By Andrew Clunis
Opposition Leader Mark Golding is proposing the establishment of a $1 billion fund to help young people start technology-based businesses.
He made the commitment as he delivered his contribution to the 2026/27 Budget Debate in the House of Representatives on Tuesday, March 17, 2026.
Mr Golding said: “Our young people have ideas, energy, and talent. They need capital and mentorship. What are you doing about this? It seems to be way too little. We would establish a revolving J$1 Billion National Youth Innovation Fund to support youth-led tech and creative startups. Empowering our youth to innovate and lead would be to build back betta than before.Our young people have ideas, energy, and talent. They need capital and mentorship.”
Looking at the wider economy Mr Golding called for greater support for Small and Medium-sized Enterprises (MSMEs).
“What about the market vendor, the corner shop owner, the mechanic, the hairdresser, the small contractor? These should be the real engines of our economy, but they are struggling. You must empower MSMEs with concrete, practical support.
Jamaica’s informal economy has been estimated at 40% of the overall economy. This inhibits national development. Informality limits the scope for business expansion. These businesses are often excluded from the financial system and opportunities to build market share. This contributes to Jamaica’s weak economic growth.”
He called out bureaucracy as being the major hurdle to the survival of MSME’s.
He said: ”The informal economy is large not because Jamaicans want to be outside the system, but because the barriers to formalisation are very high and the incentives are unreachable. The costs of compliance when MSMEs seek to formalise, both in terms of fees and effort, are burdensome. Too many of Jamaica’s bureaucratic systems are business-unfriendly. Even Government programmes for MSME support that are announced and funded year after year repeatedly have failed to have the desired impact. Their design and requirements fail to take the limited capacity of MSMEs into account.”
He challenged the government to lower costs and remove barriers. He said a PNP administration would offer a three-year tax holiday for businesses once they formalise their operations. There would also be discounted government registration, permit and licensing fees for doing business throughout the same period.
Batting for small businesses he said: “The government spends billions of dollars annually on goods and services. Small businesses should get their fair share. The law to allow this has been in place since 2019, but nothing has been done to make it happen. Seven years later, you say you will do it now.
This cannot just be mere talk, and more of the same. You should be proactive in pushing for the arrangements to favour MSMEs. Earmark of 15% of government contracts for MSMEs, and actively monitor that target to ensure that it happens.”