Having stabilised the Jamaican economy, Prime Minister Andrew Holness continues to stress the objective now is to focus on growth. 

This impetus will prove prosperity for all Jamaicans and will see sacrifices made years earlier pay off.

It is perhaps fortuitous that US President Donald Trump imposed increased tariffs on countries around the world including a 10 per cent tariff on Jamaican goods.

Expo Jamaica 2025 has been a roaring success showcasing so many Jamaican companies and their goods. These companies can service their home market as well as export to new markets. It may not be business as usual but this is an opportunity to place Jamaican goods in new countries and focus more on South-South trade.

Holness officially opened Expo Jamaica 2025 and drew attention to Jamaica’s need to now focus on sustained growth and greater productivity.

Below is his full address:

“It gives me great pride and pleasure to open Expo Jamaica 2025. This event has grown tremendously, now standing as the largest trade exhibition in the English-speaking Caribbean, an extraordinary testament to our nation’s entrepreneurial spirit, ingenuity, and ambition.

Expo Jamaica exemplifies how far Jamaica has come. Over 250 exhibitors showcasing more than 5,000 products and services, alongside nearly 720 registered local and international buyers from over 25 countries, clearly reflect Jamaica’s growing global influence and appeal.

The theme—’Global Partnerships, Local Impact: Advancing Jamaica’s Reach‘—resonates deeply with my government’s vision for inclusive, resilient growth. Our journey towards economic stability has been profound. Jamaica today boasts its strongest economy since independence. 

Whether measured by unemployment, inflation, debt-to-GDP ratio, or net international reserves—by every critical metric, our economy demonstrates undeniable readiness for growth.

Importantly, we have built resilience against external shocks. After decades marked by prolonged economic recoveries—from the oil crises of the 1970s, and the financial turmoil of the 1990s, to the global financial crisis of 2008—we recently experienced a swift and remarkable recovery from the COVID-19 pandemic. Our focused policies allowed Jamaica to stage a V-shaped recovery from the worst global health and economic crisis in 100 years, in only three years.

Now, our mission is clear: we must shift gears from stability to sustained growth. For Jamaica to realize its fullest potential, our growth rate must accelerate from one-to-two per cent towards a more ambitious target of four to five per cent. Central to achieving this are initiatives we call ASPIRE—our comprehensive national growth strategy.

Access and inclusivity form the bedrock of ASPIRE. Economic growth, to be meaningful, must include every Jamaican. Our record-low unemployment rate of 3.5 per cent demonstrates significant progress but also underscores a pressing need for skilled workers. To meet this challenge, we are revolutionising skills training through HEART/NSTA Trust. We are literally incentivising Jamaicans to acquire skills aligned with our emerging industries—helping our citizens not only participate in but drive economic transformation.

A robust economy demands safety and security. We have achieved remarkable reductions in crime rates—35 per cent fewer murders this year-to-date compared with last year. Jamaica is now safer than at any point in the past two decades, creating a climate for greater investment, confidence, and productivity.

We are significantly strengthening our infrastructure. Historic investments in roads, highways, water systems, and waste management are already boosting productivity. 

Our ambitious J$30 billion Pedro Plains Irrigation Scheme will provide critical water resources for over 5,000 farmers, ensuring agricultural stability and food security, reducing the price volatility and oversupply cycles caused by drought and storm recovery patterns.

Recognising our rich agricultural potential, we’ve invested J$6.3 billion into renovating research stations, including Bodles, to support innovative farming techniques and collaborations with global agricultural leaders such as India. 

Further initiatives like the Essex Valley Agricultural Development Project and the Southern Plains Agricultural Development (SPAD) Project have already benefited thousands of farmers, significantly boosting our agricultural productivity.

To further unlock productivity, our Government recognises that reducing bureaucracy is no longer optional—it is imperative. That is why we have launched the Streamlining Processes for Efficiency and Economic Development (SPEED) initiative under Minister Audrey Marks. 

Through SPEED, we are systematically eliminating unnecessary regulations, reducing administrative delays, and simplifying processes across government services—from motor vehicle registration to business licensing to development approvals.

We are accelerating digital transformation, connecting every corner of Jamaica through our national broadband network. Digitalisation is our strategic lever for enhancing productivity, providing our businesses and workforce with essential tools and modern capabilities to compete effectively in today’s global economy.

We are also actively encouraging immediate investment through targeted fiscal incentives. Under the Accelerated Capital Allowances initiative, businesses investing in productive assets between now and December 2026 will benefit from unprecedented tax advantages, significantly reducing costs and stimulating investments in buildings, plant, machinery, and technology.

We are also raising the annual turnover threshold for MSMEs to register for GCT from the current J$10 million to J$15 million.

Economic diversification

Ladies and gentlemen, at the heart of Jamaica’s long-term economic resilience lies economic diversification—the ‘E’ in our ASPIRE Growth Strategy. By broadening our economic base, we enhance resilience against global shocks and create new, sustainable opportunities for employment and wealth creation.

Expo Jamaica 2025 embodies this vision, highlighting diverse sectors from manufacturing, agriculture, technology, logistics, finance, and tourism. Jamaican manufacturers and exporters gathered here today are pivotal to this diversification journey. Platforms such as the Jamaica Emerging Manufacturers and Services (JEMS) Village provide critical exposure to micro and small enterprises in sectors like castor oil, nutraceuticals, aromatherapy, beauty products, and bamboo goods, reflecting precisely the diversified growth we seek.

The expo’s tech village further exemplifies our strategic push toward high-value technology sectors. By showcasing innovations from Jamaican startups in fintech, smart manufacturing, artificial intelligence, and cybersecurity, we position Jamaica as a producer of globally competitive, value-added products and services.

We’ve expanded our Special Economic Zone (SEZ) framework to explicitly include cultural and creative industries such as music, film, and art production. Initiatives like the J$1 billion Jamaica Screen Development Initiative are already reshaping our film industry, generating significant local employment, and attracting global attention. Additionally, our Cultural Apprenticeship Programme will equip young Jamaicans with practical skills and mentorship, nurturing the next generation of industry leaders.

Complementing these creative sectors, the Grace Food Court—supported by leading companies like Grace Foods and Rainforest Caribbean—demonstrates the strength of our agro-processing capabilities, reinforcing vital linkages between agriculture, manufacturing, and tourism.

Our logistics infrastructure, notably the substantial investment exceeding US$400 million at Kingston Container Terminal, enhances Jamaica’s competitiveness, facilitating faster and more cost-effective access to global markets for our manufacturers and exporters.

Tourism remains integral to our diversified economy, recently achieving a milestone of over four million visitors and generating approximately US$4.3 billion. Investments in Port Royal, with its floating pier and entertainment zones, along with deeper integration of tourism with local agriculture, manufacturing, and creative industries, will ensure greater retention of tourism revenue within our economy. Minister Delano Seiveright will specifically drive efforts to deepen these sectoral linkages.

Expo Jamaica reaffirms our commitment to economic diversification, highlighting the ingenuity and ambition of our private sector. It is through your innovation, resilience, and global reach that Jamaica’s economy will continue to flourish, confidently facing future challenges and seizing new opportunities for prosperity.

Addressing new tariffs and implications for Jamaican exporters

Ladies and gentlemen, while we celebrate the promise of our economic expansion and diversification, we must also remain alert and responsive to evolving global trade dynamics that may affect our exporters and manufacturers. The recent announcement by the United States Government of a 10 per cent baseline tariff on imports from all countries, set to take effect on April 5, introduces a significant shift in global trade policy—one that could impact Jamaica’s market access to our largest trading partner.

Jamaica, like other CARICOM nations, have traded with the US under the Caribbean Basin Initiative (CBI), which provides non-reciprocal duty-free access for a wide range of products to the US market. Today, nearly 90 per cent of Jamaican exports to the United States enter under these preferential terms. However, the new US tariff regime—rooted in a broader policy of reciprocal trade balancing—has raised serious questions about the future of these preferential arrangements.

While the Government of Jamaica has not yet received formal notification on the precise implementation procedures including whether these new tariffs will override existing CBI provisions, we are actively engaging with the United States Trade Representative and other relevant authorities to seek urgent clarity. We are also conducting a detailed technical assessment in collaboration with our relevant ministries and agencies to fully understand the scope of these tariffs and their implications for Jamaica’s trade and industrial policy.

It is important to emphasise that this development does not reflect any erosion in the longstanding and strong bilateral relationship between Jamaica and the United States. Rather, it reflects a broader recalibration of US trade policy that is global in scope. Still, we will use every available diplomatic channel—including working with our CARICOM brothers and sisters and its Office of Trade Negotiations to seek to preserve the hard-won gains our exporters have secured over decades of deepening trade ties.

Preliminary analysis indicates that some of our top exports may fall under exempted product categories, and we are working to confirm and, where possible, to expand these exemptions. Again, however, and I must emphasise this, clarity is still needed on several matters.  Furthermore, there may also be opportunities to be found, and we must therefore also be proactive and prospective in that regard.

We must continue to strengthen our domestic competitiveness and diversify both our product offerings and export markets to reduce vulnerabilities in the long term.  

So, to our manufacturers and exporters: We understand the uncertainty this announcement has created, and we are with you every step of the way. You are not only integral to our economic strategy—you are national champions of resilience and ingenuity. The Government will continue to advocate on your behalf and ensure that your interests are protected in any new global trade architecture.

As we continue to build a diversified, resilient, and productive Jamaican economy, Expo Jamaica 2025 symbolises our shared achievements and mutual aspirations. Together, we will sustain and accelerate Jamaica’s growth trajectory, expanding our global reach while ensuring enduring local impact.

To our manufacturers and exporters gathered here tonight: Your efforts represent the heart of our economic progress. Your resilience, innovation, and entrepreneurial courage have carried Brand Jamaica to every corner of the globe.

As prime minister, I commit to ensuring our policies and initiatives remain aligned with your ambitions—creating an enabling environment that fosters investment, innovation, and global competitiveness. Together, we will strengthen our local economy and solidify Jamaica’s position on the international stage.

Expo Jamaica is a vivid showcase of Jamaica’s boundless potential. As we advance global partnerships and achieve impactful local results, let us reaffirm our collective determination: to build a prosperous, productive Jamaica that leaves no one behind.

Congratulations to everyone involved in this extraordinary event. Thank you for your continued belief in our shared Jamaican dream.

Ladies and gentlemen, it is my privilege and pleasure to officially declare Expo Jamaica 2025 open.”