CODIE-ANN BARRETT

Senior business reporter

barrettc@jamaicaobserver.com

JAMAICA Promotions Corporation (Jampro) has announced the culmination of its four-year strategic plan, outlining focus sectors primed for growth and development. President Shullette Cox elaborated on these areas during the second day of the Ernst & Young (EY) Strategic Growth ForumTM Caribbean, held at the Hyatt Zilara hotel in Montego Bay on Thursday.

While Jampro has historically championed exports, the organisation is broadening its scope, starting with the global digital services sector.

“Global digital services span the gamut of outsourcing, from business process outsourcing right through to knowledge process outsourcing [KPO]. What we want to do is expand more significantly into KPO. With an unemployment rate of 4.2 per cent, we don’t really have a choice because we’re running out of people to hire in this industry,” Cox said.

Cox expressed enthusiasm about Jampro’s engagement in the global digital services sector, noting a significant shift from just two years ago when the organisation had limited involvement in this area. Recognising the potential to enhance Jamaica’s reputation for business sophistication, digital services will remain a priority for Jampro. While maintaining a strong focus on logistics and manufacturing, Jampro will also explore opportunities in agribusiness, a sector crucial for food security in the post-COVID-19 era.

“The importance of agribusiness is clear to everyone in the Caribbean, and it’s essential we prioritise it to ensure food security,” Cox emphasised.

Cox acknowledged that small island developing states must be vigilant in addressing climate change and adapting to its impacts. While highlighting digital services, logistics, manufacturing, and agribusiness as Jampro’s focus sectors, she emphasised that the organisation still supports traditional areas like tourism, film, and mining. However, Jampro has identified four key focus areas, with exports being a top priority. Nevertheless, the export promotion agency has recognised that it cannot promote products that are not being produced and, therefore, Jamaica needs to increase the capacity of its companies to supply the global market. This challenge exists not only for goods but also for services.

“And so even when you think about an event like this, this is a forum for exports. That’s how we see this forum, because when somebody from the Dutch Caribbean is talking to a Jamaican in this room and a business deal gets done, that’s an export of service. And so pushing out our exporters into global communities, whether they come to us or we go to them, is very important to our strategy,” according to Cox.

During the forum, Cox encouraged entrepreneurs seeking investment opportunities and investors looking for new ventures to consider Jamaica as an ideal location. She emphasised that now is the perfect time to invest in Jamaica, citing Minister of Finance Nigel Clarke’s 2024 budget announcement, which highlighted 10 consecutive quarters of economic growth, a reduced unemployment rate of 4.2 per cent, and a debt-to-gross domestic product ratio of approximately 72 per cent.

“Whether you’re already based here or just considering Jamaica, we’re in the best economic position we’ve ever been in,” she declared.

Addressing young entrepreneurs in the room, Cox urged them to seek out Jampro, which she emphasised exists solely to support businesses and their success in Jamaica and any other global market they aim to enter.

“I would also say, especially for Jamaica and their Caribbean partners, look outside of your countries. So your market is not the people or the island that you’re on. Do not restrain yourself from going where your business can go. I talked to companies that talk about the fact that we’re only looking at the local market, but the local market when you’re talking about Caribbean countries will never get you to where you want to be,” Shullete asserted.

She encouraged businesses to seek out similar agencies like Jampro across the Caribbean, such as the Caribbean Association of Investment Promotion Agencies, Barbados Investment Development Agency, and Invest TT.

“And all of us exist just to support success in your companies. Take advantage of that,” she said.