Prime Minister, the Most Hon. Andrew Holness, says the Government will be pumping resources towards monetising and upgrading brand Jamaica to better capitalise on its economic benefit and value.
He said that the objective is to attract more businesses to the country and also ensure that more Jamaican brands become international.
“Today (Monday), Cabinet received a presentation about brand Jamaica, and what we’re going to be doing is now literally building out the infrastructure to truly create brand Jamaica.
“We always hear talks about brand Jamaica, but we do not monetise it. And so we are going to put some money behind it to truly own brand Jamaica and ensure that when you hear about brand Jamaica there are certain things that immediately come to mind,” the Prime Minister said.
He was delivering his keynote address at MegaMart’s 20th anniversary awards ceremony on Monday (November 18) at the AC Hotel by Marriot in New Kingston.
Mr. Holness lauded the founder and Chief Executive Officer of MegaMart, Gassan Azan Jr., for creating a “good brand” that provides quality goods and services to the public.
“I believe the most valuable thing that you have is the brand. The Jamaican people have grown to trust it. They know it,” he noted.
The Prime Minister challenged the operator to look at expanding the brand into more Caribbean islands, particularly Guyana.
The nation is poised to start oil production next month, which analysts believe will be transformative for economic prosperity in the country.
The International Monetary Fund (IMF), in its Article IV Consultation with Guyana, published September 17, estimated that the country will see substantial economic growth of 85.6 per cent in 2020.
“We need to anticipate the development that is about to happen in Guyana and be a part of it. So I’m throwing out that challenge to you to internationalise our brand,” the Prime Minister said.
He congratulated MegaMart on celebrating 20 years of operation.