Exporters need to capitalize on world market - PM

26 Apr '08

2 min read

Speaking at the launch of National Export Strategy on April 24, Mr Bruce Golding, Jamaican Prime Minister, expressed dissatisfaction over the failure to adapt to the competitiveness of the globalized world.

The Prime Minister urged domestic exporters to explore and exploit the niche market for national goals and economic development. He further asserted that globalization of the world market has thrown open a plethora of opportunities for small countries like Jamaica, to grow and prosper. However, it is extremely distressing to see that the island has showed sluggishness in taking advantage of these openings.

A plea was made to those entrepreneurs who complained of inequality. Mr Golding, urged them to take a more proactive stance by putting up a stiff competition rather than waiting for world market to get slackened.

The woeful condition of the country's economy can be seen explicitly from the trade statistics of 2007 which reflected that from January to December of the year Jamaica's expenditure on imports amounted to US $6,459.3 million. This represented an increase of $808.8 million or 14.3 percent over the amount recorded for the comparable 2006 period. Total exports were valued at $2,169.1 million, increasing by $185.2 million or 9.3 percent in spite of which at the end of the period, trade deficit increased by $623.7 million or 17.0 percent when compared to the $3,666.5 million recorded for the previous year.

Confident about the immense market potential for Jamaican products, Mr Golding said, “One of the aims of the National Export Strategy, which is a unified national strategy, is to advance the competitiveness of firms and sectors while enhancing the business and trade environment. In order to improve Jamaica's export performance, the set goal will be to aggressively identify the country's strongest products and corresponding consumer markets.”