I am a Jamaican businessperson interested in selling Jamaican products in the United States. Who do I contact for information about markets in the United States?
The United States Embassy in Kingston is responsible for supporting United States exports to Jamaica. Jamaican businesspeople interested in selling to the United States should contact Jamaica Promotions Corporation (JAMPRO), the Jamaican Embassy in Washington, and the Jamaican Consulate Generals in Miami and New York for questions they have about the United States.
I am a businessperson from the United States who is interested in entering the Jamaican market. How do I obtain the necessary financing to enter Jamaica?
The Embassy routinely receives inquiries from American business people who are unable to obtain financing from Jamaican banks. It is routine for Jamaican banks to request 3-5 years of Jamaican-audited financial statements, which is a challenging request for new market entrants who have not previously conducted business in Jamaica. Exporters from the United States may wish to contact the Export-Import (ExIm) Bank of the United States, and investors from the United States may wish to contact the Overseas Private Investment Corporation (OPIC). ExIm and OPIC are agencies of the United States Government that are devoted to financing American exports and investment throughout the world.
I am an exporter from the United States who would like to sell my products in Jamaica. What can I do to ensure I am fully remunerated for the sale?
Before entering into sales agreements, the Embassy advises business people from the United States to conduct thorough due diligence on customers and to consider acquiring export credit insurance from ExIm Bank if available. At this time there are no Bank of Jamaica licensed credit reporting agencies operating in Jamaica. The Embassy’s ability to assist with private sector business disputes is very limited, as it is within the jurisdiction of the host country’s authorities to regulate business transactions. The Jamaican legal system, the ultimate arbiter in a business dispute, is known for its backlog of cases and lack of resources. Cautiously selecting potential business partners, carefully vetting their bona fides, and proactively networking with reputable business people is essential to mitigating risk in any market.