Cabinet this week approved J$24 million to Jamaica Trade and Invest (JTI)/JAMPRO to fund export promotion and facilitation overseas.

The money will fund the re-opening of JTI's Toronto, Canada office and support the Jamaica Marketing Company (JAMCO) office and the reactivation of JAMCO under JAMPRO's London office.

Information Minister, Daryl Vaz explained the rationale behind the move.

"The Ministry of Industry, Investment and Commerce in the context of national export strategies, has decided to switch to export promotion and facilitation overseas. In light of the current global economic crisis which has resulted in the fall out of earnings in the mining sector and a sharp decline in foreign exchange earnings from tourism, remittances and tradition exports, increasing the levels of non-traditional exports is of critical importance," he said.

He added that JAMCO is a wholly owned government limited liability company and a subsidiary of JAMPRO which is being reactivated as part of the strategy to mobilize non-traditional exports.

The company will have responsibility for marketing Jamaican products in the United Kingdom.

Using Expo Shanghai to entice investors

In the meantime, Jamaica Trade and Invest will be seeking to leverage the goodwill garnered by Jamaica's athletes at the Beijing, China Olympics in 2008 to boost exports to China.

The agency said it would use Expo Shanghai, slated to take place in China from May 1 to October 31, to bring business opportunities to Jamaican exporters and attract the interest of Chinese investors.

The JTI said, based on research, it has found that products such as spices, condiments, rum, beer, art and craft and coffee are likely to do well in China.

The agency is inviting exporters interested in showcasing their products at the expo to make contact by January 20.
 
Friday, 15 January 2010
Radio Jamaica