Business View Carribean l January 2023

43 44 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 1 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 1 JAMA I CA MANUFACTURERS & EXPORTERS ASSOC I AT ION “As for The JMEA, we have about 20 people on staff and we did a lot of online seminars and courses to help our members innovate and look at how they do business. We’re visiting our members again in person now and we’re also meeting groups of members online, which has turned out to be good because with technology we’re able to reach out and talk to all our members more often.” BVC: Looking to the future, how do you see the industry evolving and how will the Jamaica Manufacturers & Exporters Association continue to be a viable voice for members? Mahfood: “The challenges with transportation and logistics also creates some opportunities. The big issue is, for instance, a shipping container to Jamaica from Thailand or Malaysia may cost $15,000, however, the shipping cost within the Caribbean is relatively unchanged at about $1,000 to Trinidad, or $1,500 to Barbados. So what that means is that Jamaican exporters and manufacturers have an opportunity because of the high cost of freight outside of Jamaica to the rest of the Caribbean. “We, at the JMEA, are trying to convince our Jamaican manufacturers and exporters to take advantage of this opportunity that has presented itself to start exporting. Because of the shortages that exist worldwide, we have to look at our small Caribbean community more seriously, in terms of how we protect each other and sourcing our products from entities that are closer – whether it’s Canada, the U.S., or another Caribbean country instead of importing from far-off places. “We are also looking at the opportunity of doing more trading online – it means Jamaica can hook up with good online sellers and sell to anyone, in any country, anywhere in the world. It’s just a matter of presenting your product well and pricing it well. In addition, we are focused on strengthening the linkage between our manufacturers and our tourism sector in Jamaica and other markets. “Finally, one thing that has been a fantastic success in Jamaica has been companies that have listed on our Junior Stock Exchange, where businesses can raise up to $6 million U.S. and where the regulations are less severe than on the main Exchange. About 45 companies have listed on the Junior Stock Exchange and as a result have improved significantly in terms of their sales, their profitability, their business. The JMEA have signed a memorandum of understanding with the Jamaica Stock Exchange to encourage more of our members to list and we are hopeful that the number of companies listed on the Junior Stock Exchange will move up to 100 companies in the next few years. We believe this will be one of the big ways that we lift manufacturing in Jamaica.”