Business Leaders Urged to Identify Opportunities in Global Economic Climate

Finance and the Public Service Minister, Hon. Fayval Williams, is calling on the country’s leaders to take advantage of the opportunities presented in the current economic climate.

While acknowledging the global economic challenges, Mrs. Williams noted that there are opportunities for businesses to benefit and they should be proactive in identifying the prospects and leveraging government support to drive growth and development.

“Trade is changing, tariffs are once again in the spotlight and as countries try to balance global competition with local strength, you will have opportunities out of that. I implore our business leaders to take advantage of that… . Jamaica must seize this opportunity to navigate this landscape with clarity and confidence,” she said.

Minister Williams was addressing the recent Cumax Wealth Management Spring Investment Forum at the Terra Nova All-Suite Hotel in Kingston.

Citing the recent tariff measures imposed by the United States (US), she contended that “as a relatively small, open economy that is highly dependent on the US market for exports, tourists and remittances, anything that significantly affects the US market is going to have an impact on us as well”.

“We have to look at it to assess it and to be deliberate in our response and in our strategies,” she pointed out.
Minister Williams noted that the current tariff environment will have an impact on prices, as well as competitiveness in specific industries where imported goods are a significant component of production.

“Each business would have to assess the impact on them depending on their exposure to markets that have higher tariffs,” she said.

“We know that there are opportunities. There continues to be opportunities to integrate into the global value chain, to benefit from targeted investments and to shape our trading relationships with intention rather than reaction,” she emphasised.

The Finance Minister said the Government is taking deliberate steps in its policy decisions as it seeks to navigate the changing trade climate.

“We rely on global trade flows for everything from food imports to fuel, to equipment and to technology. These are the many inputs that we use in our economy so the rules that govern them matter to us,” she explained.