Project Closure Event of the Investment Climate Reform (ICR) Facility Intervention in Jamaica
One step closer for Social Enterprises to have their own Legislation
Kingston, July 12, 2021
Social Enterprise practitioners, social sector organizations, CBOs, youth groups, health and social development advocacy groups that share information for a cause and school groups that go into enterprises for the benefit of the institution, can look forward to tracking the progress of new legislation that will allow Social Enterprises to benefit from a Legal Framework that will strengthen the sector.
The Draft Social Enterprise Legal Status Act will be presented on Thursday, July 15 at the close out ceremony of the Investment Climate Reform (ICR) Facility, co-funded in 2020 by the Delegation of the European Union (EU) and the Organization of African Caribbean and Pacific States (OACPS) under the 11th European Development Fund. The project was approved under the ICR’s Business Environment Reform for the Social Enterprise (SE) Sector in Jamaica.
With coordination support from the Planning Institute of Jamaica PIOJ, the Draft Legal Status Act is now ready for submission to the Office of the Chief Parliamentary Council. This is accompanied by a Marketing and Resource Mobilization plan, which provides a road map for the Social Enterprise (SE) sector to access additional markets.
Speakers at the ceremony will include: Minister of Industry, Investment and Commerce (MIIC), Hon. Audley Shaw; Head of the European Union (EU) to Jamaica, Ambassador Marianne Van Steen; Managing Director of the Jamaica Stock Exchange (JSE), Mrs Marlene Street-Forrest; and Director General of the Planning Institute of Jamaica (PIOJ), Dr Wayne Henry.
A panel discussion will ensue with representatives from the Jamaica Social Stock Exchange (JSSE); Deaf Can! Coffee; the National Housing Trust (NHT); and the Centre for Entrepreneurship Thinking and Practice (CETP), The University of the West Indies (UWI).
According to a 2015 UWI research paper: in 2014, social enterprises contributed J$136 million to GDP. Most social enterprises are operated from volunteer labour and nearly 40 per cent had been in operation for 10 years or more.