Sun | Aug 20, 2017

Industry and Commerce Ministry reviewing MSME policy

Published:Wednesday | June 14, 2017 | 6:10 PM

The Industry and Commerce Ministry is reviewing its policy on Micro-, Small- and Medium-size Enterprises (MSME) and Entrepreneurship.

Chief Technical Director in the Ministry, Stephen Wedderburn, says the policy is being reviewed to make it more effective in supporting the growth and development of the MSME sector.

Wedderburn says the review will align the definition of MSMEs to match international standards as well as make it easier for MSMEs to use non-traditional collateral in financing their businesses under the Security Interest in Personal Property Act.

He says the Bank of Jamaica and the Industry and Commerce Ministry currently  have different definitions for MSMEs.

Speaking yesterday at the start of a three-day workshop for MSMEs at the Jamaica Business Development Centre resource centre on Marcus Drive in Kingston, Wedderburn said operators of MSMEs must register their intellectual properties.

Participants in the workshop are expected to learn about strategies for the sustainability and growth of small and medium-sized enterprises, and the importance of trademarks in establishing a distinct identity in the marketplace.