SOME 60 Jamaican companies and trade deals totalling US$3 million have been facilitated by the Global Trade and Technology Network (GTN).
The GTN is funded by the United States Agency for International Development (USAID) and implemented by the International Executive Services Corps (IESC), a technical assistance contractor based in Washington D.C., with The American Chamber of Commerce of Jamaica (AMCHAM), being the local sub-contractor for the GTN programme.
The American Chambers of Commerce (AMCHAMs), outside the territorial United States, are non-profit, independent associations formed by US business people and nationals who do business with the United States. Its mission is to promote trade between the United States and Jamaica.
Local Programme Manager of GTN, Terrence Slater, based at AMCHAM, said that the GTN, which was established in December last year, to assist Jamaican companies to increase trade with the United States and 37 other countries, had so far created 21 trade opportunities, with letters of interest coming in usually within one to two weeks.
He said the GTN programme in Jamaica has had the best turnout of trade leads, with two big deals consummated, amounting to US$3 million. He further added the GTN provides businesses in Jamaica and other countries with an opportunity for free trade leads, not only to The American Chamber of Commerce (AMCHAM), AMCHAM members, but also to other Jamaican companies.
Becky Stockhausen, Executive Director which was selected to represent Jamaica, said the trade leads provided by the GTN service was free of cost, not only to AMCHAM members, but also to other Jamaican companies.
Mrs. Stockhausen, who spoke about the USAID GTN initiative to a group of 40 students from the Harvard Business School and the Wharton Business School of the University of Pennsylvania, at a JAMPRO forum at its Trafalgar Road Offices in Kingston last week, explained how the system works. "What this means," she said, "is that if Jamaican companies are looking for someone to form a joint venture with, or they are looking to become a distributor of a certain product, or want to buy equipment from an overseas company, it gives them access to free trade leads".
She explained further, that the information supplied by the local company is put on a website and that the information goes out immediately to US companies, and others from 37 countries throughout the world, who might be interested in this trade opportunity with Jamaica. The speed of the GTN network is said to be capable of providing instantaneous matching, and that usually, letters of interest are received within one to two weeks.
With AMCHAM's core business emphasising the development of the capacity of local companies to do international business, as well as the provision of support services, such as business outreach and sourcing service, Mrs. Stockhausen said she was pleased that they have been able to help many companies form alliances with US companies, boasting that in October last year, the local AMCHAM office was chosen as Field Office of the Month.
