Trade Development Jamaica
The Jamaican economy is the second largest in the Caribbean Community (CARICOM) trading bloc and is highly open. Jamaica is considered a trading nation with good prospects to increase exports. However, the country was under-performing, resulting in a widening trade deficit. In addition, Jamaica was heavily dependent on services trade (mainly tourism), which accounted for nearly 65% Gross Domestic Product (2013 est.). In addition, Jamaica’s trade was too focused on two main partners North America and the EU, which together accounted for nearly 80% of the country’s exports. Jamaica needed to diversify its export sector and its markets. A National Export Strategy was needed.
The Jamaica National Export Strategy consisted of 195 strategic initiatives with a budget of over US $25 Million covering 5 priority sectors, 5 cross-cutting areas and to be implemented by 35 agencies.
1. film and animation,
2. agri-processing and nutraceuticals,
3. light manufacturing,
4. mining, and
5. creative industries.
1. Export Financing
2. Logistics and Trade Facilitation
3. Market Access and Trade Information
4. Standards and Quality
5. Packaging and Labelling
6. Training & Capacity Building
At the two-day validation workshop held, 96% of participants indicated that the workshop achieved its objectives and 98% said that it met their expectations.
Leve Global emphasised the importance of country branding and the more effective use and monetisation of its Geographic Indicator.
Recommendations to remove bottlenecks and take advantage of opportunities to move up the value chain were developed such as focus on technology and ecommerce and the creation of high-yield opportunities.
Creating strong linkages was another major recommendation with special attention given to Logistics Hub Initiative.
Other recommendations included obtaining US customs clearance at Jamaica ports; and fostering strategic linkage with the investment promotion strategy and Special Economic Zones.
We suggested that the positioning for Jamaica should be built on its icons such as Usain Bolt and Bob Marley. And to focus on its authentic attributes that could be positioned as natural, organic and exotic.
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