On February 29, a cohort of 61 female business owners convened for a transformative workshop organized under the Women Entrepreneurship Support (WES) Project.
The initiative, a collaborative effort between the Ministry of Industry, Investment and Commerce and the Bureau of Gender Affairs (BGA), aims to tackle the challenges faced by female-owned Micro, Small, and Medium Enterprises (MSMEs).
Addressing the gender gap in business
Senator Hon. Aubyn Hill, the Portfolio Minister, emphasized the significant impact the WES Project could have on Jamaica’s economic and social landscape.
Referring to World Bank statistics revealing 425,000 MSMEs in Jamaica, Senator Hill drew attention to the noteworthy figure of approximately 165,000 female business owners, as reported by the Statistical Institute of Jamaica (STATIN) in 2022.
Commitment to empowerment
During a public forum held at the University of the West Indies (UWI) Regional Headquarters in St. Andrew, Senator Hill outlined the multifaceted support provided by the WES Project.
He underscored its focus on capacity building, technical assistance, and financial aid, all geared towards empowering women entrepreneurs to expand their businesses and enhance productivity.
Tangible results and future prospects
Minister Hill lauded the accomplishments of the project’s initial phases, which saw funding provision to several beneficiaries. With four beneficiaries in phase one and ten in phase two, the WES program stands as a testament to the Ministry’s commitment to facilitating the growth and success of women-led enterprises.
Notably, the current phase places special emphasis on providing tailored assistance to 50 women-owned businesses situated in rural areas, with support from the Canadian High Commission.
Policy revisions for inclusive growth
Sancia Bennett Templer, the Permanent Secretary in the Ministry, revealed ongoing efforts to revise the MSME Policy, ensuring it comprehensively addresses the needs of women entrepreneurs.
The revised policy will encompass a dedicated chapter aimed at bolstering support for women in the MSME sector, aligning with the Ministry’s intensified focus on advancing entrepreneurship and fostering inclusive economic growth.
Commitment to progress
Mrs. Bennett Templer affirmed the Ministry’s unwavering commitment to the MSME sector, emphasizing their heightened engagement and activities aimed at driving growth and innovation.
Through collaborative initiatives like the WES Project and policy revisions, the government seeks to create an enabling environment where female entrepreneurs can thrive and contribute significantly to Jamaica’s economic advancement.
