Five-Year Manufacturing Strategy Being Crafted
By: , May 3, 2018The Key Point:
The Facts
- He said that the strategy will be tabled in Parliament as soon as it is approved by Cabinet.
- Mr. Shaw, who was making his 2018/2019 Sectoral Presentation in the House of Representatives on May 1, said his mission is to restore manufacturing to its heyday in the 1980s, when the sector contributed 15 to 20 per cent of the country’s gross domestic product (GDP).
The Full Story
Industry, Commerce, Agriculture and Fisheries Minister, Hon. Audley Shaw, says the Ministry is working with the Jamaica Manufacturers and Exporters’ Association (JMEA) and the Jamaica Promotions Corporation (JAMPRO) on the development of a Five-Year Manufacturing Strategy.
He said that the strategy will be tabled in Parliament as soon as it is approved by Cabinet.
Mr. Shaw, who was making his 2018/2019 Sectoral Presentation in the House of Representatives on May 1, said his mission is to restore manufacturing to its heyday in the 1980s, when the sector contributed 15 to 20 per cent of the country’s gross domestic product (GDP).
He said that given the expected explosion in the production of agricultural raw material pursuant to the land utilisation policy, the tightening of inter-sectoral linkages, strides made in port development and logistics, and targeted investment promotions, “it is an entirely reasonable expectation that the manufacturing sector will be restored:.
Meanwhile, Mr. Shaw said that more support is on the way for small manufacturers.
He noted that operators had reached out to him for access to low-cost funding and factory space, during the recent Expo Jamaica 2018 at the National Indoor Sports Centre.
“We are working with the National Export-Import Bank of Jamaica (EXIM Bank), the Development Bank of Jamaica (DBJ) and the Factories Corporation of Jamaica to find solutions in order to continue to spur their considerable initiatives and enterprise showcased at Expo 2018,” he said.
The Minister commended businessman Butch Hendrickson for his ‘Bold Ones’ project that provides mentorship and support to micro and small businesses to go the next level of commercial viability. These companies were showcased at Expo Jamaica.
“One of these companies actually closed an order for one container right there on the floor at Expo Jamaica and another one is getting ready to list on the Junior Stock Exchange,” Mr. Shaw noted.
Held last month, Expo Jamaica 2018 saw displays from a number of small and medium-sized businesses involved in manufacturing, agriculture, tourism and services and sought to make important connections in the local and international markets.