Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw, speaking at the 14th Regional Investments and Capital Markets Conference, under the theme “Expanding Our Boarders: Securing Our Future”, at The Jamaica Pegasus hotel, on Thursday, January 24, 2019. The regional conference hosted by the Jamaica Stock Exchange was held from January 22-24, is a financial forum which is held at the start of each year, which attracts a broad gathering of state officials, policy makers, industry leaders and other prominent professionals within the Caribbean and international community.
Industry, Commerce, Agriculture and Fisheries Minister, Hon. Audley Shaw, says that Jamaica needs to look seriously at the prospect of having a micro stock exchange, adding that there is also a place for equity financing for micro and small enterprises as an alternative to high interest rates.
“We need to look at it in Jamaica. We need to look carefully at the model in Canada where they have a micro stock exchange, which is doing exceptionally well. I say this because 90% of all our businesses in Jamaica are micro and small enterprises,” said Minister Shaw.
Minister Shaw was speaking at the 14th Regional Investments and Capital Markets Conference, held under the theme, ‘Expanding our Borders: Securing our Future’, at The Jamaica Pegasus hotel, Kingston, on January 24, 2019.
Mr. Shaw stated that micro and small enterprises have the greatest challenge in accessing low-interest financing and a number of these businesses, in desperation, have to seek other sources of financing that have high interest rates. “We have seen the emergence of so-called micro finance sectors and, I know that we cannot engage in a productive, competitive or even an export-oriented environment when you are going to be charging micro finance operations 20% and 30% interest rates. This just cannot work. This cannot continue,” added Minister Shaw.
The Minister further stated that he has every intention to lobby for a micro stock exchange with the Prime Minister, the Minister of Finance and, the Cabinet of Jamaica as he believes that there is a place for this exchange in Jamaica if we are going to move from poverty to prosperity.
Minister Shaw commended Mrs. Marlene Street Forrest and her team at the Jamaica Stock Exchange on the tremendous work that they are doing and also congratulated them on the status bestowed on them by Bloomberg as the best performing stock exchange in the world.
The regional conference, which was held from January 22-24, is a financial forum held at the start of each year that attracts a broad gathering of state officials, policymakers, industry leaders and other prominent professionals within the Caribbean and international communities.
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