Jamaican micro, small, and medium-sized enterprises (MSMEs) have received a rallying call to consider the Latin American (LATAM) market as their next venture frontier.
A renewed vision for economic collaboration
Jamaica’s Minister of Industry, Investment, and Commerce, Aubyn Hill, shed light on the underexplored opportunities during his keynote address at the “Keys to LATAM Conference” at New Kingston’s Spanish Court Hotel.
He expressed concern over the lack of economic collaboration between Jamaica and its Latin American neighbors.
“It is something that we have not really focused on and I need us to get a sharper, clearer focus on doing business with Latin America,” said Minister Hill.
He stressed the importance of enhancing exports to nations such as the Dominican Republic, Mexico, Colombia, and others to cement economic ties, an effort that is necessary to foster robust trade relationships.
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Supporting Jamaican exports: JAMPRO’s role
Highlighting the government’s commitment, Senator Hill mentioned that the ministry provides substantial financial backing to Jamaican businesses to amplify the country’s goods and services exports.
The Jamaica Promotions Corporation’s (JAMPRO) Export Max Program stands testament to this effort.
Currently, 85 businesses are benefiting from this initiative, which aims at shaping export-ready companies to confidently exploit international market opportunities.
“That’s the only way we’re going to become a wealthy country. As we look at our low per-capita GDP (gross domestic product), we have to increase that. The only real way to do that is to export a lot more, and we have to expand our population by negotiating new markets… Go to LATAM and excel,” he said.
The Tourism perspective: A mutual history and economic promise
Jamaica’s Minister of Tourism, Edmund Bartlett, chimed in on the promise that the LATAM market holds.
Emphasizing Jamaica’s shared history, cultural links, and geographical closeness with Latin America, Bartlett believes these factors lay a sturdy groundwork for mutual business pursuits.
He cited the region’s impressive numbers: a population surpassing 650 million and a combined GDP exceeding US$5 trillion.
He also expressed that businesses aspiring for expansion will find a wide range of opportunities in the vast and diverse Latin American market.
The conference’s genesis and vision
The idea for the conference was birthed by Adtelligent’s CEO, Craig Powe.
He envisions Jamaican enterprises leveraging the four underutilized CARICOM trade agreements that bolster LATAM exports.
Shedding light on trade dynamics, Powe shared that in 2022, while the Dominican Republic’s exports to Jamaica stood at a substantial US$115.66 million, Jamaica’s exports amounted to just US$2.7 million.
He applauded the Dominican Republic’s Ambassador, Her Excellency Angie Martinez, for spearheading a 39 per cent surge in her country’s exports to Jamaica within a year.
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