Minister of Industry, Investment, and Commerce, Senator the Hon. Aubyn Hill, has underscored the imperative for Jamaica to bolster its productivity and supply chain to meet both local and global demands.
Addressing attendees at the inauguration of the Montego Bay Chamber of Commerce and Industry’s Expo 2024, hosted at the Montego Bay Convention Centre in Rose Hall, St. James, on March 22, Minister Hill emphasized that Jamaica’s challenge lies not in the market but in its supply capabilities.
He urged Jamaican enterprises to direct their efforts towards enhancing the supply side of their operations.
Jamaica’s export potential in the Caribbean
Drawing from his observations during visits to key US cities like Fort Lauderdale, Atlanta, and Miami, Minister Hill highlighted Jamaica’s potential to emerge as a leading export hub in the Caribbean.
He shared insights into the high demand for Jamaican produce, including ackee, mango, avocado, and breadfruit, underscoring the vast market opportunities available for local businesses.
Overcoming challenges in agriculture
While acknowledging hurdles such as praedial larceny, Minister Hill urged farmers to approach agriculture as a business venture.
He advocated for the implementation of robust security measures, engagement with agronomists, and the allocation of adequate resources to drive agricultural productivity.
Empowering Businesses through financing
Minister Hill emphasized the role of financial institutions in supporting business growth, noting the availability of loans from Jamaican banks to facilitate enterprise expansion and development.
Pursuing economic prosperity through productivity
Highlighting the increase in per capita income from US$5,000 to US$7,000 in recent years, Minister Hill stressed the necessity of further elevating it to between US$9,000 and US$15,000 to enhance prosperity for Jamaicans.
He underscored the importance of fostering a culture of high productivity and investing in employee training and development to achieve this goal.
Attracting foreign investment through productivity
Minister Hill emphasized that enhancing Jamaica’s productivity levels will serve as a magnet for foreign investments, signaling stability and profitability to potential investors.
Vision for Jamaica’s economic future
Minister Hill outlined a vision for Jamaica as a logistics center, advocating for the establishment of processing plants and cold-storage facilities to add value to agricultural products.
He reiterated the government’s commitment to supporting businesses through various agencies under the Ministry of Industry, Investment, and Commerce.
The three-day Expo, themed ‘Future Forward: Shaping Tomorrow’s Business Today’, provided a platform for more than 125 businesses to showcase their offerings, fostering networking and collaboration among industry stakeholders.
