The National Export-Import Bank of Jamaica (EXIM Bank) has earmarked $100 million for an e-commerce fund to assist small and medium-size enterprises (SMEs) in expanding their businesses online.

Through a partnership with the Jamaica Manufacturers and Exporters Association (JMEA), the ‘EXIM Ecommerce Funder’ will finance up to 80 per cent of the associated costs of critical inputs for SMEs which are in the process of or are interested in trading through an e-commerce platform.

The facility offers up to $5 million per entity, at a rate of five per cent per annum. It is a medium-term, non-revolving, secured loan, with up to three months moratorium on the principal repayments, where required.

During the launch on Friday (September 16), at the EXIM Bank’s headquarters on Hope Road, St. Andrew, Business Development Consultant, Winston Lawson, said while there are “vast and potentially impactful advantages” of operating a business in the virtual space, the inputs that drive sales may require funding.

These inputs, he noted, include: the relevant equipment and systems; registration of a domain; server setup; hosting services; development of a website and security features; high quality product shots and videos for website catalogue; establishment of payment gateways; search engine optimisation and online marketing, and copywriting and inventory management.

Mr. Lawson said it is hoped that the new facility will increase export sales and upgrade the SMEs’ e-commerce platforms to reach global markets.

Permanent Secretary in the Ministry of Industry, Investment and Commerce, Sancia Bennett Templer, for her part, endorsed the initiative, stating that “we fully support funding for e-commerce.”

“It is clearly part of the broad ecosystem that the Prime Minister [the Most Hon. Andrew Holness] speaks about in terms of making Jamaica a digital economy,” she said.

Mrs. Bennett Templer noted that the Ministry continues to work on various programmes geared towards MSMEs and technology, in addition to the efforts of the Development Bank of Jamaica (DBJ) to support the digitisation of the country’s small business sector.

Managing Director, EXIM Bank, Lisa Bell, who also welcomed the “glorious partnership”, said the institution’s intention is to offer support to SMEs in the post-COVID-19 pandemic era, where consumer patterns have changed globally.

In her remarks, Chief Executive Officer, JMEA, Kamesha Blake, congratulated the EXIM Bank for providing alternative financial solutions and niche products to drive business expansion and economic growth in Jamaica.

Financing under the ‘EXIM Ecommerce Funder’ are accessible directly from the EXIM Bank, and the customary standings for business lending will be upheld.

For more information, persons can contact the bank through their website: www.eximbankja.com.

The Government is investing $200 million in the national Irish potato and onion programme, to increase the hectares under production and to improve yields of these crops.

The sum of $150 million has been allocated for the Irish potato programme, while $50 million will be invested in onion production.

Agriculture and Fisheries Minister, Hon. Pearnel Charles Jr., said for the upcoming planting season, the intention is to target expansion of the programme in the traditional growing areas of Clarendon, St. Catherine, St. Elizabeth, Trelawny and St. Thomas.

“Our goal is to see if we can get 50 per cent more production in onion. We doubled our target last year and we want to get 50 per cent more this year, and for potato we are on our way to exceeding the 70 per cent that we achieved last year,” he noted.

The Minister was addressing farmers and other stakeholders at the launch of the 2022 National Irish Potato and Onion Programme in Guy’s Hill, St. Catherine, on August 31.

Seeds will be made available to the farmers by mid-October for the planting season.

“We are targeting 1,500 acres of land which is going to be a 20 per cent increase over the last year’s planting season,” Minister Charles Jr. informed.

He urged farmers to contact the RADA offices to have their first acre of land prepared free of cost under the ‘Grow Smart, Eat Smart’ production programme.

Additionally, in keeping with the promised support to assist new farmers with land preparation through a special incentive programme valued at $63 million, the first tranche of $20 million has been issued by the Ministry to RADA. Other support provided includes backhoes and fertiliser, among other things.

Coordinator of the National Irish Potato and Onion Programme, Locksley Waites, said the target for this year is a minimum of 24,000 tonnes.

“We will have to put more land into production. We are vigorously trying to find new acreage in the Guy’s Hill, Mavis Bank, Darliston, and Manchester belts,” he told JIS News.

The national Irish potato and onion programme has created approximately 40,000 employment opportunities within the sector.

The Irish potato programme, which commenced in 2008, is aimed at satisfying 100 per cent of the estimated demand of 17,000 tonnes annually.

For the 2021 to 2022 period, 70 per cent of national demand was achieved, eliminating the need for importation of the food staple since November 2021.

PHOTO: YHOMO HUTCHINSON
Minister of Agriculture and Fisheries, Hon. Pearnel Charles Jr. (left), listens to United States Ambassador to Jamaica, His Excellency Nick Perry, during the diplomat’s visit to the Ministry’s office.

Jamaica’s spice industry is to be amplified by a US$20-million grant from the United States (US), through its Department of Agriculture, over the course of five years.

The grant will be disbursed under the ‘Food for Progress’ programme and comes against the background of exponential growth of the spice industry in the US, especially as it concerns ginger, turmeric and pimento.

The initiative will, therefore, target the marketing and development of products (such as packaging) and will promote sustainable and climate-friendly farming to yield best results.

Jamaica is one of 10 countries this year to be selected for the grant, which will be awarded this month.

US Ambassador to Jamaica, His Excellency Nick Perry, made the disclosure during a recent courtesy call on the Minister of Agriculture and Fisheries, Hon. Pearnel Charles Jr., at the Ministry’s offices in Kingston.

Mr. Perry noted that the grant will benefit Jamaican small farmers and that the many health benefits of turmeric and ginger are amongst the reasons for the demand.

“The health food industry in the United States is certainly looking for imports that will feed into the demand. I am sure that this will be a good investment for the United

States and for Jamaican farmers to benefit from our relationship,” Mr. Perry said.

In the meantime, Mr. Charles Jr. welcomed the grant and said that the rationale behind it ties into the national ‘Grow Smart, Eat Smart’ campaign.

“It’s a campaign to connect the thinking around greater efficiencies in agricultural operation and the strategic and deliberate consumption of products that are going to be more nutritious, particularly at a time when we are trying to achieve food security, so the ‘Grow Smart, Eat Smart’ [movement] really embraces this grant,” he said.

President of JAMPRO, Diane Edwards, says that her Agency is promoting several bankable logistics investment projects that will boost the development of Jamaica’s economy.

Ms. Edwards made the comments today while discussing Jamaican investment opportunities at the AICE 2022 conference in Montego Bay, which is being hosted by the World Free Zones Organization and the Jamaica Special Economic Zone Authority (JSEZA). The Ministry of Industry, Investment, and Commerce has strongly supported the event, which has attracted many international and local investors.

Participants at AICE 2022 meet during the conference in the JAMPRO facilitated B2B meeting area.

JAMPRO is highlighting several projects at AICE 2022 for investment, including the Caymanas Special Economic Zone and the Vernamfield Aerotropolis. Ms. Edwards explained that the Agency sees Logistics as the future of Jamaica’s economy, and it is focused on securing investors who are ready to do business in the sector.

She said, “Strengthening and diversifying the logistics sector will transform Jamaica; it is therefore critical for JAMPRO to participate in fora such as this one to engage investors who are looking at the island as a potential destination for their next venture. We believe that Jamaica is the best location to invest, so JAMPRO is committed to working with our private and public sector partners to see more logistics projects coming to fruition.”

JAMPRO is an agency of the Ministry of Investment, Industry, and Commerce.

Designated public beaches will be upgraded this fiscal year, to improve the overall experience of Jamaicans, says Prime Minister, the Most Hon. Andrew Holness.

Speaking at the official ceremony to break ground for the 700-room RIU Aquarelle in Coopers Pen, Falmouth, on April 20, Mr. Holness said this is being done to facilitate the Government’s commitment to good governance and the unwavering belief that Jamaicans should be able to enjoy the natural assets of their country.

He emphasised that public beaches must be protected, where the people can continue to enjoy a proud national pastime and where families and communities can have easy access.

“At a minimum, where applicable, each beach will be getting changing areas and restroom facilities, perimeter fencing, parking, gazebos, bandstands, children’s play areas, walkways, electricity, water, sewerage treatment facilities, among other amenities,” the Prime Minister noted.

“We never escape our history, and our history has not always been kind to the generations. But as the generations progress and we emerge as new leaders, we must ensure that we don’t make the mistakes of the past, that we don’t dispossess our people of their natural assets, and that as we pursue economic development, which we oftentimes conceptualise in buildings and roads, that we do not deprive the people of the use of their natural assets,” Mr. Holness added.

He said the Tourism Enhancement Fund (TEF), which has already begun consultations with several communities across the island, will be financing the beach-upgrade initiative “with at least one to be addressed in each parish”.

“Development must take place with Jamaica’s social context in mind,” the Prime Minister argued.

In the meantime, Mr. Holness said that despite the Disaster Risk Management Act (DRMA) being withdrawn, Jamaicans should continue to make good decisions regarding the ongoing COVID-19 pandemic, noting that it remains a clear and present danger.

“We are strongly recommending that you continue to wear your mask, sanitise… maintain social distance and exercise a degree of caution. That vigilance [however] must be exercised by the individual,” the Prime Minister noted.

“Entities such as hotels, schools, and other institutions can maintain their own protocols while the Government will, from time to time, give an indication as to what the high-level threats are, and from that you can implement your own measures that you would require. It’s up to the individual to make responsible decisions,” he added.