Jampro, Jamaica's investment promotion agency, has signed a memorandum of understanding with the Associated Chambers of Commerce and Industry (AssoCham) of New Delhi, giving the island a strategic link to India.
Jampro is seeking ways of strengthening economic ties with India, whose economy is on a growth path, and whose one billion populace offers strong market possibilities.
The trade mission's two week trip, which was packed with 27 meetings, was coordinated with the assistance of Dr. Akshai Mansingh, director of Kinetic Sports Management, a Jamaican of Indian decent. .
The agreement with AssoCham will see the two parties "exchanging information on general economic status, trade policies and legislative changes in their respective countries to strengthen trade, technological and industrial cooperation, as well as informing each other of all activities that have the potential to further trade and investment between India and Jamaica," said a Jampro release issued Friday.
Business opportunities
Jampro visited India in pursuit of business opportunities in film - Bollywood produces some 800 films per year - and the information technology and communications sectors, using CWC 2007 as a springboard for its pitch.
The agency hopes to leverage the cricket competition to generate with New Delhi as well as South Africa, Australia, England and other cricketing nations with big markets.
It has set a target of US$420 million in new business it hopes to generate for Jamaica in the lead up to and evolving from CWC 2007, according to a Jampro release quoting its executive director of markets Kirk Kennedy.
In 2005, India, the world's second largest population next to China's 1.3 billion, recorded a GDP of US$797.8 billion.
It's GDP is projected to reach US$1 trillion in five years, and the country is expected to continue on a growth path for 20 years.
"India with its economic and technological advances, coupled with a population of over one billion persons holds great potential as a market for Jamaica," Kennedy noted. "Jamaica's close proximity to the North American market can allow Indian companies to engage Jamaica as a near shore destination and to target the burgeoning markets of the Caribbean, Central and Latin America."
