Significant Increase in Trade between Jamaica and the Dominican Republic

• Minister of Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith, noted that total trade between Jamaica and the Dominican Republic has increased by 161% over the last 10 years.
• This, however, has been largely driven by exports from the Dominican Republic to Jamaica. “But we are, as Jamaicans, also determined to continue to increase our exports, which are trending in the right direction to the Dominican Republic, as we also take advantage of the excellent opportunities in that market and seek mutually beneficial and balanced trade relations,” Senator Johnson Smith said.
• She was speaking during the second Dominican Republic-Jamaica Business Forum at the AC Hotel by Marriott Kingston on Thursday (April 18).
• Senator Johnson Smith noted that the forum serves to complement several private-sector-driven mechanisms and initiatives being instituted or recently put in place to forge greater economic ties between the countries.
• These, she pointed out, include a memorandum of understanding (MOU) between JAMPRO and ProDominicana to formalise trade and investment promotion and cooperation between Jamaica and the Dominican Republic. An MOU was also concluded between the Private Sector Organisation of Jamaica (PSOJ) and the Consejo Nacional de la Empresa Privada to promote trade and investment and commercial development.
• The initiatives mentioned will provide various platforms for companies in both countries to build and strengthen the ties between the nations for mutual economic benefits.

(Source: JIS)