PM Simpson-Miller –

JAMAICAN Prime Minister Portia Simpson-Miller said yesterday’s LNG agreement between Trinidad and Tobago and her country, will strengthen her nation’s economy and open the door for “more opportunities for Trinidadian investments in Jamaica.”

Addressing a business luncheon at the TT Manufacturers’ Association (TTMA) headquarters in Barataria, hours after concluding bilateral discussions with Prime Minister Patrick Manning at Whitehall, Simpson-Miller said it was her desire to strengthen existing TT-Jamaica economic partnerships and the agreement reached with Manning yesterday, would achieve this objective.

Noting Jamaica’s efforts to improve its bauxite industry had been “stymied for decades” by high energy costs involved in the conversion of bauxite to aluminium and alumina, Simpson-Miller said the proposed use of LNG from TT to fuel Jamaica’s bauxite plants, “has prospects for very valuable shared benefits for both our countries.”

The Jamaican PM added that she was happy to complete this agreement which was started between Manning and her preecessor, PJ Patterson. “This will result in a stronger Jamaican economy. A stronger Jamaican economy will result in an expanded market for Trinidadian goods and services,” Simpson-Miller declared.

She observed that TT already enjoy a large trade surplus with Jamaica exceeding US$300 million per annum and TT is Jamaica’s third largest source of imports, accounting for 8.3 percent of all goods imported into Jamaica in 2004. Simpson-Miller said in 2005, Jamaica was the largest Caricom market for TT goods with one third of all TT exports going to Jamaica. Simpson-Miller said she was impressed with Government’s construction programme and Jamaica can help TT with port infrastructure. She explained that Jamaica has developed “considerable expertise in the improvement of port infrastructure” and would be willing to share that expertise with TT given the importance of maritime ports to regional trade.

She thanked TT commercial banks for their assistance in turning around Jamaica’s banking sector when it was failing and Jamaica has returned the favour through investments in TT through entities such as Jamaica Money Market Brokers and AIC. Explaining that the Caribbean Single Market was part of a wider thrust to integrate Caribbean economies into the global economy Simpson-Miller said TT, Jamaica and Barbados must drive the process that would ultimately form the Caribbean Single Market and Economy.

TTMA president Paul Quesnel and TT Chamber president Ian Welch shared Simpson-Miller’s views about strengthening TT-Jamaica ties to address issues of mutual interest.