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Finance and Public Service Minister, Hon. Fayval Williams is calling on the country’s business leaders to take advantage of the opportunities presented in the current economic climate.

Despite global economic challenges, Mrs. Williams said businesses should be proactive in identifying opportunities and leveraging government support to drive growth and development.

“Trade is changing. Tariffs are once again in the spotlight and as countries try to balance global competition with local strength, you will have opportunities out of that. I  I implore our business leaders to take advantage of that… Jamaica must cease this opportunity to navigate this landscape with clarity and confidence,” she said.

Minister Williams was addressing the recent Cumax Wealth Management Spring Investment Forum at the Terra Nova Hotel in Kingston under the theme: ‘Trade Winds or Trade Woes: The Tariff Effect on Jamaica’s Economy’.

Tariffs, taxes imposed on imported goods have a significant impact of Jamaica’s economy.

Mrs. Williams said the impact of tariffs on Jamaica is complex and multifaceted.

“Jamaica, as you know, is a relatively small open economy that is highly dependent on the US market for our exports, tourists and for remittances from our diaspora. That means that anything that significantly affects the US market is going to have an impact on us as well. We have to look at it to assess it and to be deliberate in our response and in our strategies,” she noted.

The Finance Minister said the government is taking deliberate steps in its policy decisions as it seeks to navigate the changing trade climate.

“We rely on global trade flows for everything – from food imports, to fuel, to equipment, and to technology. These are the many inputs that we use in our economy so the rules that govern them matter to us,” she explained.

Minister Williams said the current tariff environment will have an impact on prices, as well as competitiveness in specific industries where imported goods are a significant component of production.

“Each business would have to assess the impact on them depending on their exposure to markets that have higher tariffs,” she noted.

“We know that there are opportunities. There continues to be opportunities to integrate into the global value chain to benefit from targeted investments and to shape our trading relationships with intention rather than reaction,” she said.