JMA head urges Jamaicans to invest wisely
Published: Tuesday | March 31, 2009
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Azan
Omar Azan, president of the Jamaica Manufacturers' Association (JMA), is encouraging Jamaicans to "keep the faith", despite the many challenges triggered by the worsening economic crisis.
He said despite the hard times, Jamaicans must find hope in the fact that there are many sectors that continue to experience growth. These, he said, include agro-processing, fresh produce, entertainment, herbs and spices, fruits and vegetables, coffee, agriculture, education, fashion and jewellery accessories.
"We encourage you, if you have lost your job, to explore the possibilities of becoming an entrepreneur in any one of these areas," he said.
Azan was speaking Sunday at the Stella Maris Church in St Andrew where members of the JMA gathered to commemorate manufacturers' month, which begins in April.
The JMA president further said Jamaica could not rely on just a few sectors if it is to grow its economy. "We have to expand or productive base and support our exporters. We need to either export or we're going to die," he said.
Generate jobs
Azan added: "We can't continue to spend more than we earn and as a country we need to do whatever is necessary to support our local industry and the jobs within Jamaica."
He said stronger ties must also be created among the manufacturing, agricultural and tourism sectors to generate more jobs and retain and earn well-needed foreign exchange.
Azan further advised Jamaicans to live within their means. "We must consider temporarily limiting our consumption, hence (less) importation of high-end, non-essential items into our country to preserve our limited net international reserves," he said.
He said an enabling business environment was also vital if the country is to boost production. "Bureaucratic red tape, uncom-petitive and inaccessible funding and trading facilitation are some of the areas that are to be addressed to assist 0manufacturers in being more competitive," he outlined.
Azan also pointed to the high interest rate policy as a challenge for many Jamaican businesses. "We can't continue at 30 per cent interest rate when our competitors are borrowing money at eight per cent," he said.