The Jamaica Chamber of Commerce (JCC), in its response to the global coronavirus (COVID-19) outbreak, has urged the local business sector to refrain from panic and instead seek to become more aware and prepared in the face of this looming crisis.

Speaking at this week’s Jamaica Observer Monday Exchange forum Lloyd Distant Jr, president of the JCC, said with the epidemic already having major implications for global commerce as seen by the disruptions to trade, particularly in China — the world’s manufacturing hub — along with the fallout in oil prices, decline in US stock market, among other implications, it is doubtful Jamaica can escape likely effects.

“We would be naïve to think that it is not going to have an impact on Jamaica. What we have to be cognisant of is how we prepare ourselves for impacts,” he stated.

He further urged businesses to spend time assessing their current plan of action, refreshing continuity plans, and ensuring that they are putting steps in place to guarantee they can continue to withstand what is to come along with associated impacts, should the virus touch local soil.

He mentioned that already some businesses have started experiencing downstream impacts in terms of their access to products, shipments, and inputs for their businesses or just general trading.

“Businesses are feeling it; there are a number of businesses that have indicated concerns around sources. Our guidance to them is to support and to continue in helping them [to find] [alternative] sources and [to look] at the diversification of business risk,” he further added.

The chamber president mentioned that while alternative markets such as Brazil may be able to help in providing shortfalls to supplies, these markets may carry as much as a 30 per cent increase in prices when compared to China — which may lead to price increases for consumers.

“It doesn’t mean other sources can’t be found, but businesses will have to factor in increased expenses. Locally, this will have implications for prices wherein increases may be passed to consumers, which in turn feeds into inflation and the competiveness of products,” he said.

Distant reasoned that while the fallout from the impacts of this deadly virus — which has already killed thousands worldwide while reducing commercial activities and affecting human resources — may be significant, locally we should contextualise possible effects.

In referring to statistics projected by the Ministry of Health, which has indicated that about one fifth of the labour force may be impacted, he maintains that this may not result in any significant closure or shutdown of business operations locally.

“I don’t envision a shutdown. Instead, providing guidance to staff members should they get sick is critical for containing the spread and limiting the impacts to businesses as a whole,” he said in responding to questions posed by a journalist.

He also said that while his entity has not yet factored the long-term effects of the virus, they are in constant dialogue with the respective ministries so as to pass on the latest updates and developments to the sector.

Following these sentiments by the JCC, it was confirmed yesterday by the health minister, Dr Christopher Tufton, that the country received its first imported case of the deadly virus , which now means that businesses will have to ramp up all plans for final preparation.

Melanie Subratie, third vice-president of the JCC, said this particular virus presents the country with different circumstances for which the need for planning and engaging preventative measures becomes very useful.

“Preventative measures should be put in place to reduce risks and ensure functionality as much as possible. Ensure that you have significant amounts of back stock of inventory items and critical items needed at this time,” she said.