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Business Profile
Economy: Jamaica is one of the world’s largest producers of bauxite, which accounts for half of the country’s export earnings, but, despite expanding production, low world prices and falling demand, have kept revenues static. After a period of rapid expansion in the mid 1970s, tourism has become the major source of foreign exchange. Agriculture (principally sugar cane, bananas, coffee and cocoa) has also been largely stagnant, with improved efficiency and production methods offset by climatic conditions and the state of the world markets. The manufacturing sector produces cement, textiles, tobacco and other consumer goods among its products. Imported oil and gas account for the bulk of the island’s energy requirements.
Economic policy has pursued a familiar course of privatisation of state-owned enterprises, deregulation, and tight budgetary controls, implemented under IMF supervision and aimed principally at reducing Jamaica’s large overseas debts. Reform of the tax and banking systems followed. These measures improved Jamaica’s financial position, but with little benefit to the population who still suffer from high inflation and unemployment. The economy as a whole has contracted by an average of one to two per cent annually since the mid 1990s.
The USA dominates Jamaica’s trade, providing half the country’s imports and taking more than 30 per cent of exports (followed by the UK, Canada and Norway). Jamaica is a member of the Caribbean trading bloc, CARICOM, and of the Inter-American Development Bank.
Business: The traditional ‘shirtjac’ (jacket without a tie), also known locally as a kareba, which was popular until the 1970s, has been replaced by a suit, jacket and tie. Usual formalities are required and appointments and business cards are normal. All trade samples now need an import licence which can be obtained from the Trade Board, 107 Constant Spring Road, Kingston 10 (tel: 969 0478; fax: 925 6513 or 925 6526; e-mail: tboard@colis.com; website: www.tradeboard.gov.jm). Samples of non-commercial value are allowed into the country without a licence prior to arrival, although it may still be necessary to visit the office of the Trade Administrator to exchange the licence copy for a clearance copy which the customs authorities demand before clearing the goods. Office hours: Mon-Fri 0830-1700.
Commercial Information: The following organisation can offer advice: Jamaica Chamber of Commerce and Associated Chambers of Commerce of Jamaica, 7-8 East Parade, Kingston (tel: 922 0150; fax: 924 9056; e-mail: jamcham@cwjamaica.com; website: www.jcc.org.jm).
Conferences/Conventions: The Jamaican Conference Centre in Kingston was opened by HM Queen Elizabeth II in 1983. There are also several hotels in Jamaica with dedicated conference facilities. Seating is available for up to 1000 persons at some centres. The Jamaica Tourist Board (see Contact Addresses section) can supply information.
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