CEO of Mayberry Investments Limited (MIL), Gary Peart is urging the Government to implement the necessary policy changes needed to stimulate the country’s export sector.
Services represent approximately 75 per cent of Jamaica’s economy while the production of goods accounts for only 25 per cent. Peart says the country would benefit greatly from focusing on export-led growth as well as services.
“The Government can incentivise businessmen to partake more in the country’s export sector which will in turn increase foreign exchange and reduce the rate of depreciation,” he shared while addressing Minister of Finance and the Public Service Dr Nigel Clarke at MIL’s Investor Forum on Wednesday.
The Mayberry CEO said, though the Government has made an effort to improve the sector, more can be done.
Clarke acknowledgeds the weight of policy changes but noted the importance of entrepreneurs investing in the industry.
“The conditions that exist today are conducive to the production of goods. We can see how some of the companies involved in the production of goods are doing well. The policymaker is only a part of the equation,” he stated. “Our future is going to depend not only on the nature of the policymaking but also on the quality and risk-taking attitude of our entrepreneurs.”
MIL Executive Chairman Christopher Berry said, though he understood the dynamics between the two, he believed policies implemented by the Government would ultimately dictate the direction of the industry.
“I think we definitely have policies that are going in the right direction which is pro-growth for Jamaica. But I think the growth that we are seeing is a direct reflection of the environment that you are trying to create as mnister,” he said.
Jamaica’s total exports amounted to US$655.1 million for the period January – May 2021, a 25 per cent increase
compared to the same period in 2020.
The country’s main exports partner is the United States which accounts for 42 per cent of total exports.
Other export partners include Canada, the United Kingdom, the Netherlands, France, Russia, Germany, Iceland and Norway.