The Invest Jamaica 2022 Business Conference, under the theme “Jamaica: The Nearshore Delivery Hub of the Caribbean”, held November 29 – 30 at the Montego Bay Conference Centre, has been commended as a success by participants, following two days of intense engagement among local and international private sector participants and government officials.

The event hosted 350 physical attendees with approved registrants from 51 countries, more than 250 scheduled business-to-business (B2B) meetings, seven insightful panel discussions and 11,114 viewers via live stream (YouTube, LinkedIn, Facebook). Staged in partnership with the Inter-American Development Bank (IDB) through the Global Digital Services Sector (GDSS) Project, the Conference was led by the Ministry of Industry, Investment and Commerce and the Jamaica Promotions Corporation (JAMPRO).

Senator the Honourable Aubyn Hill, Minister of Industry Investment and Commerce, stated, “Invest Jamaica 2022 provided a great nexus for engagement on local and foreign direct investment interest for Jamaica, while showcasing very well why Jamaica is a premier investment destination and an ideal place to do business. “

Invest Jamaica 2022 has as its objective, to generate investment interest in priority sectors which will be vigorously pursued to be realised as investment projects in the years to come. The conference was the meeting point for senior executives and government officials from across the globe. Panel discussions unearthed strategic focus and disruptive solutions for the six main featured sectors of investment opportunities: Logistics, Special Economic Zones, Global Digital Services, Agribusiness, Manufacturing, and Tourism. The conference also gave special space to showcase the gains of Jamaica’s financial ecosystem.

A unique feature of Invest Jamaica 2022 was the Pitch Platform, sponsored by the Jamaica Special Economic Zone Authority (JSEZA). The Pitch Platform featured presentations/pitches on nine (9) packaged investment projects spanning Special Economic Zones, Agribusiness, Manufacturing, Solid Waste to Energy and as well as a creative component featuring two Jamaican short films, Ego Sum and Sink or Swim. The shorts received rave reviews by the outstanding conference host, Dr Terri-Karelle Reid and the attendees.

Invest Jamaica was also supported by sponsors Jamaica Special Economic Zones Authority (JSEZA), the United Nations Development Program (UNDP) and NCB Capital Markets.

Jamaica Promotions Corporation (JAMPRO) is an Agency of the Ministry of Industry, Investment, and Commerce, whose mission is to drive economic development through growth in investment and export.

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.