Minister Hill proposes special group to advance Jamaica-South Africa trade and investment

Minister of Industry, Investment and Commerce, Senator Aubyn Hill, has proposed the creation of a Jamaica-South Africa Investment Delivery Group to help drive and strengthen trade and investment opportunities between the two countries.

“South Africa’s outward direct investment position of US$153.6 billion tells us your firms are already looking outward… operating beyond the continent and searching for entry points into new markets. Jamaica is a perfect entry point,” he stated.

Senator Hill was speaking during a High-Level Ministerial Luncheon hosted at the AC Hotel by Marriott Kingston on Wednesday, attended by South Africa’s Deputy Minister of International Relations and Cooperation, Alvin Botes, who is on an Official Visit to Jamaica from August 4-8.

He noted that Botes’ visit marks 32 years of diplomatic relations between Jamaica and South Africa, established in 1994 and sustained through the Commonwealth, the Caribbean Community (CARICOM), the African Union Framework, United Nations (UN), and South-South Cooperation.

Minister Hill emphasised that the next phase of cooperation between the two nations should be defined by clear, measurable economic outcomes.

He noted that bilateral trade between Jamaica and South Africa remains relatively modest and structurally imbalanced.

“In 2025, Jamaica imported [goods valued at] US$6.49 million from South Africa, against domestic exports of only $25,960,” the minister stated, emphasising that significant opportunities exist to expand bilateral trade and attract greater investment.

Senator Hill further noted that there are several strategic areas in which Jamaica and South Africa can collaborate purposefully to strengthen economic cooperation and drive shared prosperity and profitability

He said these include film, animation and the wider creative industries, as well as automotive and e-mobility services, logistics and distribution, and agro-processing.

“We can prioritise the film co-production treaty as an early deliverable… and can convene sector deal rooms in film, automotive services, logistics, agro-processing, digital services, and renewable energy,” the minister stated.

He emphasised Jamaica’s strategic geographic location as a gateway for business, noting the country’s direct connectivity to South America and the wider Caribbean, as well as its proximity to the United States, the world’s largest market, which is just one hour and 15 minutes away by air.

“We have a political system that is stable and predictable. We have a very stable currency, backed by the historically highest net international reserve this country has ever had. We have a globally-recognised and well-regulated Jamaica Stock Exchange… [and] we have a strong judiciary,” Minister Hill said, outlining some of the key factors that make Jamaica an attractive destination for investment.

Botes agreed that trade between Jamaica and South Africa remains modest.

“It’s not reconcilable with the political relationship between the Prime Minister of Jamaica and the President of South Africa. There’s a high level of political goodwill between our two countries, between the political leadership… but it has not been translated into an economic endowment for either of our people,” he stated.

Against this background, Botes welcomed Minister Hill’s proposal to deepen trade relations between the countries.

He noted that South Africa is home to one of the world’s most successful stock exchanges, with a market capitalisation exceeding US$1 trillion.

“If you look at our exports per annum, we are speaking about US$150 billion. So the economic and trade corridors are well established, and what businessmen and women in Jamaica must think about and look at is how you can take advantage of the existing trade corridors that we have established and the trade mechanism to advance, of course, your own business interests,” Botes stated.

He pointed out that Jamaican businesses seeking to expand into South Africa stand to benefit from the country’s membership in the Southern African Customs Union (SACU), which comprises South Africa, Botswana, Eswatini, Lesotho and Namibia.

Botes said membership in the SACU offers investors access to a market of approximately 250 million people, along with exemptions from certain customs duties.

He further noted that, as a participant in the African Continental Free Trade Area (AfCFTA), South Africa offers investors a unique opportunity to access a market of up to 1.4 billion people across the African continent.

Botes added that South Africa looks forward to unlocking new opportunities for collaboration and forging a deeper economic partnership with Jamaica under the leadership of the Jamaican Government.

- JIS

Follow The Gleaner on X, formerly Twitter, and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.