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Large Jamaican Delegation Of Public And Private Sector Entities Head To Georgetown, Guyana

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Photo: Senator the Hon. Aubyn Hill, Minister of Industry, Investment & Commerce (centre), poses with the team following a briefing session for delegates on a private/public sector mission to Georgetown, Guyana, from October 2-7, 2022. From left to right are: Gabriel Heron, Vice President of Markets, JAMPRO, Christopher McPherson, Special Advisor to the Minister, Diane Edwards, President of JAMPRO, Marlene Porter, Manager of Agribusiness, JAMPRO, Angus Young, Head of Regional Investment Banking & New Markets – NCB Capital Markets, a sponsor of the mission, and Nicholas Sutherland, Manager, New Market Development, JAMPRO.

A large Jamaican delegation of public and private sector entities will embark on a mission to Georgetown, Guyana, scheduled for October 2 nd – 7 th 2022. The mission will be led by Senator the Honourable Aubyn Hill, Minister of Industry, Investment and Commerce.

The mission to Guyana aligns with the thrust by Minister Hill to significantly improve exports to the Region and beyond and is timely with both Jamaica and Guyana experiencing economic recovery after the fallout from the COVID-19 Pandemic. The International Monetary Fund (IMF) has projected Guyana’s overall real GDP growth rate to be 57.8% in 2022. Much of this is underpinned by the development of anascent oil and gas sector, and spin-off developments, however the non-oil economy is also expected to continue registering strong growth, projected at 7.7% in 2022 by the IMF, driven mainly by rebounds in rice growing, gold mining and continued expansion in construction activity wholesale/retail trade and repairs.

Senator the Hon. Aubyn Hill states “Jamaica and Guyana have a shared history of good bilateral relations. With both our nations currently experiencing economic growth, strategically there are many mutual benefits to be explored on this mission to Guyana, where regional collaboration and partnership will be central to the business engagements of the mission. Key areas for collaboration include agribusiness, financial services, infrastructure, manufacturing and professional services. The mission will cement business-to-business partnerships that will drive cross-border transactions in both investments and trade, of mutual benefit to Jamaica and Guyana.”

Jamaica Promotions Corporation (JAMPRO), an agency in the Ministry of Industry, Investment and Commerce, is providing support to the Ministry on the mission to Guyana, which includes 22 Jamaican entities and over 30 persons, largely from the private sector along with the Jamaica National Agency for Accreditation (JANAAC) and Jamaica Special Economic Zone Authority (JSEZA), also agencies of the Ministry of Industry, Investment & Commerce. The composition of the delegation complements the main areas of focus for the mission to Guyana, which are fresh produce, Agri-processing, non-food manufacturing (including construction materials), financial services and consulting services (including accreditation/certification).

Jamaica and Guyana have experienced very good bilateral relations over the years. As far back as July 1973 with the signing of the Treaty of Chaguaramas and more recently with the planned reactivation of the Guyana-Jamaica Joint Commission in 2018.

In preparation for the mission, a briefing session, attended by 32 persons, was staged on September 13 th to inform local business entities of the opportunities in Guyana. During the briefing session, Senator the Honourable Aubyn Hill, took the opportunity to emphasize the urgent need for export and regional trade to drive economic growth for Jamaica and Guyana and further charged the participants to continuously look beyond the shores of Jamaica to market goods and services across the globe.

Guyanese support for the briefing session was provided by Rafeek Khan, President of Guyana Manufacturing and Services Association (GMSA) and Richard Rambarran, Executive Director, Georgetown Chamber of Commerce (GCC).

Strong private sector support for the mission is being provided by NCB Capital Markets Limited in the form of sponsorship and Steven Gooden, CEO, NCB Capital Markets Limited shared thoughts on the mission. “This mission to Guyana is indicative of the kind of public-private sector engagements needed to drive nation building and grow the Jamaican economy. Ultimately, the commercial benefits will be widespread. Collaboration with our Guyanese counterparts will also enhance commerce, investments, and trade in the Caribbean.  NCB Capital Markets Limited is delighted to play a part in this undertaking and looks forward to the significant benefits it will yield for both regions.”

The mission will entail scheduled meetings with relevant government entities, senior government officials as well as business-to-business (B2B) meeting specifically for the Jamaican delegation to explore opportunities with approximately 45 targeted potential business partners in Guyana.

A member of the delegation, the Jamaica National Agency for Accreditation (JANAAC), is the only internationally recognized accreditation body in the English-speaking Caribbean. On June 14, 2022, the U.S. Food and Drug Administration (FDA) approved JANAAC as a recognized accreditation body under the accredited Third-Party Certification programme. Currently, JANAAC, is present in ten (10) CARICOM countries, including Guyana, where it has accredited four laboratories with the intention to continue collaborating with Guyanese stakeholders to accredit all its labs.

Diane Edwards, President of JAMPRO, said “this mission is outcome oriented, ensuring that focus is given to enable tangible benefits from the mission, through strong business matchmaking activities to seal revenue opportunities for the future. The great regional challenge for 2022 is to consolidate the economic recovery of the region and lay the foundations for more inclusive Inter-Caribbean growth.

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GCT Exemption Threshold for MSMEs Increased to JA$15 Million

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The Government of Jamaica has announced an increase in the General Consumption Tax (GCT) exemption threshold from $10 million to $15 million for micro, small and medium-sized enterprises (MSMEs).

Minister of Finance and the Public Service, Hon. Fayval Williams, in opening the 2025/26 Budget Debate in the House of Representatives on March 11, said the change is aimed at supporting the growth and development of small businesses.

Mrs. Williams said the latest figures from the Small Business Association of Jamaica (SBAJ) show that there are an estimated 422,000 registered small businesses in Jamaica, generating 80 per cent of the jobs in the Jamaican economy.

“This means 1,136,240 persons in our workforce are employed by MSMEs,” the Finance Minister noted.

In addition, the Minister said the Government has allocated $2 billion to support MSMEs.

“[The sum of] $2 billion is in the Budget for the Development Bank of Jamaica (DBJ) to allow them to continue to facilitate sustainable growth of start-ups and MSMEs, and to continue to support women-led initiatives, entrepreneurship training, including digital skills bootcamp,” she outlined.

The DBJ is a public body in the Ministry of Economic Growth and Job Creation that channels financing to MSMEs, as well as large projects, to facilitate economic growth and development.

“It will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” Mrs. Williams said.

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JA$2 Billion in Support to Jamaican MSMES

“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.

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The Development Bank of Jamaica (DBJ) has been allocated $2 billion in the 2025/26 Estimates of Expenditure to support funding to the micro, small and medium-sized enterprise (MSME) sector.

Minister of Finance and the Public Service, Hon. Fayval Williams, made the disclosure while delivering the opening presentation in the 2025/26 Budget Debate in the House of Representatives on Tuesday (March 11).

“It (the DBJ) will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” she informed.

Mrs. Williams noted the Government’s commitment to the MSME sector, which includes an estimated 422,000 registered small businesses, generating 80 per cent of the jobs in the economy.

Approximately 1,136,240 persons are employed by MSMEs.

The Minister acknowledged that there are several issues facing the sector, including lack of equitable access to financing, high interest rates and cumbersome requirements for opening bank accounts.

“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.

She pledged to work with Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, to reduce the requirements for the entities to open bank accounts.

The Finance Minister noted, further, that Government will be increasing the General Consumption Tax (GCT) exemption for small businesses from $10 million to $15 million.

By: Donique Weston JIS

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Jamaica Open For High-Value Agricultural Investments – Minister Green

“Now is the time for high-value agricultural investment, right here in Jamaica. Things that we produce in Jamaica are sought after all over the world. As such, we do believe there are significant opportunities now in agro processing,” Mr. Green said.

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Jamaica is being touted as a prime destination for high-value agricultural investments.

Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green, highlighted that the country is at a pivotal stage in its transformation, pointing out that the Ministry’s key objectives are to drive investment, expand trade, and strengthen food security.

“To achieve this objective, the nation must collaborate with its international partners,” he told members of the Diplomatic Corps on Wednesday (March 12).

Minister Green said Jamaica, having seen a declining debt-to-GDP ratio and myriad other positive economic outcomes in recent years, is well positioned to take advantage of global opportunities.

He was speaking during a Ministerial Briefing at the Ministry of Foreign Affairs and Foreign Trade in downtown Kingston, which formed part of activities marking Diplomatic Week 2025.

Mr. Green said while Jamaica currently benefits from several trade arrangements with its regional partners, the Government wants to expand the global footprint in trade and investment.

“What we want to see from my Ministry’s perspective [is] how we can leverage these arrangements to do much more. As such, we want to work with you (the diplomatic corps) to drive trade expansion, to reduce market barriers and to facilitate direct connections with importers and distributors so that we can expand our exports,” the Minister outlined.

He added that there are significant investment opportunities and win-win proposals for Jamaica and its partners.

“Now is the time for high-value agricultural investment, right here in Jamaica. Things that we produce in Jamaica are sought after all over the world. As such, we do believe there are significant opportunities now in agro processing,” Mr. Green said.

The Minister emphasised that one area now ripe for investments is orchard crop farming.

“We do have land available for investment in orchard crops. In fact, we’ve developed our first ever mango orchard, or mango agro park, where we invite private-sector investors to come in and establish 50-acre blocks of mango farms. That is going well. In fact, we’ve already established about 200 acres. We want to establish another 300 acres in this financial year,” the Minister outlined.

Mr. Green also touted opportunities in livestock farming and the dairy industry, noting that Jamaica is looking to leverage partnerships in this area.

“We want to facilitate greater bilateral discussions between you and your home countries with Jamaica’s agricultural sector around investment… around connecting investors with local projects that can accelerate economic growth,” he told the diplomats.

Mr. Green pointed out that Jamaica’s collaboration with its international partners has been instrumental in advancing the nation’s economic agenda.

By: Donique Weston, JIS

Photo: Yhomo Hutchinson

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Powering the Future: How Tech and Policy Are Driving Explosive Growth in Energy Storage, Renewables, and EVs

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The energy storage, renewable energy, and electric vehicle (EV) industries are experiencing significant growth, driven by technological advancements and policy support.

Energy Storage Sector

The global energy storage market is projected to expand from USD 416.02 billion in 2025 to USD 841.19 billion by 2033, reflecting a compound annual growth rate (CAGR) of 9.2% (Straits Research, 2024). This growth is primarily attributed to the increasing integration of renewable energy sources and the need for grid stability. In the United States, battery energy storage capacity is expected to nearly double by 2024, reaching over 30 gigawatts (U.S. Energy Information Administration, 2023).Mission-Critical Energy Storage Battery Pack Sector.

Mission-Critical Energy Storage Battery Pack Sector

The demand for mission-critical energy storage solutions is intensifying, particularly in sectors requiring an uninterrupted power supply, such as data centres and healthcare facilities. The U.S. battery energy storage system market is anticipated to witness a CAGR of 30.5% from 2024 to 2030, reaching USD 4.4 billion by 2030 (Grand View Research, 2023). This surge is driven by the need for reliable backup power and the integration of renewable energy sources into critical infrastructure.

Renewable Energy Industry

The renewable energy sector is undergoing rapid expansion. In 2024, the United States added 48.2 gigawatts of solar, wind, and battery storage capacity, a 47% increase from the previous year (The Guardian, 2025). Declining costs and supportive policies like the Inflation Reduction Act 2022 propel this growth. Globally, China has made significant strides, adding clean energy generation in the first half of 2024, equivalent to the entire electricity output of the United Kingdom for the previous year (The Guardian, 2024).

Electric Vehicle Industry

The EV market is expanding swiftly. In 2023, electric cars accounted for approximately 18% of all vehicles sold globally, up from 14% in 2022 (International Energy Agency, 2024). Projections indicate that by 2024, 25% of all new passenger car registrations will be electric, surpassing 17 million units in sales worldwide (GreenMatch, 2024). This trend is supported by technological advancements, increased consumer acceptance, and policy incentives to reduce carbon emissions. These industries are experiencing robust growth, driven by technological innovation, policy support, and a global shift towards sustainable energy solutions.

Extracted from Alexander Melville Chief Executive Officer Tropical Battery Company Limited (TROPICAL) – Interim Financial Statements For The First Quarter Ended December 31, 2024

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Corporate Movements: Margaret Campbell Appointed CEO of GKMS Group; Lee-Anne Bruce Named COO

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GraceKennedy Limited (GK) is pleased to announce leadership changes at GraceKennedy Money Services (GKMS) as part of its ongoing succession plan and strategic talent development and deployment.

Effective April 1, 2025, Margaret Campbell will assume the role of Chief Executive Officer (CEO) of the GKMS Group. Campbell, who has worked with GKMS for over 25 years, has served as its Chief Operating Officer (COO) since 2020. She joined GKMS in 1996 and has held several leadership roles during her tenure including, Financial Controller, Chief Financial Officer (CFO), and Country Manager for GKMS Jamaica. A Fellow Certified Chartered Accountant, Campbell also holds an MBA in Finance from the University of Manchester and serves on several GK subsidiary boards. She is also the current President of the Jamaica Money Remitters Association.

Frank James, Group CEO of GraceKennedy, expressed confidence in Campbell’s leadership, stating, “Margaret has demonstrated strong leadership and an unwavering commitment to providing exceptional value and convenience to our customers across Jamaica and the wider Caribbean, in keeping with our vision of being the number one Caribbean brand in the world. I have no doubt she will continue to drive GKMS forward.”

Grace Burnett, CEO of GKFG, added, “Margaret’s industry expertise and strategic approach make her the ideal person to lead GKMS into the future. Her experience and passion for operational excellence will be instrumental as GKFG continues to grow and evolve.” The announcement of Campbell’s appointment comes as Burnett, who has led GKMS since 2019, prepares to retire from GraceKennedy later this year.

Lee-Anne Bruce

Additionally, GraceKennedy has named Lee-Anne Bruce as the new COO of the GKMS Group, also effective April 1, 2025. Bruce holds a bachelor’s degree from the Frank G. Zarb School of Business at Hofstra University and is a Certified Anti-Money Laundering Specialist. With over a decade in senior leadership roles at GK, she has served as Group Chief Compliance Officer, Chief Risk Officer, and most recently, Chief Audit Executive. She began her career at GK in 2003, when she played a key role in GKMS’ expansion into the Eastern Caribbean.

Margaret Campbell, incoming GKMS CEO, welcomed Bruce’s appointment, stating, “Lee-Anne is no stranger to GKMS and her extensive experience and understanding of our business will undoubtedly be invaluable in her new role.”

In light of the leadership changes at GKMS, Judith Chung, Group Chief Compliance Officer & Senior Legal Counsel, will act as Chief Audit Executive of GraceKennedy Limited, while Jason Bailey, Head of Risk, will temporarily assume responsibility for the Compliance portfolio.

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