BUSINESS leaders gave the 2018 Jamaica Survey of Establishments (JSE) the nod during a panel discussion on the findings of the survey held last week (September 25).

Panellists commended the Planning Institute of Jamaica (PIOJ), the Statistical Institute of Jamaica (STATIN) and the World Bank for delivering on the survey, and gave responses on the next steps so that actions can be taken to use the baseline data to promote business and economic development.

Director general of the PIOJ Dr Wayne Henry said that the survey places emphasis on the need for additional targeted, data-driven policies that will support business.

The survey, which is an initiative of the Foundations for Competitiveness and Growth Project (FCGP) of the PIOJ, is mandated to strengthen Jamaica’s business environment for private sector investment, funded by a World Bank loan.

President of the micro, small and medium-sized enterprises (MSME) alliance Donovan Wignall is looking forward to the impact that the JSE will have on targeting policies to increase the likelihood of MSME establishments accessing business financing, in particular loans.

He also reminded the gathering that MSMEs have an impact on economic growth figures. President of the Jamaica Chamber of Commerce (JCC) Lloyd Distant Jr cautioned that the JSE did not capture the many informal establishments that do not operate from a permanent address.

He also noted that high taxation was one of the challenges to be addressed in policy formulation. President of Jamaica Promotions Corporation (Jampro), the government agency that promotes business opportunities in export and investment to the local and international private sector, Diane Edwards said that the data corroborates Jampro’s position on the lack of support for its export initiatives.

“Jampro’s programme, Export Max 111, had 150 applicants but can accommodate only a third of this number. She noted that assisting exporters and MSME would have a huge impact on economic growth, including growth in the MSME sector.

“The national export strategy and the trade facilitation task force now need attention and financing to bring the desired output,” she said.

Milverton Reynolds, managing director of the Development Bank of Jamaica (DBJ), added that the country’s development banks need more data on the MSME sector so that they can do the targeted work to support them.

The panel discussion, which immediately followed the presentation of the key findings of the survey and its policy implications was moderated by James Stewart, senior director at the PIOJ.

In responding to the call for more detailed surveys on establishments, STATIN’s Director General Carol Coy noted that her agency is currently into planning for the population and housing census.

“Data gathering for the census ends in August 2021. After this date, and once funding is in place, STATIN could schedule a follow-up survey,” she shared