Minister of State in the Ministry of Industry, Investment and Commerce, Michael Stern, has said that the Government has and will continue to make direct interventions to stimulate investment in innovation.
He said that a number of initiatives are already in place including a Technology Investment Fund, established through the National Commission on Science and Technology (NCST) to finance investment in commercial activities, which contain new or substantial technological improvements.
The Fund also makes provisions for the commercialization of inventions and innovations, Mr. Stern informed, as he addressed an entrepreneurs' workshop on January 22 at the Knutsford Court Hotel.
In addition, institutions and companies in both private and public sectors that are engaged in research and development work, are exempt from customs duty and general consumption tax (GCT) on equipment used for such purpose.
The workshop, which was hosted by the NCST, the Caribbean Council for Science and Technology (CCST) and the Organization of American States (OAS), is a component of the OAS-funded 'Caribbean Innovation and Entrepreneurship' project. It was aimed at facilitating the generation and dissemination of new knowledge, technology transfer and experience exchange on innovation in business.
Mr. Stern said that the workshop was in keeping with efforts to "facilitate and encourage a greater focus on innovation in the Caribbean, with emphasis on entrepreneurship."
"The focus on small and medium enterprise business owners and the sharing of knowledge and experiences," he said, "are important if we are to really grow and develop as a region or as individual entities."
Citing local agencies such as the NCST and Scientific Research Council (SRC), he said that they have done well over the years, in terms of the development of the innovative capacity and small and medium enterprises.
The SRC, he pointed out, "has extensively researched, improved and modified the use of anaerobic technology to solve energy, agricultural and environmental problems, with some degree of success."
He noted also that the Council has successfully developed and patented a cost effective and environmentally-friendly biodigester septic tank for the treatment of grey water, primarily from households. This innovation, he highlighted, is in high demand by householders and developers of housing complexes in Jamaica and the wider Caribbean.
In the meantime, he pointed to the need for the Caribbean to "take advantage of our natural attributes, the knowledge and the advantages that we have as a region," noting that the increased focus on innovation, could work well in boosting economic competitiveness and social development.
"The need to strengthen our innovation capacity to keep pace with global advances, especially in terms of promoting innovation, economic competitiveness and social development, is extremely critical at this time," the State Minister stressed.
