JAMPRO clients created 14,401 jobs in 2018/19: Minister Shaw

Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw, says the number of jobs created by JAMPRO clients in 2018/19 was 14,401, exceeding the target of 14,156.

Making his contribution to the 2019/2020 Sectoral Debate in the House of Representatives today (April 23), he also noted that the value of export shipments (export sales) by JAMPRO clients was US$762 million, some 43 per cent above target.

The Minister said that preliminary data show that for the period 2018/2019, the value of local and foreign direct investments was US$545.5 million, some 87 per cent of the target of US$625.5 million.

He said the agency will continue to connect both local and international private-sector members to opportunities in the economy in the mining and quarrying, energy, manufacturing, business process outsourcing (BPO), and the hospitality sectors.

Mr. Shaw reported that during the past fiscal year, the National Export-Import Bank of Jamaica (EXIM Bank) disbursed some $9.40 billion to the productive sector, 72 per cent of which went towards providing financing to the micro, small and medium-sized Enterprise (MSME) sector, “its highest ever contribution to the growth and development” of that area of the economy.

He said an additional $400 million has already been committed by the Bank for investment in the MSME sector, as a “growth-inducement” initiative, and his Ministry will continue to work with the institution for strengthening of the sector.

“The Bank is projecting to provide in excess of $9.4 billion in credit this fiscal year, but is hopeful of being able to increase this target with increased capital injections to facilitate export growth for new and existing clients, while expanding its role as a capacity builder for the MSME sector,” the Minister outlined.

He also commended the private sector for using more local produce in baking, brewing and for expanding export of fresh produce and manufactured goods as well as for growing their businesses by investing in Jamaica.