driver of growth and job creation. It allows for the establishment of innovative companies, opens up new markets, improves productivity and creates wealth. Micro, small and medium enterprises (MSMEs) and the emerging social entrepreneurship sector, are the backbone of the Jamaican economy, and represent our most important sources of new employment. Entrepreneurship also represents the most viable way of attaining many of the Sustainable Development Goals highlighted by the United Nations, as well as our national development goals highlighted in Vision 2030 Jamaica: National Development Plan.
The effect of the COVID-19 global pandemic cannot however be understated. According to the International Monetary Fund, the global economy is predicted to shrink by 4.4% in 2020 and therefore new strategies and programmes centred on entrepreneurship and innovation will have to underpin the path to recovery and growth.
As Government, we are undertaking several initiatives to support entrepreneurship, which include:
Among the crucial pillars of the policy is the stimulation of an engrained culture of entrepreneurship augmented by creativity, innovation and problem solving. To stimulate this culture, we have to demystify the fear of business failure and put systems in place to assist with the rehabilitation of businesses such as the insolvency legislation passed in 2014.
The themes for this year’s Global Entrepreneurship Week are being given priority attention in Jamaica! The creation of an enabling environment for businesses is allowing entrepreneurship to take root and thrive.
As we take time out to celebrate entrepreneurship, I salute all our entrepreneurs who have taken the bold step to invest and to build their legacy. Theirs is not always an easy road and so I urge all Jamaicans to support our local industries by buying local. In so doing, you are help to make local businesses profitable, reduce unemployment and boost our economy. Happy Global Entrepreneurship Week!
Welcome to the official website of the Ministry of Industry, Investment and Commerce.
The Ministry of Industry, Investment and Commerce is described as Jamaica's "Business Ministry." It's mandate is to lead the development of policies that will create growth and jobs, while achieving social inclusion and consumer protection. The Ministry, working its stakeholders is primarily responsible for business policy development, monitoring and evaluation, while giving direction and oversight to a cluster of implementing departments and agencies.
We have, therefore, placed much energy and enthusiasm into the development of this website to provide timely information on the Ministry, our agencies and programmes.
4 St. Lucia Avenue, Kingston 5, Jamaica
Telephone: (876) 968-7116
Fax: (876) 960-7422
Email: information@miic.gov.jm