10 Companies Get Assistance to Grow Export Sales

Ten local companies and entities are to benefit from interventions through the Jamaica Promotions Corporation (JAMPRO) Export Max II programme to grow export sales and penetrate new markets.

The three-year project is designed to improve the productivity and competitiveness of companies, which are already exporting or are export-ready, through capacity building and market penetration support.

Participating companies are: 10 Fyah Side; Bio-Tech R and D Limited; Country Traders; Grace Agro-Processors; Jamaica Broilers-JABEXCO Limited; Jamaica Drip Irrigation Limited; Jamaica Macaroni Factory Limited; Triple C Manufacturing Limited; University College of the Caribbean (UCC); and Very Amazing Products.

The programme was officially launched on October 9, by Minister of Industry, Investment and Commerce, Hon. Anthony Hylton during a ceremony at the Knutsford Court Hotel in Kingston.

The launch follows last year’s successful completion of the two-year pilot, Export Max, which benefited 15 export-ready small and medium businesses.

The Minister said it is anticipated that at the end of the programme, participants would have achieved 50 per cent average growth in export sales and entered at least one new export market.

He informed that during the pilot phase, participants achieved growth of 31 per cent in export sales and were able to penetrate 33 new markets. “Export sales moved from $1 billion at the start of the programme in 2011, to $1.4 billion at the end of the programme in 2013,” he informed.

The Minister further noted that over $100 million in technical assistance, grant funding and other financing was secured for the companies.

“These funds assisted the companies in improving their business and productive processes through retooling, improvements in quality management, marketing improvements and new product development,” he informed.

Minister Hylton welcomed the enhancement of the programme, which now has a special emphasis on high-level business mentorship and coaching, with a number of established companies.

President of JAMPRO, Diane Edwards, said the companies participated in a rigorous evaluation process, which she said, was necessary to ensure they are able to take advantage of the capacity-building services provided by JAMPRO, fulfill orders when received, and respond quickly to market opportunities.

“It’s really important that we have companies that actually can do and have the capability to do what we need them to do to get into new export markets,” she noted.

Over the project period, participants will benefit from business support mechanisms such as the development of strategic business management tools; and capacity development through training sessions and one-on-one interventions.

The companies will also receive support to access technical assistance and funding; get special access to critical business support services from partners within the programme; and benefit from productivity and competitiveness enhancement initiatives.

Applications for the programme started in March. It was open to exporting and export-ready firms, which satisfied the eligibility criteria and operated within the priority sectors targeted under Jamaica’s National Export Strategy (NES).

The sectors are agro-processing, manufacturing, creative industries and services (professional services and education).

Source: http://jis.gov.jm/10-companies-get-assistance-grow-export-sales/

Published Date: October 10th, 2014