As Jamaica continues to face challenges in achieving robust economic growth, Finance Minister Fayval Williams has identified agriculture and technology as critical sectors that can help transition the country from its current sluggish growth to a more dynamic economy. Speaking at a Mayberry Forum on Wednesday, Minister Williams emphasised that these sectors are primed for expansion and are key to achieving the kind of growth Jamaica needs.

“We’ve gone through weather-related events and setbacks, but I have great expectations for the agricultural sector in terms of the rebound that we will see there,” Minister Williams said, acknowledging the challenges faced by the sector, including natural disasters. “We have to maximise these industries. They’re traditional, but we can’t write them off. We have to maximise them.”

Jamaica’s growth has remained in the low single digits, with recent data showing a contraction in the September quarter. Despite improvements in fiscal discipline, such as reducing debt-to-GDP, the country has yet to reach the level of growth it desires.

Agriculture accounts for about 9 per cent of economic activity in Jamaica, and Minister Williams expressed confidence that modernising the sector will drive future growth. She highlighted the role of innovative farming practices like greenhouse farming and cold storage, which have the potential to transform the sector.

“Just last week, when I visited a major greenhouse facility, I was blown away by the quantum of investment and what’s happening there,” Minister Williams recalled. “They were able to recover quickly after a major hurricane, producing various types of vegetables, including lettuce, and that’s exactly the kind of resilience we need to see more of in agriculture.”

The minister stressed that while agriculture faces its challenges, the potential for growth through modernisation is enormous. “We are looking at increasing food security and boosting exports,” she added. “This is a sector where we need to put more effort, and there’s great potential for us to grow.”

Alongside agriculture, technology is another area that Minister Williams believes will help propel Jamaica’s economy forward. She expressed optimism about the potential for the technology sector, particularly in areas such as cybersecurity and innovation, to drive Jamaica’s growth.

“I would love to see us do a whole lot more in terms of technology and cybersecurity,” Williams said. “These are the areas that are going to take us from 1 per cent and 2 per cent growth to 5, 6, and 7 per cent. These markets are large, and there is great hope for us in this sector.”

She acknowledged that the shift toward a more technology-driven economy will take time and significant investment, but she remains confident that the country can achieve progress. “Efforts are already underway to get us there, but it’s going to require both time and investment,” she explained. “It’s a sector where we can truly excel if we continue to focus on innovation and growth.”

Joining in on the discussion, Dan Theoc, senior VP of investments at Mayberry Limited, who was also host of the forum, pointed to the interconnectedness of agriculture and technology, noting that embracing technological advancements in agriculture is key to unlocking the full potential of the sector. By combining traditional industries with innovation, he said Jamaica can boost both efficiency and sustainability.

“We have to think about how we do the crops and how we can make them more resilient,” he said. “Greenhouses are important, and we’ve seen a lot of interest from clients wanting to invest in this area. Cold storage is also another aspect of agriculture that’s crucial to improving efficiency.”

Theoc concluded that these two sectors together — agriculture and technology — could create a synergy that accelerates economic growth. “The key is to leverage both sectors to create jobs, drive innovation, and improve productivity,” he added.

Theoc reiterated that continued investment in agriculture and technology is essential for Jamaica’s economic future. While acknowledging the challenges, he expressed optimism that these sectors can drive explosive growth.

“These are the areas where we are focused, and we are confident that with the right investments and policies, we can see significant growth in the coming years,” he said. “It will take time, but by maximising agriculture and focusing on the technology sector, we are laying the groundwork for a more diversified, resilient, and competitive economy.”