Commonwealth helps Jamaica improve export of professional services

The report, which was commissioned by the Commonwealth Secretariat, outlines a strategy that will improve the country’s export readiness, as well as the local capacity and policy environment.

The strategy highlights the opportunities that Jamaica has, including a highly dynamic and entrepreneurial private sector, good infrastructure, strong links with the diaspora and proximity to the large markets of the United States, Canada and Latin America.

It also identifies priority markets and sets out key action points – for the government, trade associations and the private sector – that are a prerequisite for increasing the exports of Jamaica’s professional services.

At the consultative workshop in Kingston, key mechanisms for implementation were also considered, including integration into Jamaica’s Vision 2030. Participants discussed regional trade and investment policy, and also supported the formation of a Coalition of Services Industries.

The services sector accounts for close to 70 per cent of the country’s GDP, but is largely dominated by tourism. In an effort to diversify the economy and create employment for young skilled professionals, the Government of Jamaica, through Jamaica Trade and Invest (JTI), requested the Secretariat for assistance to develop a national marketing and promotional strategy for its professional services sector.

Since 1990, global trade in professional services – that is, all commercial services excluding transportation and travel – has more than trebled, reaching approximately US$2.8 trillion in 2006. Trade in these services has been growing at an average annual rate of 15 per cent since 2000, leading to increased competition among service providers.

Over the past five years, the Secretariat has supported member states in developing their export growth strategies in this area, and a few such as India and Malaysia have successfully positioned themselves as global providers of professional services.

The Secretariat’s Trade Adviser, Estella Aryada, revealed that in the case of Jamaica, five key service areas were identified as needing attention. These include health and wellness, financial services, education, entertainment, and information and communication technology.

“As with other competitive industries, a comparative advantage is only the first step. Innovative solutions and means of delivery, an understanding of market demand and a plan for gaining market share can help turn latent attributes into competitive advantages,” she said.

“In requesting this assistance, the Government of Jamaica has demonstrated an understanding of the need to approach this issue systematically, and a Strategic Plan can play an important role in spurring the growth of professional service sub-sectors and their ability to export.”

Secretariat Links:

• Economics and Trade
• Country Profile: Jamaica