J'cans urged to buy more local goods to boost economy

Saturday, November 07, 2009 5:14 PM

News

BY ELLIOT BLAKE, Observer writer editorial@jamaicaobserver.com

Saturday, May 23, 2009

MANDEVILLE, Manchester - Winston Lawson, president of the Manchester Chamber of Commerce (MCoC), says that the stability of Jamaica's currency lies in the hands of the consumer whom he says must purchase more local goods and services to help boost the economy.

Lawson said a pro-local goods and services mentality would also encourage investment in local businesses and foster job creation.

"Well do we really need to import onions and tomatoes? According to the Statistical Institute of Jamaica, the country consumes 60 per cent of imported food - both processed and fresh produce," Lawson said.

"The demand we place on foreign goods and services must be channelled locally and this will lighten the burden on the Jamaican dollar," he added.

Lawson's comments came during his address to the seventh annual renewal of the Today's Money Limited - Money Expo 2009 held at the Golf View Hotel recently. The purpose of the day long event, entitled 'One, One Cocoa. Managing Savings and Investments in a Challenging Economy', was to identify viable business opportunities and introduce the public to profitable methods of saving money.

Pointing to the fallout in the bauxite/alumina industry which for decades has dominated Manchester's economy, Lawson said tourism, health care and merchandising were possible "areas of exploitation" for entrepreneurs in this south-central parish.

"Bauxite may or may not return but Manchester has been fortunate enough to see a great deal of diversification across industries that keep our economy alive," Lawson said. "The shutdown (of bauxite/alumina production companies) presents an opportunity for these industries and these potentially strong contributors to step up to the plate," the MCoC president, who is also a leading Mandeville banker, added.

Michael Stern, member of Parliament for North West Clarendon and minister of state in the Ministry of Industry, Investment and Commerce, agreed that diversification should be the way forward. He said the government is "committed to facilitating new business initiatives" in these "challenging times".

He added that "at present the Government's lending programmes to the Micro, Small and Medium Enterprises (MSME) sector total approximately $2.5 billion (per annum) and this is because small businesses are the bedrock of our country and their success mirrors the success of our country".

If you were to grade Derick Latibeaudiere's performance over his 13 years as Bank of Jamaica governor, what grade would he get?
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