Jamaica

Overview:

• Jamaica is strongly dependent on Natural Resources.
• Jamaican human resources are strong. 75% of the workforce is labor focused
• Primary industries include: tourism and bauxite and alumina production (accounting for 2/3 of total export earnings).
• Environment has declined because of recent economic development.
• Jamaica's GDP is at $3.4 billion.
• Average household income is $2,460 per year.
• Rice is the staple in the Jamaican diet with rice consumption at 79,000 tons per year.
• Opportunities:
• Rice imports are stable due to strong demand. Plus rice is classified as a raw material, which will allow for imports free of duty.
• Education equipment and supplies.
• Insurance and Financial services.
• Music industry.
• Food processing.
• Furniture manufacturing.
• Marble, limestone, and gypsum mining.
• Software development and design services.

Marketing Tips:

• Jamaican travel industry is expected to grow by 35% over the next 5 years.
• Government supports Foreign Direct Investments.
• Good infrastructure: 70% of roads are paved.
• Computers growth is rapid – 400% in the last 3 years.
• The Insurance and Financial industries have declined by 2.6% 3.1% respectively.
• Jamaica is part of CARICOM. It is also part of ACP, because it gives them easy access to the EU.
• The United States controls the island’s trade, being responsible for 50% of the imports and 30% of exports.
• There is a moratorium on duties for three years granted to corporations that contribute to foreign exchange earnings and employment.
• The Jamaican dollar is currently valued at a weighted average of one USD = JD 35.35.
• Imported oil and gas account for the majority of the energy requirements.
• The economy maintains some hardships, especially with high inflation and unemployment.

Business Customs

• Jamaicans are a little more formal than Americans.
• Send an individual rather than a whole delegation for the first contact with a prospect.
• When traveling to Jamaica, be sure to study their culture before hand. The businesspeople are unforgiving of etiquette slip-ups.
• Written communication should be followed by a phone call during morning business hours.
• Treat business cards with care and respect.
• Speaking about ones family/personal-life is considered a weakness during business negotiations. However, discussing these issues at a social function is encouraged, and it promotes trust between parties.
• Deals in Jamaica focus on long-term goals.
• It is common during conversation that Jamaicans will touch each other's arms or jacket.
  

  Do's It is expected that you will invite your morning appointment to an afternoon lunch. Spouses are invited to dinner. Use the “continental” style in dinning. State your full name when shaking hands. Maintain eye contact to maintain assertiveness.

  Don'ts Use a casual "Hi" during a first meeting. Instead use the more respectful "Good Morning or Evening." Give a gift during business hours. Don’t arrive to a Jamaican’s home with out a small gift. Female businesspersons shouldn’t arrive alone. It could be misconstrued as sexually suggestive.