KINGSTON, Jamaica, CMC – A senior official of the Jamaica Particular Financial Zone Authority (JSEZA) is urging native companies to proactively diversify their markets, exploring each regional and worldwide alternatives, in gentle of evolving international commerce dynamics and up to date commerce tensions involving the USA (US).
JSEZA’s senior director of Laws, Coverage, Monitoring, and Enforcement, Ainsley Brown, pointed to the United Arab Emirates (UAE) as a very promising marketplace for Jamaican exports. He emphasised the significance of pondering exterior the field and embracing new prospects.
“We stay in extraordinary instances, so chances are you’ll must be doing extraordinary issues,” Brown stated as he delivered a presentation on the Enterprise Acceleration Centre (BAC) Accelerator Collection.
Browne spoke of the exceptional development in exports from Jamaica to the UAE, which surged by greater than 5,000 % between 2021 and 2022. Moreover, Jamaica has narrowed its commerce deficit with the UAE by 54.18 %, demonstrating vital progress in bilateral commerce relations.
Whereas he acknowledged that the UAE at present exports extra to Jamaica than vice versa, Brown famous the success of Jamaican merchandise within the UAE market, notably espresso and scorching pepper sauce.
“We went there, examined the market…. and gave away samples of our merchandise…. We needed to prohibit the quantity of scorching pepper sauce we gave out.
It wasn’t simply Jamaicans coming in and shopping for; it was individuals from all varieties of ethnic teams… individuals who by no means tried the Jamaican scorching sauce, tried it, and returned the subsequent day to purchase extra,” Browne added.
Brown famous the demand for different Jamaican merchandise, reminiscent of seasonings and canned ackee, including that Jamaica is exporting waste oil to the UAE for various processes.
He stated that many exports to the UK and the European Union finally attain the UAE via casual channels.
In consequence, he’s urging companies to right here “reduce out the intermediary” and straight goal the UAE market to maximise income and totally capitalize on the rising demand for Jamaican merchandise.
Brown stated that the UAE presents a profitable and receptive marketplace for Jamaican items, stating that proactive engagement can result in vital financial advantages for Jamaican companies.
