Gov’t Targets $81 Billion In Manufacturing Output Per Annum By 2025

• The Ministry of Industry, Commerce, Agriculture and Fisheries has developed a National Five-Year Manufacturing Growth Strategy for Jamaica, aimed at achieving $81 billion per annum in manufacturing output by 2025.
• “This translates to an approximate annual average growth rate of three per cent over the five-year period,” said Portfolio Minister, Hon. Audley Shaw.
• The key objectives being proposed are enhanced workforce productivity via a core training curriculum for manufacturing; improved cost competitiveness, including access to finance; expanded infrastructure, including provision of suitable factory space and addressing transportation logistics challenges; facilitation of market expansion; and incorporation of innovation strategies.
• Minister Shaw said that the expected results from the implementation of the five-year manufacturing growth strategy include, inter alia, increased jobs in the manufacturing industry; increased foreign and local direct investment; increased attractiveness of Jamaica as a location for manufacturing; increased ability for local manufacturers to supply products into the domestic market, thereby reducing the level of the country’s imports; and increased export sales of manufactured goods.

 (Source: JIS)