KINGSTON, Jamaica, CMC -Jamaica, noting that economic collaboration with Latin America (LATAM) has been limited, is calling on local micro, small, and medium-sized enterprises (MSMEs) to tap into the LATAM markets in a bid to expand their businesses.
“It is something that we have not focused on, and I need us to get a sharper, clearer focus on doing business with Latin America,” said Industry, Investment, and Commerce Minister Aubyn Hill,
“With a focus on increasing exports from Jamaica to our Latin American counterparts, including the Dominican Republic, Mexico, Colombia, Chile, Costa Rica, and Panama, a concerted effort must be made to build strong trade relationships and strengthen economic ties,” he told the “Keys to LATAM Conference.”
The organizers said the conference promises to unlock the potential of the LATAM market for Jamaican and Caribbean businesses and will, among other things, discuss solutions to the challenges of commerce in the region, such as regulatory complexities, shipping costs, the language barrier, expensive marketing and differences in culture.
Hill said the Jamaica government has been offering solid financial support to help businesses produce and export more local goods and services and that 85 firms are engaged under the Jamaica Promotions Corporation (JAMPRO) Export Max Programme, which is geared towards developing a cluster of export-ready companies by enabling them to be competitively positioned to take advantage of international market opportunities and increase export earnings.
“That’s the only way we’ll become a wealthy country. As we look at our low per-capita GDP (gross domestic product), we have to increase that. The only real way to do that is to export a lot more, and we have to expand our population by negotiating new markets. Go to LATAM and excel,” Hill said.
Tourism Minister Edmund Bartlett noted that the conference is poised to provide Jamaican industry professionals with insights into business opportunities in the lucrative Latin American market.
“Our shared history, cultural ties, and geographical proximity provide a solid foundation for collaboration. Latin America is a region of immense economic potential and diversity. With a population of over 650 million people and a combined GDP of over five trillion US dollars, it offers a wide range of opportunities for businesses seeking to expand their reach,” said. Bartlett.
Intelligent Limited organized the conference with the Private Sector Organisation of Jamaica (PSOJ).
Intelligent Limited’s chief executive officer, Craig Powe, said his vision is for Jamaicans to unlock the potential of the Latin American market, as four CARICOM trade agreements are facilitating LATAM exports that are not being sufficiently utilized.
Citing the Dominican Republic, Powe noted that the country’s export to Jamaica was valued at US$115.66 million, while Jamaica exported US$2.7 million in goods and services in 2022.
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