President of the Private Sector Organisation of Jamaica (PSOJ) Metry Seaga, maintaining his advocacy for Jamaica becoming an export-driven economy, on Thursday pitched the Dominican Republic as a “golden opportunity” for local companies to boost export.

Addressing an audience gathered for the Dominican Republic-Jamaica Business Forum at the AC Hotel Kingston, the PSOJ head said that the Spanish-speaking country not only holds the capacity to grow Jamaica’s exports but it will also allow companies to expand their markets.

“The potential for Jamaica to not just grow but to truly flourish is undeniable. From January to September 2023, our exports moved to US$1.56 billion, up from $1.27 billion during the same period in 2022. This highlights a golden opportunity for us — our neighbour, the Dominican Republic, is a Caribbean powerhouse with a consumer base of 11.2 million and a GDP [gross domestic product] of $113.6 billion in 2022,” Seaga said.

With its current population size, the Dominican Republic’s domestic market more than quadruples Jamaica’s 2.7 million citizens, and its earnings from output is six times more. According to the World Bank, in 2022 Jamaica’s GDP per capita was US$6,047.22 compared to US$10,111.25 for its neighbour.

Recognised as one of the fastest-growing in the Latin American and the Caribbean region over the last 20 years, the Dominican Republic is poised for 5.1 per cent growth this year. It is for this reason that Seaga believes the country “represents tremendous potential for us to broaden our export reach and strengthen our economic ties.

Minister of Foreign Affairs and Foreign Trade Senator Kamina Johnson Smith (second left) listens to comments by Private Sector Organisation of Jamaica (PSOJ) President Metry Seaga (right) during the second Dominican Republic-Jamaica Business Forum at the AC Hotel by Marriott Kingston on Thursday, April 18). Looking on are: president of the Jamaica Chamber of Commerce in the Dominican Republic Juan José Melo (left) and vice minister of bilateral foreign policy in the Ministry of Foreign Affairs in the Dominican Republic José Julio Gómez.

“The PSOJ has recognised this potential and taken decisive action. We have built upon the momentum from last year’s DR-Jamaica Business Forum by successfully signing a memorandum of understanding with CONEP [National Council of Private Enterprise], our counterpart association in the Dominican Republic. This strategic alliance has opened up new avenues for Jamaican businesses, providing essential support and resources for those looking to enter the Dominican market,” the PSOJ president added.

He further urged business leaders to seize business-to-business opportunities provided by the forum to engage with potential partners and forge new connections in the rapidly growing market.

In addition to calling for the development of a robust business environment that fosters the growth of local companies, Seaga also advocated for the strengthening of commercial ties with the Dominican Republic supported by free trade agreements.

His message received the backing of Minister of Foreign Affairs and Foreign Trade Kamina Johnson Smith, who encouraged companies to “use the mechanisms put in place to strengthen the already excellent commercial ties that exist”. She was referring to memoranda of understanding signed between Jamaica Promotions Corporation and ProDominica as well as between the PSOJ and CONEP.

The minister also pointed out that in meeting with her Dominican counterpart, Foreign Minister Roberto Alvarez, last November, they both created a working group to develop a framework for bilateral cooperation in trade and investment promotion and the development of productive value chains. The group is scheduled to meet for the first time this year.

“In addition to these bodies and arrangements, I always want to encourage members of the private sector to use the Caricom-DR free trade agreement signed all the way back in 1998 in order to benefit from the preferential access provided under that agreement to all Caricom countries, including Jamaica. We’ve been actively working with the Trade Board to actively simplify how they provide and share information,” John Smith said.

Over the last 10 years trade between the two countries has grown by over 161 per cent, driven largely by exports from the Dominican Republic to Jamaica.

“But we are, as Jamaicans, also determined to increase our exports, which, as you have heard, are trending in the right direction in the DR as we also take advantage of the excellent opportunities in that market and seek mutually beneficial and balanced trade relations,” the Jamaican foreign affairs minister stated.
Host of the Dominican Republic-Jamaica Business Forum Ambassador Angie Martinez also said that while the two nations had made progress in strengthening collaboration, particularly in commerce and trade, there was still potential for further growth.

“Foreign Minister, our trade has impressively grown, now exceeding US$134 million. Additionally, Jamaican exports to the Dominican Republic are expected to increase tenfold, indicating a substantial rise in trade activities. The robust and sustained investments between the two nations epitomise successful South-South investments, showcasing a model of mutual economic cooperation and growth,” she noted.