THE Private Sector Organisation of Jamaica (PSOJ) has set itself the target of being an active participant in reshaping the nation into an export-led economy.

According to President Metry Seaga, the PSOJ aims to bolster Jamaica’s economic standing by concentrating on liaison efforts and the creation of high-quality value-added products, with a strong focus on enhancing the intrinsic value of the country’s exports.

“It is imperative that we capitalise on Jamaica’s strategic geographic location and evolve it into a hub for logistics and our supply chain excellence. By doing so we aim to become the Singapore of the Caribbean and unlock new avenues for growth across several sectors. This will significantly enhance our competitive edge on the global stage and create a more diversified, resilient economy,” Seaga shared during a recent PSOJ press briefing held under the theme ‘Prosper: Building a Resilient Economy Through Private Sector Growth’.

To realise its export-led strategy, the PSOJ is actively collaborating with members to develop markets and form partnerships with Jamaica Promotions Corporation (Jampro); the Ministry of Industry, Investments and Commerce; and other governmental agencies.

“We have signed MOUs [memorandums of understanding] with many of these partners and are working tirelessly to ensure that our members find new markets overseas,” he revealed.

The PSOJ president further acknowledged that maintaining a low, stable inflationary environment is crucial for the export-led strategy, emphasising the need to address hindrances that prevent Jamaica’s econmy from elevating its status from “good to great”. One such impediment highlighted by Seaga is Jamaica’s low labour productivity over the last two decades.

“Jamaica’s total factor productivity per worker also lags significantly behind most other countries in Latin America and the Caribbean region,” he stated.

To address the productivity issues, he says the skills gap must first be addressed, especially with the majority of tertiary graduates migrating.

“Eight out of 10 people that we train go away and live and produce for other economies; this is hurting us badly,” said Seaga.

The PSOJ urgently called for a closer alignment between the education system and industry needs, involving tailored curriculum and training geared towards high-demand areas like digital technologies, renewable energy, and advanced manufacturing to tackle productivity issues.

Upskilling the labour force was one of many suggestions made to address the skills gap currently hindering the PSOJ’s export-led strategy.

“We cannot do that unless we have the people to work in the industries,” Seaga stressed.

The PSOJ is also supportive of the ongoing review of Jamaica’s work permit system, acknowledging the lengthy, costly, and bureaucratic process hindering the importation of essential workers. Seaga clarified that while the importation of labour is viewed as a short-term solution from a private sector perspective, it is not a catch-all solution, especially in sectors vital to Jamaica’s economic growth.

“Promoting knowledge transfer and leveraging the skills of foreign workers benefits the domestic economy, transforming a temporary fix into a lasting advantage,” Seaga said, offering clarity for the needs of imported workers. “We want people to come to Jamaica from overseas who have gained knowledge and experience, and we want them to transfer that knowledge to our Jamaicans, who can then implement that into the workplace and teach other Jamaicans how to do the jobs that we currently cannot do,” he added.

The perspective from Seaga underscores the belief that applied knowledge will enhance investor confidence, ensuring the availability of required labour, including the importation of skilled workers. He pointed out the current predicament, whereby Jamaica seeks investors, yet potential investors express concerns about the lack of a skilled workforce.

“We cannot have investors coming to our country and asking us, and it happens every day, ‘Where are we going to get labour from to fund our projects that need thousands of workers when you’re telling me that your employment rate is almost at zero?” said Seaga.

The PSOJ aims to continue advocating for legislative reforms, considering them fundamental to creating an environment conducive for special economic zones to thrive. This initiative aims to attract both local and international investors, address the critical need for skilled labour, and foster a favourable business climate.