Business Community Responded Well to COVID-19 Challenges – Permanent Secretary

Permanent Secretary in the Ministry of Industry, Investment and Commerce, Sancia Bennett-Templer, says Jamaica’s business community, including micro, small and medium-sized enterprises, responded well to the many global challenges caused by COVID-19 and the Russia-Ukraine war.

“This, coupled with the Government’s strong fiscal policies and financial support to vulnerable sectors, ensured that Jamaica now has a stable, thriving economy with a positive outlook,” Mrs. Bennett-Templer said.

She was speaking at the 20th annual Shirley Playfair Lecture, hosted by the Fair Trading Commission (FTC), at the Terra Nova All-Suite Hotel in Kingston, on December 1.

The event, hosted in honour of the Commission’s first Chairperson, Shirley Playfair, explored disruptions in the global supply chain and its impact on consumers.

Mrs. Bennett-Templer noted that this year’s theme, ‘Navigating the Impact of Supply Chain Disruptions: A Business Sector Perspective’, was particularly relevant, as “the Ministry is mandated to protect and empower consumers, whose regular supply of products on shelves and in markets across the country has been negatively impacted by the global supply chain disruptions”.

She indicated that there were several factors that contributed to the ongoing global supply chain disruptions, most notably, the onset of the COVID-19 pandemic and the Russia-Ukraine war.

Together, these have resulted in many economies around the world, including Jamaica, facing disruptions in global shipment, trade and commerce, increased cost of raw materials and a reduction in the capital investments that are available.

She pointed out that in recent times, there has been some stabilisation as well as downward movements in factors, such as the cost of freight, adding that “while the recent challenges have highlighted impairments that can arise with long supply chains, it has also created unprecedented opportunities for investments, along with the attendant economic growth prospects for Jamaica and other countries”.

“As companies look to mitigate the risk of long supply chains to business continuity, there is a burgeoning interest in nearshoring and shortened supply chains to establish resilience in business operations,” Mrs. Bennett-Templer continued.

She mentioned, too, that the Ministry is committed to being responsive and visionary in its response to the needs of the business community to advance the national agenda.

To this end, the agencies and departments of the Ministry continue to devise and implement targeted policies, projects and initiatives to support and nurture the business community. They also partner with international agencies, the private sector and other government entities to allow for cross-population of financial, human and other resources.

Mrs. Bennett-Templer is hopeful that “the lecture will add to the existing body of knowledge on strategies that we can adopt to navigate and minimise the impact of global supply chain disruptions on consumers and the Jamaican economy. I look forward to the lecture and discussions”.

The Shirley Playfair Lecture is hosted each year to highlight issues surrounding Competition Law and Policy and to pay tribute to the late Shirley Playfair, who played a significant role in building a Competitive Law framework for Jamaica.

Source: JIS