With countries beset by supply chain problems and elevated inflation, it provides an opportunity for Jamaica to become more self-reliant.

Already, we are seeing difficulties accessing food, and basic groceries. The importation bill continues to increase while at the same time Jamaica is not accessing products in a timely fashion.

This provides opportunity. Why not make your own toilet-paper, biscuits, juices, sanitation products, grow your own fruit and vegetables?

Isn’t this the fillip for a new generation of Jamaican entrepreneurs? It could be a blessing in disguise forcing Jamaica to meet the demand.

According to International Merchandise Trade data for January to December 2021, Jamaica’s food importation bill came in at US$1.122 billion, a US$97 million increase on the previous year.

STATIN is reporting that Jamaica’s import expenditure increased to just over US$1 billion consequent on a 32.4 per cent increase on imports for the first two months of this year.

STATIN said this was due to increased spending on all categories of imported goods. The total spend on imports of consumer goods amounted to US$304.4 million, an increase of 53.7 per cent.

NCB Chairman Michael Lee Chin often says a crisis often presents an opportunity. This is an opportunity for Jamaica to spur grow and productivity and allow industries to flourish.

Speaking at a recent press briefing, EPOC Chairman Keith Duncan said: “We are seeing a lot more near-shoring. The whole supply-chain logistics architecture is changing and Jamaica is perfectly positioned because of our location. I believe the private sector is very much seized of that fact. We are seeing growth in the high-valued added BPO jobs in the ICT space. We are seeing companies coming in and setting up in Jamaica. There are more private sector inflows.

“We are very optimistic around that as an opportunity. Our private sector needs to capitalise on these opportunities. We are seeing that somewhat in agriculture where we expect a bounce in that industry. We recently got a report that shows there is a demand for over 160,000 square feet of business processing outsourcing space between Kingston and St Catherine. That means investors are looking at Jamaica and investing here due to that phenomenon of demand created by the current crisis (uncertainty with supply-chains).

“There are also export opportunities for us also in the region. It will definitely be a contributor to underlying growth in our economy.”