Economy
Jamaica is 1 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 1970's, tourism has become the main
source of foreign exchange. Agriculture (mainly
bananas, sugar cane, 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 textiles, cement, tobacco and other consumer goods
among its products. Imported oil and gas are the bulk of the island’s
energy requirements.
Economic policy has
pursued a familiar course of privatisation of state owned deregulation,
enterprises, tight budgetary controls, and reform of the tax and
banking systems. The process was supervised by the IMF and aimed
mainly at reducing Jamaica’s large debt burden. These measures
improved Jamaica’s financial position, however
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 1 % annually
since the mid 1990's. However, in the last few years this trend
has been upturned and the economy is now growing slowly. The United
States of America dominates Jamaica’s trade,
providing half the country’s imports and taking more than
30 % of exports (followed by the United Kingdom, Canada and Norway).
Jamaica is a member of the CARICOM, Caribbean trading bloc, and
of the Inter-American Development Bank.
Business
The traditional ‘shirtjac’ (jacket without a tie), also
known locally as a kareba, which was well known until the 1970's,
has been replaced by a suit, jacket and tie. General formalities
are required and appointments and business cards are normal. All
trade samples now need an import licence which can be obtained from:
Trade Board Ltd
Address: 107 Constant Spring Road, Kingston 10
Telephone: 969 0883/3228/2785
Facsimile: 925 6513 or 6526
Email address: tbldata@cwjamaica.com
Website: www.tradeboard.gov.jm
Samples of non commercial value are allowed into Jamaica 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.
General Office hours
are Monday to Friday from 8.30 am to 5.00 pm.
Commercial
Information
The following associations can offer advice:
Jamaica Chamber of Commerce and Associated Chambers of Commerce
of Jamaica
Address: 7-8 East Parade, Kingston
Telephone: 922 0150
Facsimile: 924 9056;
Email address: jamcham@cwjamaica.com
Conferences/Conventions
The Jamaican Conference Centre in Kingston was
opened by HM Queen Elizabeth II in 1983. There are also many hotels
in Jamaica with dedicated conference facilities. Seating is available
for up to 1,000 persons at some centres. The Jamaica Tourist Board
(please see Contacts section) can supply
information. |
