KINGSTON, Jamaica – Jamaica has welcomed a trade mission from Trinidad and Tobago saying that it continues to distinguish itself as a premier destination for investments, offering a strategic location, modern infrastructure, and a skilled and adaptable workforce.
Permanent Secretary in the Ministry of Industry, Investment and Commerce, Sancia Bennett Templer, greets TTMA chief executive officer, Dr. Ramesh Ramdeen,The Trinidad and Tobago Manufacturers’ Association (TTMA) led trade mission will remain here until May 16 and it is hoping to identify opportunities in the Jamaican market for trade as well as the sourcing of inputs for Trinidad and Tobago’s production processes.
Permanent Secretary in the Ministry of Industry, Investment and Commerce, Sancia Bennett Templer, who addressed the “Doing Business With Jamaica Seminar” on Monday, encouraged local businesses to broaden their engagement by selling their products and exploring investment opportunities.
She said Jamaica had become a premier destination for investment, highlighting the country’s low unemployment rate, reduced debt-to-gross domestic product (GDP) ratio and J$5.7 billion (One Jamaica dollar=US$0.008 cents) in net international reserves (NIR).
“Jamaica continues to distinguish itself as a premier destination for investments, offering a strategic location, modern infrastructure, and a skilled and adaptable workforce and we are committed to fostering a business-friendly environment,” Mrs. Bennett Templer said.
She noted the various incentives available to investors in manufacturing, which she said, would appeal to Trinidad and Tobago investors, as the “country is big in manufacturing”.
Mrs. Bennett Templer also urged companies to look at Jamaica’s unique location, which can be used to centralize regional operations, noting that there are incentives for companies that want to establish their headquarters here.
She further highlighted the Jamaica government’s measures to digitalize public services, consolidate taxes, reform customs and overhaul outdated bureaucracy, as well as investment in the physical infrastructure.
The senior public servant said that local business would like to get more products into the Trinidad market, noting that in 2023, Jamaica exported US$35.8 million in goods to Trinidad and Tobago, while in the same year, the country exported US$227 million in goods to Jamaica.
“We have a lot of catching up to do and… we need to be ensuring that we are looking south (to other Caribbean Countries) and not always looking north in how we expand our businesses and export our products.
“So, let us make a clear call to action to deepen our bilateral relationships between Jamaica and Trinidad and Tobago. Let us seize the complementarity of our markets, leverage in Jamaica’s connectivity and talent pool with Trinidad’s industrial strength and energy advantage,” she said.
TTMA chief executive officer, Dr. Ramesh Ramdeen, said that “trade is a two-way flow” and while members of the TTMA delegation are looking to expand their market opportunities into Jamaica, there are some people who are searching for investment prospects.
“Just as how we have interest in the Jamaican market, because we see it as a very significant market for Trinidad and Tobago products, Trinidad can be a very significant market for Jamaican products.
“The business community in Trinidad and Tobago and the business community in Jamaica could benefit from this platonic relationship that we’re trying to forge… . We are open for business with Jamaica, and we would love to see the Jamaican products in the Trinidad market,” Ramdeen said.
He extended an invitation to Jamaican manufacturers to attend the twin-island’s biggest trade show, the Trinidad & Tobago International Trade and Investment Convention (TIC) in July.
Ramdeen said more than 30 countries will be participating in the event, including buyers from the Caribbean, Central and North America, Europe, Africa, with more than 350 companies exhibiting products.
