Above: Minister Anthony Hylton (JIS Photo)
By the Caribbean Journal staff
A “vibrant” export sector is vital to the Jamaica’s growth and forms a major pillar of long-term economic stability, according to Jamaican Industry Minister Anthony Hylton.
Hylton was speaking to an audience of exporters at the JAMPRO Interactive Exporter Forum in Montego Bay Thursday.
“We must renew our export strategy on the basis of establishing the capacity to penetrate global markets and achieve sustained growth of exports, thus driving employment and income generation,” he said. “Besides, the export sector is key to growth in an economy that relies heavily on imports of capital goods and needed supplies to support domestic production.”
“After all, we are required to pay for these commodities in foreign currency,” he said.
Hylton said the challenge of heightened global competition is compounded by the fact of the government’s limited fiscal capacity due to the size of its public debt.
“We must take bold steps to develop world-class enterprises that will drive the country’s competitiveness in global markets,” he said.
Part of that process will involve developing a culture of innovation, advanced technology and modernised production facilities, according to Hylton.
“Jamaica’s national export strategy is a unified strategic initiative that seeks to maximise the export sector’s direct contribution to economic and social development,” he said. “The focus of the government’s export strategy is on improving the competitiveness of Jamaican firms and increasing penetration of domestically-produced goods and services in global markets.”