At the forefront of the discussion surrounding Jamaica’s evolving trade dynamics within the Caribbean Community (Caricom), Leesa Kow, Managing Director of JN Bank and Chairman of the Caribbean Association of Banks (CAB), underscores a pivotal shift.
Speaking at the Jamaica Chamber of Commerce Annual Awards launch, held at the Mercedes Benz Showroom in Kingston, Kow highlights the diminishing trade deficit with Caricom members as a sign of increasing interconnectedness and ripe opportunities for local enterprises.
Empowering small players
Emphasizing the imperative for enhanced collaboration, Kow advocates for a digital leap among financial institutions.
She stresses the urgency for inclusivity in financial services, particularly to facilitate the participation of smaller local businesses in regional trade.
Seizing the moment
Urging immediate digitalization, Kow asserts that the time is now to democratize financial access and expedite decision-making processes.
She champions the potential of technology, citing the ONE JN Passport app as a prime example of empowering individuals to swiftly tap into regional opportunities.
Closing the gap
Referencing data from the Statistical Institute of Jamaica, Kow highlights a substantial reduction in Jamaica’s trade deficit with Caricom in 2023.
With Jamaican exports rising by nearly 25 per cent and imports from Caricom decreasing by 32 per cent, she celebrates the encouraging trend of bridging the trade imbalance.
Embracing regional integration
Encouraging institutions to broaden their horizons beyond national borders, Kow advocates for a deeper embrace of Jamaica’s position within the wider Caribbean context.
She envisions a future where Jamaican enterprises are seamlessly integrated into the regional fabric, poised to capitalize on emerging opportunities.
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