Jamaica National Export Strategy
A National Export Strategy to Fast Track Jamaica’s Economy
Assigment:
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.
Key Project Outcomes
Results:
195 Strategic Initiatives at US $25 Million
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.
5 Priority Sectors were Identified
1. film and animation,
2. agri-processing and nutraceuticals,
3. light manufacturing,
4. mining, and
5. creative industries.
6 Priority Cross-Cutting Issues Were Identified
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
Effective Stakeholder Engagement
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.