$88 Billion in PIR for Manufacturing in 2023

The Ministry of Industry, Investment and Commerce is reporting that in excess of $88 billion in Productive Input Relief (PIR) was approved last year to assist businesses.

Portfolio Minister, Senator the Hon. Aubyn Hill, made the disclosure while addressing the Standing Finance Committee in the House of Representatives on March 6.

“We approved PIR, which is Productive Input Relief, for the value of machinery and raw material used in manufacturing in excess of $88 billion last year… the year before that it was over $100 billion in value,” he noted.

The PIR scheme facilitates duty-free importation of specific items intended for productive use.

“That means that we brought in machinery and raw materials to make goods and services that we would otherwise import, and we made goods and services that in some cases we exported,” he explained, noting that up to August of last year, Jamaica’s export grew by 30 per cent.

Through the PIR system, the Government has targeted specific industries – agriculture, manufacturing, tourism, healthcare, and creative – which are being leveraged to promote and stimulate economic growth.

“The PIR is an incentive by the Government to make sure that we have more manufacturing activities happening in the country, and we want to see that continue to grow,” the Minister said.

The PIR is part of the Government’s Fiscal Incentive Regime that was introduced in January 2014 to simplify and streamline the process of granting incentives to companies and individuals across growth sectors.

This relief is intended to result in the expansion of productive activities in many industries.

Source: JIS