Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, makes his contribution to the State of the Nation Debate in the Senate, recently.
More focus must be placed on exports to improve the country’s trade gap, says Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill.
Citing 2021 data, the Minister said Jamaica imported products and services valued at US$5.975 billion, as against exports valued at US$1.441 billion.
The Minister was making his contribution to the State of the Nation Debate in the Senate, recently.
“The gap is US$4.5 billion. One import item, fossil fuel, cost us (approximately) US$2 billion in 2021. That dwarfs the mere US$1.441 billion that we export, so you can see we are in trouble,” he said.
Senator Hill said that more goods and services need to be exported in order to begin to close the deficit. “We need to deploy professional perseverance, innovation, entrepreneurship and a relentless dedication to export what we can today,” he added.
The Minister argued that Jamaicans should also continue to create products and services that will make the country competitive and successful in overseas markets.
Senator Hill said figures from the Statistical Institute of Jamaica indicate that for the period January to June 2022, Jamaica imported US$3.7582 billion in goods and services and exported only US$801 million.
He said since Independence in 1962, there has only been one year – 1966 – when there was a positive trade balance.
“We need to export a lot more or we’re going to remain poor. Jamaica is not going to become a wealthy country selling to only three million people… that are relatively poor. For us Jamaicans to realise the economic independence that we need and deserve, we must make products and craft services that can sell around the world, and we must go and sell it,” he said.
The Minister noted, further, that an increase in exports can create more and better employment opportunities as well as boost businesses to enhance revenues to the Government’s treasury.
Meanwhile, he said the Government will continue to implement policies and programmes to enable Jamaican businesses and entrepreneurs to grow.
He said these include, among other initiatives, the Trade Facilitation Task Force and the recently launched Global Digital Portal.
The Minister added that the Ministry has also been organising and participating in trade missions to open doors in overseas markets.
Senator Hill said the Ministry will endeavour to upscale the cooperation and collaboration between business-affecting ministries to facilitate and enable businesses to perform optimally every single day.
“We at the Ministry are working to redirect, and in some cases repurpose, our 22 agencies to assist our business firms to grow, and to work by international standards – and to export a lot more than we do today,” he noted.
Meanwhile, he said the agencies of the Ministry, especially the Consumer Affairs Commission and the Fair Trading Commission, will work to support consumers in their desire and search for the best products and services at reasonable and competitive prices.
He informed that the entities will be merged soon.
Welcome to the official website of the Ministry of Industry, Investment and Commerce.
The Ministry of Industry, Investment and Commerce is described as Jamaica's "Business Ministry." It's mandate is to lead the development of policies that will create growth and jobs, while achieving social inclusion and consumer protection. The Ministry, working its stakeholders is primarily responsible for business policy development, monitoring and evaluation, while giving direction and oversight to a cluster of implementing departments and agencies.
We have, therefore, placed much energy and enthusiasm into the development of this website to provide timely information on the Ministry, our agencies and programmes.
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Email: information@miic.gov.jm