Jamaica and the Dominican Republic Strengthens Ties with Launch of Chamber of Commerce
Business leaders in the Dominican Republic with operations in Jamaica and their Jamaican counterparts with operations in the Spanish speaking nation, joined forces recently along with the Ministry of Foreign Affairs of the Dominican Republic in Jamaica for the launch of the Chamber of Commerce of Jamaica in the Dominican Republic (JAMCHAMDR).
This newly formed organization seeks to promote and facilitate bilateral commercial, economic and political relations between Jamaica and the Dominican Republic, in addition to encouraging intercultural experiences. The Chamber will also manage the identification of economic sectors and business opportunities between the two islands.
Speaking at the launch of the Chamber, the Dominican Republic ambassador to Jamaica, Her Excellency Angie Martínez Tejera, outlined, “This initiative strengthens trade and investment in both countries, creating more jobs, more growth opportunities, and most importantly, greater well-being for both countries. With the inauguration of this chamber, an institution is made available whose purpose is to continue strengthening the excellent commercial ties that unite the DR (Dominican Republic) and Jamaica, constituting a space for collaboration and support between companies, so that they can share experiences and learnings and use this platform to promote new business opportunities, deepen and expand existing ones and promote greater investments between both nations.”
The Chamber will be headed by Juan José Melo, chief country officer of JMMB Dominican Republic, who played a pivotal role in making the chamber’s formation a reality. Other members of the Chamber’s board of directors include: Benjamín Valdez of Jamaica Producers Group (vice president); José M. Vega of Gerdau- Metaldom (treasurer); José Quiroz of Quiroz Advisors, QA Legal, S.RL (secretary); Fernando González of Round Table Countries of the Commonwealth in the Dominican Republic (member); Bela Szabo of GB Energy Jamaica (vocal) and Hugo Pérez of Therrestra (member).
During his launch speech Juan Jose noted, "Today we celebrate that we are taking a firm step towards achieving our objectives of increasing and facilitating business opportunities, and promoting cultural exchange between both nations, generating economic and social benefits for the (two countries) and the (wider) Caribbean region."
He further shared, “At the end of 2020, according to preliminary figures from the Central Bank of the Dominican Republic, exports to Jamaica amounted to USD 75.7 million.” Jamaica is the third most important destination for the Dominican Republic’s exports in the Caribbean region, surpassed only by Haiti and Puerto Rico, representing 5.06% of total exports to the region. These figures indicate that there is an important growth opportunity for the products in the Jamaican market, an opportunity which the Chamber of Commerce intends to leverage for the mutual benefit of both nations.
The JMMB exec, in pointing to one current opportunity to explore, noted that in the current economic context of increased prices for freight and raw materials, the proximity between the two countries makes commercial exchange more attractive, by facilitating greater competitiveness of local products in the respective markets.
Honorable Hugo Rivera, deputy Minister for Economic Affairs and International Cooperation of the Ministry of Foreign Affairs in the Dominican Republic, in his address at the launch, also reiterated the opportunities for further commercial relationships for both nations and expansion in new sectors. Adding, “The launch of this Chamber is a step towards ensuring that Jamaican investors have a greater presence in our country, where they will find friendly people and a cooperative government…it will be a space for collaboration and support between companies in order to share experiences and learnings that will later serve to promote of our country, (as in the case of) JMMB.”
Building on Longstanding Bi-lateral Relationship between Jamaica and the Dominican Republic
The writing of this new chapter through the establishment of the Chamber is the beginning to the reactivation of trade between the Dominican Republic and Jamaica, which has 57 years of diplomatic relations, excellent ties of friendship and a strong commercial relationship, with great potential to increase, consolidate and expand to new horizons.
Jamaica and the Dominican Republic signed bi-lateral agreements in 2020 and 2017 to increase collaboration in tourism, trade, sports, culture, and education, among other matters of mutual interest, with the aim of bringing tangible benefits to both countries and the wider region.