JAMAICA BUSINESS NEWS: March 7th – March 13th, 2015

SEPROD PRODUCTS TO BE DISTRIBUTED IN U.S.—03/07/15
GraceKennedy Foods USA has signed an agreement with Seprod Limited to distribute Seprod brands in approximately 7,000 retail stores in the United States. Under the agreement, Seprod is provided with access to consumers in the U.S. and beyond the Caribbean Diaspora. The exact terms of the agreement were not made public.

EARNINGS IN JAMAICA TO RISE DUE TO NUTRACEUTICAL INDUSTRY—03/08/15
Anthony Hylton, Jamaica’s Minister of Industry, Investment and Commerce, believes that Jamaica will benefit significantly from the creation of a nutraceuticals industry. This industry will contributed toward higher earnings and more jobs in Jamaica. Hylton noted the potential for greater foreign-exchange earnings, as well as higher employer rates and improved social and economic conditions for everyone involved.

ORGANIZATION WANTS NO NEW TAXES ON FINANCE SECTOR—03/12/15
William Mahfood, the president of the Private Sector Organization of Jamaica (PSOJ), is calling for Jamaica’s government to avoid the imposition of additional taxes on the financial sector. According to Mahfood, any new taxes on this sector would slow the nation’s ability to grow. He warned against pushing the industry “too far.”

10TH ANNIVERSARY OF PETROCARIBE SUMMIT TO BE HELD IN JAMAICA—03/13/15
The 2015 summit meeting to mark the 10th anniversary of Venezuela’s PetroCaribe initiative is scheduled to occur in Jamaica. According to the Jamaican government, the event will also mark 200 years since the Carta de Jamaica was drafted by Simon Bolivar, the Latin American liberator who was born in Venezuela. Foreign Minister Arnaldo Brown noted the “solid ties of friendship” that currently exist between Jamaica and Venezuela .