Jamaica Can Capitalise On Us $18 Billion Mango Market

Chief Executive Officer (CEO) of the Agro Investment Corporation (AIC), Dr. Al Powell, says Jamaica has the potential to expand its foothold in the global market for mango, which is valued at US $18 billion.

He noted that in 2020, the country supplied over 291,321 kilograms of the fruit overseas, valuing US$623,190.

“But that’s a drop in the bucket compared with big countries that are producing mangoes, and there are over 100 countries. We have China, Mexico, Thailand, Indonesia, Pakistan, Brazil, Peru, Ecuador, and Australia and so on. So, we can now export to many countries in the world, even though our traditional markets are the United Kingdom, Canada, the United States and in recent times, Cayman, Barbados, and other places, so the opportunities are really large,” he said.

He was speaking at an investment breakfast held on Tuesday (December 14) at the Pegasus Hotel in New Kingston.

To capitalise on the opportunities, the Ministry of Agriculture and Fisheries, through the AIC has established a mango agro park in Spring Plains Clarendon.

Five investors were recently selected as part of a phased roll out of the 1,000-acre orchard.

Chief Financial Officer at the AIC, Karlene Wood, said that the agro park concept provides the perfect platform for farmers.

“When you invest in the mango agro parks, based on information we’ve gotten from the Rural Agricultural Development Authority (RADA), you’ll find that the internal rate of return would be 59 per cent over a 10-year period,” she noted.

“That would mean that the internal rate of return, which is used to calculate the profitability of a project, you’ll find that you’d be getting almost 60 per cent. You’ll notice that the harvest doesn’t come in until year three, but there are still opportunities for you to enhance your cashflow by intercropping,” she noted.