Milford Williams, Contributor
FOUNDER OF the National Development Foundation of Jamaica (NDFJ), R. Danny Williams, says much more needs to be done to encourage the development of of small businesses.
Jamaica's economic problems can only be solved by a massive effort to increase and develop small businesses, he said. He was speaking at a dinner held in his honour at the Knutsford Court Hotel, New Kingston, last Friday night.
"If we look at the world's major economies, we see that it is small businesses who employ and sustain most development," said Mr. Williams. Williams said he first saw the importance of small businesses to the economy during his tenure as Minister of Industry and Commerce from 1977 to 1980.
SMALL BUSINESSES
He said that it was a World Bank study done at the time, which revealed that small businesses provide more jobs than big businesses. "It was an eye opener to me how important small businesses were to economic development."
In 1981, he established the NDFJ as an organisation that would concentrate on assisting people with business initiatives, helping them to turn their ideas into reality. He said the NDFJ has managed to survive despite the harsh economic climate of the 1990s when many financial companies collapsed.
In an interview with The Gleaner, current NDFJ chairman, Mr. Ryland Campbell, said that according to a report from the Planning Institute of Jamaica, small businesses contribute about 34% of Gross Domestic product (GDP) and employment.
He said that in this light, the NDFJ is closely involved in offering guidance, training and financing of small businesses, which have been the centre for creating entrepreneurs and jobs in the economy.
He noted that entrepreneurs begin by working largely with resources that are within their immediate environment and then later, may grow into areas not confined to their geographical boundary. "These people develop their own thrust of what they want to do, they are fired with the desire and intuition, they know what they need to achieve," said Mr. Campbell.
Among the recent successful efforts of small entrepreneurs Mr. Campbell mentioned, were the slippers depicting Jamaica's national colours that have become very popular on the local market.
Mr. Williams is the founder of insurance giant Life of Jamaica Limited (LOJ). He served as chairman of the NDFJ from 1981 to 1995 and is now chairman of the Jamaica Broilers group and a director of Jamaica Blue Mountain Coffee company (Jablum).
