“Buy Jamaican – Brand We Love,” Expo in South Florida starts today
By: Patrick Green
FT. LAUDERDALE – “Today’s Jamaica means business and there is no time like the present for the Jamaican diaspora to stake a claim in the favorable environment for business in Jamaica today”. This is the message of Jamaica Trade and Invest president Robert Gregory while giving the keynote address at the opening of the Jamaica USA Chamber of Commerce’s 2nd annual business expo in Fort Lauderdale today.
Speaking before a crowd of about 150 business people from Jamaica and the USA, Mr. Gregory said that “many new and exciting opportunities are opening up in the local economy, particularly in the Tourism, Mining, Agribusiness and the creative industries sector.”
Much of this opportunity he said has come about because of the unpresedented flow of foreign direct investments into Jamaica, which created 7,300 jobs, primarily in the Tourism and ICT sectors last year. According to Mr. Gregory, the Jamaica Trade and Invest (JTI) facilitated foreign direct investments totaling J$22 million in 2007.
“Opportunities are abound for the Jamaican diaspora” he said, and emphasized that the JTI “stands ready to facilitate” the Jamaicans in South Florida and across the continental USA to land high impact, wealth creating investments in Jamaica. He cautioned the diaspora not to only capitalize on the investment opportunities, but to also “play a more defining role by being a part of the economic and financial framework of the country.
“Jamaica is a highly rated investment destination,” he told the business persons and encouraged them to open their eyes to the possibilities, as well as utilize the facilitation support of the JTI to make the best of the opportunities, just as any foreign investor would.
To support his argument the president pointed to the investment of the Spanish hotel properties and the significant investments in the mining and energy sectors. Foreign direct investments he said, peaked at US$850 million in 2006-2007.
In spite of the high inflows of foreign direct investments however, Mr Gregory said that “what has been most distressing is the low ‘absorptive capacity’ of the Jamaican economy, to form and build the required linkages through company clusters, that have the critical mass to compete and capitalize on the opportunities that present themselves in the market place.”
Ribbon cutting at the “Buy Jamaican – Brand We Love,” expo (L-R) Robert Gregory, CD, President of Jamaica Trade & Investment, Winsome Charlton, Director Jamaica USA Chamber of Commerce, Marie Gill, President Jamaica USA Chamber of Commerce and Consul General Ricardo Allicock.
(Photo: Greenp Images)
This ‘absorptive capacity’ is what he is asking the Jamaican diaspora to help build, which will seek to achieve the following results:
1. An increase in the output of the linked entities
2. Higher employment
3. Improved market access/market penetration
4. Knowledge transfer and broadened skills base
5. Improved efficiencies in productivity
6. Increase economic activity, which will see a positive effect on the balance of payments with the replacement of imports with locally produced goods and services.
The expo which ends on Friday at the Broward County Convention Center in Fort Lauderdale will see the Hon. Karl Samuda, Industry, investment and Commerce Minister, giving the keynote address at the luncheon.
Karl Samuda
