KINGSTON, Jamaica, (JIS) – The staging of Expo Jamaica 2023 is in keeping with the strategic objectives of the ministry of industry, investment and commerce, aimed at boosting exports and attracting more business to the country, says portfolio minister, senator Aubyn Hill; as reported by Shanna K. Salmon; meantime president of the Jamaica Manufacturers and Exporters Association (JMEA), John Mahfood, says the Jamaican economy is ripe for business and is urging investors to take advantage of the many opportunities that are available,reports Rochelle Williams.
Expo Jamaica 2023 aligns with the ministry’s business focus, says, senator Hill
“It fits perfectly with our aim to increase exports [and] bring in new investors –foreign direct investors and especially local direct investments,” senator Hill told JIS News.
The ministry, which has been rebranded as ‘Jamaica’s Business Ministry’, is the title sponsor for the four-day expo, organised by the Jamaica Manufacturers and Exporters Association (JMEA), which is now underway at the National Indoor Sports Centre and the National Arena in Kingston.
The four-day event, under the theme: ‘Connecting the World to Jamaica,’ got underway on Thursday, April 27 and is scheduled to conclude on Sunday, April 30.
The first two days were dedicated for buyers to transact business with exhibitors while Saturday and Sunday are open to the public.
Senator Hill said that supporting Expo Jamaica 2023 is a “no-brainer” as the event will aid in developing new markets.
“We don’t have a billion people like India where, if even a small number of that billion buy, you have a big market. We have a small market and a small per capita Gross Domestic Product (GDP). Therefore, to expand our market, we must absolutely find new [and] richer markets overseas that people can buy our products. We cannot stay in Jamaica and expect them to know our products so, we have to put on expos,” he pointed out.
He noted that in 2022, the ministry partnered with the Inter-American Development Bank (IDB) to host Invest Jamaica 2022 in Montego Bay.
In that same year, the ministry, through the Jamaica Special Economic Zone Authority (JSEZA), hosted the Annual International Conference & Exhibition (AICE) organised by the World Free Zones Organization (WFZO).
“We had [some] 1,200 people coming from scores of countries [for the WFZO conference]. After the pandemic, it was time for them to come again and see Jamaica as a very attractive investment destination,” minister Hill said.
Jamaica ripe for investment, says Mahfood
Addressing the opening ceremony of the Expo Jamaica 2023 tradeshow on April 27 at the National Indoor Sports Centre in Kingston, Mahfood outlined several indicators, which he noted, create a positive environment for investment.
These include sustained economic stability, an inflation rate that has been on the decline, while the debt to Gross Domestic Product (GDP) ratio is currently below 90 percent.
In addition, the JMEA president said the tourism sector, which is one of the largest contributors to the country’s GDP, is experiencing a boom, with record tourist arrivals. The construction of some 8,000 new hotel rooms now underway signifies continued growth of the industry, he noted.
Mahfood, who pointed out that manufacturing grew by 6.3 percent in 2022, said the sector is experiencing a resurgence and presents many opportunities for investment.
The growth in the Junior Stock Exchange (JSE) with 44 companies listed and projection for more in the next few years, is a positive sign of economic progress.
Mahfood said that the economic stability and growth, which he attributed to approximately eight years of economic reform and prudent fiscal measures, commencing with the signing of the International Monetary Fund (IMF) agreement, is evidence of a mature and consistent fiscal programme.
“That means that it has been eight years that our governments have been leading us in the right direction and creating a much stronger Jamaican economy. We can now start to reap the benefits of eight years of sacrifice and start to build our economy. All sectors are now on a positive trend, including the manufacturing sector,” the JMEA head emphasised.
“I believe that we are at the point in our economy when we can expect to see a long period of economic progress and opportunity,” he added.
