Growing Jamaica’s exports is one of the Ministry of Industry, Investment and Commerce’s main objectives.
Speaking with Kalilah Reynolds, portfolio minister Aubyn Hill said that actively seeking both local and foreign investors to help boost the country’s exports.
In 2021, Jamaica’s imports rose 25% to $5.9 billion, while exports which were up 15% were still substantially lower.
“We can not get rich selling to just three million people in Jamaica,” the Minister said.
“We need to sell to a world market that is much bigger, which means that we have to manufacturer products here and create and craft services that people will buy,” he added.
The Minister said stated that his ministry is on a drive to help Jamaicans understand that exports are not only physical but can also be intangible as well.
He noted that the growth in the business processing outsourcing industry in Jamaica is one example.
“While we do the work here, the income is all in US dollars. We earned US$900 million last year… Many Jamaicans are also earning money from the internet and that’s an export,” he said.
“We have to see exports in a different light,” Hill said.
The Minister said that the various agencies for the MIIC can provide business owners with the necessary help they need to get their product/services export ready.
He added that he has also created an export expert team to help create the best plan to grow the sector.
“I am moving in an expert team at the ministry to work closely with me because we have to develop a modus operandi and look over a five- 10 year period where we get to where we want to go,” he said.
“If we don’t grow the exports, we cannot get rich as a country,” he said