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THE Government of Jamaica (GOJ) is now rolling out a fiveyear national manufacturing growth strategy, which is aimed at achieving $81 billion annually in manufacturing output by 2025.
Such a strategy has long been called for by the local manufacturing sector with current Jamaica Manufacturers and Exporters Association President Richard Pandohie being among the more vocal proponent.
Minister of Industry, Investment and Commerce Audley Shaw, who made the disclosure, says the national manufacturing growth strategy is among a number of initiatives that the GOJ has been working on to orchestrate Jamaica’s recovery from the effects of COVID-19.
Addressing last week’s Caribbean Region Virtual Trade Mission and Networking event, Minister Shaw stated that the Andrew Holness Administration recognised that a strong manufacturing sector creates a clear path toward economic prosperity. As such, he said the GOJ has moved to implement strategies that seek to foster a more resilient manufacturing industry.
During his wide-ranging presentation, Shaw said that a concept paper for a national services policy and implementation plan has been approved by Cabinet.
He said the policy will allow Jamaica to better access regional and global markets to push trade in services in areas such as health, the creative and financial industries, among others.
JAMAICA, THE NIRVANA FOR INVESTING
Chairman of Jamaica’s Economic Growth Council, Michael Lee Chin, who was the keynote speaker at the event organised by the American Chamber of Commerce of Jamaica in collaboration with the US Department of Commerce’s Commercial Service and the US Embassy in Jamaica, described Jamaica as a nirvana for investing.
He said Jamaica is being renovated so it is a great time to invest, listing a number of positives for Jamaica such as its talent pool comprising skilled workers, a justice system that has integrity, access to capital and an investor-friendly government. The Economic Growth Council chairman shared with those in attendance, virtually, his three pre-conditions that must be met prior to him investing in any country.
These three conditions, he listed were the existence of a difference between perception and reality, there must be inefficiencies and there must be a lack of capital. He made the point that it is less risky to do business in Jamaica than in North America, as there are better margins, less competition, and investors are not stifled by excessive regulations.
Chargé d’ Affaires at the US Embassy in Kingston, John Mcintyre, who also addressed