PRESS RELEASE
FOR IMMEDIATE RELEASE: FEBRUARY 28, 2022
KINGSTON, Jamaica – The Jamaica Business Development Corporation (JBDC) will host its Business Dialogue Forum on Monday February 28, 2022 at 5:30pm via Zoom. The forum will be under the theme “Developing the Manufacturing Sector – Towards an Oil-Rich Jamaica.” The JBDC has been giving keen attention to the manufacturing sector and has seen the great potential for growth particularly within the essential oils industry. The Forum will see a panel of experts from government and entrepreneurs probing the prospects for the industry as a catalyst for nation building.
The manufacturing sector is currently the third-highest contributor to the Jamaica economy with 7.95% of GDP. Of particular interest is the emerging cosmeceutical industry which could further boost the growth prospects with its projected value of US$675 million. Harold Davis, Deputy CEO of JBDC notes that “the production of essential oils in Jamaica is very low, and most oils are imported. Nutraceutical, aromatherapy and alternative health are seeing tremendous opportunities for marketing their products both locally and internationally. A key selling point is the use of local raw material inputs, of which the essential oil component represents an opportunity.”
With its abundance of raw materials and natural ingredients like castor beans, lemon grass, among others, Jamaica is well poised to manufacture quality products that are suitable for hair, skin and body care; for both the local and export markets. It is with this insight that conversation surrounding the current realities and possibilities for this industry becomes pivotal.
Research done by the JBDC revealed that there is a demand for the export of essential oils globally especially with the increase in interest in aromatherapy. The research also showed that Jamaica has the potential to develop an import-substitution strategy for essential oils that could yield great returns for the island. Additionally, the United States of America, France, Canada and the United Kingdom exhibit the greatest demand for essential oils.
Recognising the deficit in appropriate production spaces, the JBDC Essential Oils Incubator Project is designed to help entrepreneurs in the industry further capitalise on its potential. According to Mr. Davis, “the principal underpinning of this project is that the development of the essential oils industry will through the agency of a manufacturing incubator, support critical development objectives of the Government of Jamaica, including: export development, import substitution, rural development and the generation of employment.”
The forum will see the following topics being addressed:
- Preparing to Incubate: How will JBDC Support the Emerging Oils Industry
- Value Chain & Market Potential for Essential oils
- From Innovation to Formulation
- Exploiting the Wealth in Oils (Health & Economic Benefits) Providing Access to Incentives and Export Opportunities
- Ease of ‘Doing Business’ in the Essential Oils Sector
Hon. Dr. Norman Dunn, State Minister – Ministry of Industry, Investment & Commerce will deliver an official address at the forum which will be moderated Mr. Davis. Participants will see a panel of experts including; Mr. David Harrison – Director, JBDC Incubator & Resource Centre; Ms. Janine Fletcher-Taylor, Manager, Marketing Services Unit, JBDC; Dr. Charrah Watson – Executive Director, Scientific Research Council; Ms. Berletta Forrester – Manager, Manufacturing – JAMPRO; Miss Joni-Dale Morgan, Managing Director – Morgan’s Creek; and Mrs. Claudine Campbell Bryan – Managing Director, Scentre Yourself.
The Business Dialogue Forum provides an opportunity for discussion around current and topical issues impacting the micro, small and medium-sized enterprise (MSME) sector. The forum features key thought leaders within various industries and sectors that provide insightful and relevant information. The JBDC plans to host the forum on a monthly basis. Interested persons may visit www.jbdc.net to register.
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ABOUT
The Jamaica Business Development Corporation (JBDC) was established in 2001 as the premier government agency providing business development services to Jamaican Micro, Small and Medium-sized Enterprises (MSMEs)…’From Concept to Market’, JBDC provides guidance for business start-ups and expansion, offering business advice and consultation, research services, business monitoring, training and capacity building, project management services, financial advice, design and product development as well as market penetration support and access. The organisation which operates within the ambit of the Ministry of Industry, Investment & Commerce (MIIC), strives to continually fuel the local economy through its services and programmes designed to support the growth and development of the MSME sector.
Contact: Corporate Communications Unit
JBDC
Tel: 928-5161-5, exts 244, 274 or 277, SL: 930-8531
Fax: 938-2438
Email:
Website: www.jbdc.net
