April 24, 2024
According to the Jamaica Observer, Metry Seaga, President of the Private Sector Organisation of Jamaica (PSOJ), emphasized the potential for Jamaica to become an export-driven economy and pitched the Dominican Republic as a “golden opportunity” for local companies to boost exports during the Dominican Republic-Jamaica Business Forum. Seaga highlighted the Dominican Republic’s capacity to grow Jamaica’s exports and expand companies’ markets. He pointed out that from January to September 2023, Jamaica’s exports rose to US$1.56 billion from $1.27 billion in the same period in 2022.
Additionally, Seaga stated that the Dominican Republic, with a consumer base of 11.2 million and a GDP of $113.6 billion in 2022, presents significant opportunities. He urged business leaders to seize business-to-business opportunities provided by the forum to engage with potential partners and forge new connections in the rapidly growing market. Seaga also advocated for the development of a robust business environment fostering the growth of local companies and the strengthening of commercial ties with the Dominican Republic, supported by free trade agreements.
Minister of Foreign Affairs and Foreign Trade Kamina Johnson Smith supported Seaga’s message, encouraging companies to use mechanisms to strengthen the already excellent commercial ties. She highlighted memoranda of understanding signed between Jamaica Promotions Corporation and ProDominica, as well as between the PSOJ and CONEP. Johnson Smith pointed out that a working group was created to develop a framework for bilateral cooperation in trade and investment promotion and the development of productive value chains.
Trade between the two countries has grown by over 161 per cent over the last 10 years, largely driven by exports from the Dominican Republic to Jamaica. The host of the Dominican Republic-Jamaica Business Forum, Ambassador Angie Martinez, highlighted the impressive growth in trade, exceeding US$134 million. Jamaican exports to the Dominican Republic are expected to increase tenfold, indicating a substantial rise in trade activities, showcasing a model of mutual economic cooperation and growth.
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