JAMPRO capitalises on Chinese Investment Interests at China-LAC Business Summit

Kingston, Jamaica: Acting on the agency’s mandate to stimulate Jamaican business opportunities in new and emerging markets and the strong interest from China in doing business in Jamaica, The Jamaica Promotions Corporation (JAMPRO) and a Jamaican delegation attended the China Latin American and Caribbean (China-LAC) Business Summit on September 12-13, 2014 to promote the country’s interests in investment and trade with Chinese entities.

The China-LAC Summit is organised by the Inter-American Development Bank, the China Council for the Promotion of International Trade (CCPIT) and People’s Bank of China with the purpose of connecting Chinese, Latin American and Caribbean executives, policy makers and public officials. With an attendance of over 1,000 people, it was a major forum for identifying trade and investment opportunities between both regions.

JAMPRO, a delegation of private companies, the Jamaica Chamber of Commerce (JCC) and the Caribbean Export Development Agency (CEDA) represented Jamaica and the region’s interests at the Summit by presenting investment opportunities to Chinese and Latin American enterprises and showcasing high quality Jamaican products that are ready for export. Representatives of CCPIT and Chinese Chambers of Commerce showed great interest in the Jamaican prospects available, specifically in acquiring frozen foods, Blue Mountain coffee, bottled water while investing in poultry production and assembly line manufacturing for easier reach to Western markets.

Seeing the need to build more bridges between Jamaica and China, JAMPRO signed three (3) Memoranda of Understanding (MOUs) with various Chinese provinces and CCPIT. This was done to encourage and strengthen trade and investment exchanges between China and Jamaica, while promoting cooperative business with Chinese entities and encourage information exchange to boost development. These MOUs support JAMPRO’s work in China through partnerships and assists the agency in securing valuable knowledge about that market.

JAMPRO also engaged ChinaGoAbroad (CGA), the members-only platform that provides information and connections for Chinese companies and their global counterparts seeking international business partners, investment opportunities and service providers. JAMPRO is the first Caribbean investment and trade promotions agency to have a membership with CGA, resulting in Jamaica being the first Caribbean country to be featured on the platform. The agency partnered with CGA to promote the exclusive Jamaica Investment Forum in March 2015 and to target further investment in Jamaica from China.

At the summit’s TPO Roundtable Meeting, JAMPRO’s President, Diane Edwards, discussed Jamaica’s relationship with China and the importance of developing trade and investment between the two countries. She also stated the integral role that JAMPRO plans to play in building on the relationship that already exists, “JAMPRO is seeking to build on these foundations to strengthen its collaboration with Chinese business especially in the areas of agriculture, electronic assembly, renewable energy, logistics and tourism infrastructure. With JAMPRO as your business partner, we can make sure you realise your business project in Jamaica,” explained Edwards.

Oliver Chen, Vice President of the JCC and Chairman of the Trade Missions and Logistics Hub Committees, echoed Ms. Edwards’ call for connection by stating, “JAMPRO and the JCC must work together to create linkages internationally. I am suggesting that we begin to develop strategies for business-matching and trade relationships so we can prepare our members and the rest of the Jamaican business community to do business with China. The opportunities are enormous especially as we pursue our Logistic Hub initiatives.” The JCC has committed to working with JAMPRO on this particular initiative by partnering with Chambers of Commerce in China to create business relationships.

JAMPRO intends to be proactive in developing China’s business interest in Jamaica and will continue its initiatives to attract Chinese investors and export Jamaican products to this lucrative market. The agency continues to develop more partnerships with Chinese entities and generate more investment opportunities from China.

Published Date: 
Tuesday, October 28, 2014