Kingston, Jamaica – Small and medium-sized enterprises (SMEs) in the local export sector are poised to benefit from improved competitiveness and greater access to international markets through the Inter-American Investment Corporation’s (ICC) FINPYME ExportPlus initiative, which is being implemented in Jamaica based on discussions brokered by JAMPRO with the ICC and the Inter-American Development Bank (IDB).
Over 200 companies will have the opportunity to benefit from technical assistance workshops under the initiative, which is being funded by the Republic of Korea through the Korea-ICC Development Trust Fund, and with the support of the UK’s Department for International Development (DFID) through the IDB Aid for Trade Strategic Thematic Fund. At the launch of the initiative at the Terra Nova All Suite Hotel on October 4, the Hon. G. Anthony Hylton, Minister of Industry, Investment and Commerce, described its inception in Jamaica as timely, and urged the export sector to participate in the programme.
“I am encouraging all eligible exporting SMEs to take advantage of the FINPYME ExportPlus initiative. At the end of the programme, I am quite sure that you will be able to compete more confidently and effectively in the international market,” stated Minister Hylton.
He noted that the programme would serve to strengthen the government’s effort to achieve export-led growth and improve the ease of doing business in Jamaica. The Minister added that the goals of FINPYME ExportPlus, which include building capacity and enhancing market access and promotion, are closely aligned to the National Export Strategy (NES). He also pointed out that the programme was consistent with the strategy of positioning Jamaica as a logistic hub, which would see the country becoming integrated in to the global shipping value chain.
Dr. Jorge Roldan (right), Division Chief of Technical Assistance and Strategic Partnerships at the Inter-American Investment Corporation (ICC), makes a point to the Hon. G. Anthony Hylton (left), Minister of Industry, Investment and Commerce, and Dr. Dana Morris Dixon (centre), JAMPRO’s VP of Planning and Corporate Development, at the launch of the FINPYME ExportPlus programme at the Terra Nova All Suite Hotel on October 4.
In his closing remarks, Minister Hylton thanked the Korean government, ICC, DFID and IDB on behalf of the Jamaican government, and offered his firm commitment to making the programme a success.
Dr. Jorge Roldan, Division Chief, Technical Assistance and Strategic Partnerships at the ICC, stated that it was incumbent on the eligible SMEs to take full advantage of the programme, which represents a great opportunity for them to become better companies and more competitive in the global economy.
Chung-Keun Park, Representative of the Government of the Republic of Korea/Principal Advisor to the IDB, underscored the immense value of the SME sector to economies around the world, noting that in his homeland, SMEs are responsible for creating 85 per cent of the jobs in the economy. His sentiments were echoed by His Excellency, Kimo Lim, Ambassador of the Republic of Korea in Jamaica, who explained that Korea’s export success did not hinge on big brands such as Samsung, LG and Hyundai, but on the “innovative and dynamic” SME sector. He expressed the hope that the FINPYME ExportPlus programme would allow Jamaican companies to achieve their full potential.
Dr. Jorge Roldan (2nd left), Division Chief of Technical Assistance and Strategic Partnerships at the Inter-American Investment Corporation (ICC), talks with the Hon. G. Anthony Hylton (2nd right), Minister of Industry, Investment and Commerce, at the launch of the FINPYME ExportPlus initiative at the Terra Nova All Suite Hotel on October 4.
JAMPRO’s President, Sancia Bennett Templer, described FINPYME ExportPlus as an excellent complement to the value-added export development services that the agency has facilitated over the years, such as Target Europe, Private Sector Modernisation Programme (PSDP), and most recently, the on-going Export Max programme.
FINPYME ExportPlus, which will last for 17 months, is in line with the World Trade Organisation’s Aid for Trade initiative. The Project Management Unit will reside in the NES Secretariat at JAMPRO, and will work closely with the agency’s Export Development Department to plan and coordinate the technical assistance that will be offered to exporters.
The programme will focus on processes related to operations, management and certification. For SMEs to be eligible for the programme, they must currently be exporting or have concrete plans to export, and register sales of between US$100,000 and US$5 million. The SMEs must also have been in operation for at least three years, and must be fully compliant with environmental and labour regulations. Companies can register their interest in the programme on JAMPRO’s website at www.tradeandinvestjamaica.org.
FINPYME ExportPlus was first launched in Guatemala as a pilot project. Today, the programme has been extended to several other countries in the Central American and Caribbean region, such as El Salvador, Costa Rica, Nicaragua, the Dominican Republic, Haiti, Bahamas, Barbados, Guyana and Suriname.
