Growth & Jobs | Full potential of agriculture remains untapped – JAMPRO

As part of its strategy to develop agri-business and boost economic growth, the Jamaica Promotions Corporation (JAMPRO) hosted its second Agriculture Information Forum in Montego Bay, St James, earlier this month.

The agency has intensified its promotion of agriculture with the aim of increasing investment in the sector, which, it said, is not reaching its fullest potential.

The event featured perspectives on agriculture from Minister of Industry, Commerce, Agriculture and Fisheries Audley Shaw, and presentations on key issues facing the sector, including investment prospects in agri-business, financing and innovation in agriculture, and ideas for agricultural marketing support and incentives.

JAMPRO's manager of agri-business, Marlene Porter, focused on opportunities for Jamaican products in international markets and the processes in identifying potential export markets.

CAPITALISING ON INTERNATIONAL DEMAND FOR JAMAICAN PRODUCE

Porter noted that with world merchandise trade growth gaining its largest increase in six years in 2017, it was clear that agri-business exporters had an excellent opportunity in the global market.

She said the World Trade Organization expects similar growth in the 2018-19 fiscal year, and JAMPRO was looking to capitalise on this by supporting more exporters to access international markets.

She explained that exports offer considerable opportunities for local businesses to expand, and the dollars earned, and jobs created are vital to propelling growth in the Jamaican economy.

The JAMPRO sales and promotions manager for agribusiness said that while it was positive that total food exports for 2017 had a seven per cent increase over 2016, JAMPRO was confident that Jamaica had the potential to increase its growth even more rapidly in the sector, as Jamaica has the right products to tap into this market.

She mentioned healthier, natural and environmentally friendly (sustainably produced) foods as the major trend in international markets, and highlighted Jamaica's exotic fresh produce as the potential major beneficiary of this development.

Great business opportunities for investors

Diane Edwards, president of the Jamaica Promotions Corporation (JAMPRO), believes that the Jamaican market had many untapped opportunities in the agriculture sector, and more efforts were needed to capitalise on these trends.

In her address to attendees at JAMPRO's second Agriculture Information Forum in Montego Bay, St James, earlier this month, she said, "Jamaica's agriculture sector offers great business opportunities for investors; particularly in key crops such as yams, Irish potatoes, pumpkin, pepper, turmeric and others. But, have we really exploited the opportunities? Jamaica has the winning advantage with our unique topography, moderate climate, enviable soil components as well as the ecosystem; this means we should have greater production and output from the sector."

To address the challenge and to further encourage the growth of agri-business, Edwards said that JAMPRO would be working to educate persons about the opportunities that exist in the sector, and that the agency has cemented partnerships with the relevant ministries, departments and agencies of government to look at joint solutions to build and diversify the sector.

"To really take hold of these opportunities, we must take the necessary steps to diversify the production of agricultural crops and move towards greater self-sufficiency," she said.

"We must also educate ourselves about the global evolution of agriculture; utilising more technology in our farming practices; implementing global quality standards for exporting our produce; addressing financing challenges ; and managing local problems such as praedial larceny."

With the global fresh produce market projected to reach US$2.4 billion by 2021, according to the Statista Market Forecast, JAMPRO has set aggressive targets for the promotion and facilitation of exports and investments in the agri-business sector and will be partnering with private-sector bodies to undertake export development programmes to assist local companies to benefit from the global demand for agricultural products.