Business

Diaspora wants Jamaica to capitalise on stock rally

Wednesday, October 17, 2018

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The Commonwealth Caribbean Enterprise Network (CCEN), a UK-based Caribbean Diaspora Business Network, has called on the Government and the local business community to use the current economic success, in addition to world-beating 233 per cent stock rally as highlighted by Bloomberg recently, to stimulate growth in the small business sector.

CCEN's director of Operations, Denis St Bernard reckons that the Jamaica Stock Exchange (JSE), Economic Growth Council (EGC), Small Business Association of Jamaica (SBAJ), and Micro, Small and Medium-Sized Enterprises (MSME) Alliance should collaborate in creating initiatives on the heels of economic successes to support enterprises that could improve the lives of the average Jamaican.

“Jamaica still remains an informal economy which has major growth potential, once targeted and managed properly. Small business development was a focus for the past minister of finance, but now appears to be on the back burner,” St Bernard said in a release from the Diaspora Business Network which was originally named the Jamaica Enterprise Network.

He added that CCEN remains committed to assisting in the growth process, having signed a memorandum of understand with the SBAJ, JSE, and the MSME Alliance. According to St Bernard, the network will also leverage its relationship with the Commonwealth Secretariat in developing the small business sector.

“Small, innovative Jamaican enterprises need to formalise their activities so that they can take advantage of the opportunity provided by the JSE's performance and reputation. The Commonwealth Caribbean diaspora can support this process by providing talent in areas of growing importance such as sustainability and technology,” CCEN's Strategy Director Dr Nigel Williams said.

“The Commonwealth Caribbean diaspora can also act as market facilitators to enable export to large markets in the UK, Canada, and the United States,” he continued.

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