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Home | MSMEs to benefit from the establishment of a micro stock exchange
Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw (3rd right), cuts ribbon to officially open the Jamaica Manufacturers’ Association (JMA) and Jamaica Exporters’ Association (JEA) Expo, held at the National Arena on Thursday, April 20, 2018. The expo is being jointly staged by the JMA/JEA in collaboration with JAMPRO, under the theme ‘Advancing Breakthoughs’. Others (from left) are Executive Director, JMA, Imega Breeze McNab; Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Daryl Vaz; Chairman, Corporate Strategies Limited, Aubyn Hill; President, JEA, Michelle Chong; President, JMA, Metry Seaga; and CEO, Digicel Jamaica, Justin Morin.
The micro, small and medium-size enterprises (MSMEs) are set to benefit from the establishment of a Micro Stock Exchange. This will allow MSMEs to obtain funds to support the growth and expansion of their businesses.
This was announced by Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw in his keynote address at the launch of the 46th staging of Expo Jamaica 2018 at the National Indoor Sports Centre on April 19.
According to Minister Shaw, the Micro Stock Exchange is a smaller exchange that will target companies for capitalization of between $5 million and $50 million. He informed that “due diligence work is being carried out on that now”. He further informed that the size of capitalization of the Junior Stock Exchange is $50 to $500 million.
“The time for informality in Jamaica’s economy has long passed. We are operating in a time of de-risking. We must encourage our business operators to formalize themselves. This is what the Micro Stock Exchange will do. It will offer you the opportunity to become formal. Part of getting formal is to get disciplined, write a business plan and get access to equity rather than the expensive cost of funding”, the Minister stated.
Minister Shaw said that the Jamaica Stock Exchange has been given instructions to carry out the necessary work to advance the establishment of this initiative.
He noted that the proposed Micro Stock Exchange follows on the continued success of the Junior Stock Exchange, which he established in 2009, when he was the Minister of Finance. This, he said, was established to provide greater access to the exchange.
Expo Jamaica was held at the National Arena and the National Indoor Sports Centre from April 19 to 22. Under the theme: ‘Advancing Breakthroughs’, the expo was hosted by the newly formed Jamaica Manufacturers and Exporters Association (JMEA), in collaboration with JAMPRO.
The Jamaica Manufacturers and Exporters Association is a merger of the Jamaica Manufacturers’ Association (JMA) and the Jamaica Exporters’ Association (JEA).
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