Food processing industry of Jamaica is capable to earn US$500 Million annually but for this concentrated efforts by the industry are required.

Minister of Finance and Public Service, Audley Shaw, revealed that the Jamaican food processing industry is potential enough to earn the country US$500 Million per annum, reported SFLCN.

There are 20 small food processors in Jamaica, the current export of whom is around US$50 Million a year. According to Shaw, about US$10 Million is required by these processors for retooling their factories. It is noted that after retooling technologically, the industry could climb 10 folds (upto US$500 Million) in terms of equipment in a relatively short span of time since their products are having a ready market.

Several countries in the world are reportedly getting hold of the Jamaican food processing industry. They are making use of different processing techniques, producing the items having high demand and earning significant revenues in the worldwide market. In order to get a share of this profit, the country's food processing industry should adopt a more concentrated approach.

Moreover, Jamaica's Diaspora presents a vast market for the industry where people are not being able to get sufficient amount of the nation's processed food. The Jamaican Prime Minister laid stress on supporting the food processing industry for retooling as fast as possible.

Besides this, the Prime Minister said in May 2009 that Jamaica would soon be exporting higher volume of value-added agro products so as to create job opportunities and earn greater profit margin.

Moreover, Jamaica produces the best cocoa in the world, however it only exports cocoa beans to other countries, especially Belgium, which is the world's finest chocolate producer, though cocoa is not cultivated in the country.

According to the government of Jamaica, the industry has been shipping the products since too long in raw shape and should stop doing that. It also advised that the food processing industry should begin doing things alongwith the government. By this, more jobs could be created and would bring far better returns to farmers.

According to a Research Analyst at RNCOS, "Highly focused approach, which will ensure that food processing becomes a standard procedure in the country, will enable the Jamaican food processing industry to prosper and contribute significantly to the national economy. It will also enable the sector to make up for slump led by the shutdown of bauxite plants."

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