Jampro unearthing new markets for investment with EDP

Nicholas Sutherland, manager of New Market Development, Jamaica Promotions Corporation (Jampro)

JAMAICA Promotions Corporation (Jampro), through the Economic Diplomacy Programme (EDP), said the initiative has already started to unearth opportunities in new markets. This, as the agency moves to exploit business opportunities that will generate foreign direct investments and boost trade for the country.

The programme which is a joint collaboration with the Ministry of Foreign Affairs and Foreign Trade (MFAFT), also aims to advance the country's economic agenda whilst enhancing its international visibility as a destination for business.

Speaking at a recent virtual investment conference Nicholas Sutherland, manager of new market development at Jampro, said that through the championing of some five honorary investment advisors mainly comprising well-connected entrepreneurs and business individuals, the programme has already started to bear fruit in markets such as India, Florida, Japan, and Toronto.

“The programme has really been a very interesting and impactful method of engagement. It has led to various conversations with BPO companies in India, facilitated through our newly established embassy there, and in Japan through our embassy and honorary advisors in meetings with major conglomerates in manufacturing and logistics,” he said.

“This is just the tip of the iceberg, as we plan to expand to other states. These are all advisors who want to help Jamaica and [who are], for the most part, of Jamaican descent and who have strategic positions and networks that can connect us to the right types of stakeholders, including the ultra-high net worth investors and fortune 500 companies.

“It's just started but we've already had some pretty interesting feedback from them and we're looking to do much more going forward,” he further said.

Sutherland said that in utilising the expertise and connections of diplomats already having boots on the ground in these countries, the aim was to identify companies and industries of worth while mapping a route to connect with them.

“We tailor our message based on the experiences and advice of the diplomats and honorary consuls as they tend to have the ability to open doors to stakeholders, investors and high net worth contacts that we would ordinarily have a very difficult time getting contact with,” he noted.

Amid travel and physical restraints occasioned by the novel coronavirus pandemic, the new markets development expert said that the engagement of digital technologies has effectively enabled the agency to compete globally, helping it to also reach a wider audience as it markets local offerings as proven and bankable investments. New investment and export prospects have been explored in the areas of tourism, logistics, energy and infrastructure, agribusiness, manufacturing, outsourcing and in other areas of new demand.

With over 85 diplomatic missions across Asia, Africa, North America, the Caribbean, Europe, Central and South America having been engaged through webinars, sector presentations and virtual meetings during a pilot phase of the EDP last year, Jampro said it would continue to work closely with all its diplomatic missions and honorary consuls to advance the mission.

“This partnership has allowed us to increase our activities with Jamaica's diplomatic missions and create meaningful business relationships with international investors. As we seek new ways to promote Jamaica, it is our belief that this programme has opened a gateway for Jampro and Jamaica's Government to collaborate more and build deeper relationships in our marketing efforts,” said Diane Edwards, president of Jampro, during the signing of a memorandum of understanding (MOU) earlier this year.

Source: JIS

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