Industry, Investment and Commerce minister, Anthony Hylton, says he will be submitting the recently drafted micro, small and medium sized enterprise (MSME) procurement policy to Cabinet next week.

Hylton said the draft policy is geared at facilitating and stimulating growth and employment in the small business sector.

He said the policy is necessary, as there are a number of weaknesses in the current procurement system, which must be addressed.

Hylton was addressing journalists yesterday, during a post-Sectoral Debate press briefing at the Ministry’s New Kingston offices.

A recent study conducted with support from the Inter-American Development Bank, found that between 50 and 75 per cent of MSMEs consider the Government’s procurement process to be too lengthy and unaffordable.

The study also found that the tender requirements and documents are considered too burdensome for essentially low-value contracts, that bid security was too burdensome, and that tax compliance requirements act as a deterrent.

Additionally, it highlighted a delinquency in payment by government and main contractors to MSMEs and sub-contractors.

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