Latest update March 28th, 2024 12:59 AM
Mar 19, 2010 News
Over the next month, Jamaica will begin paying 10 per cent more for rice from Guyana, resulting in a minimum 10 to 12 per cent increase to consumers on the local market.
Jamaica’s Minister of Industry, Investment and Commerce, Karl Samuda, disclosed this at a press conference yesterday at his office in New Kingston.
The Minister, according to a Jamaican government release, explained that the price increase is due mainly to the El Niño phenomenon.
Yesterday, Guyana’s Minister of Agriculture, Robert Persaud, in response, noted that prices have increased due to world market prices. “There are adequate supplies for the Jamaican market. My hope is that exporters getting better prices will ensure better price for farmers’ paddy.”
The price of rice imported from the United States is not expected to increase.
Last year, Jamaica received 57 per cent or 44,882 metric tonnes of its total rice imports from Guyana, and 25 per cent or 25,266 metric tonnes from the United States.
Meanwhile, Mr. Samuda said there is hope on the horizon, as the pilot project to grow rice locally, which was launched by the Ministry of Agriculture last year, has been showing positive signs.
“As a result of that, Jamaica Rice Mills is at the moment looking at a possible investment of US$500,000 to improve their facilities and equipment. This is a direct result of our planned programme to grow rice in Jamaica.
Of course, it will be dependent on certain waivers that would be granted to the company in order to enable them to import paddy rice, to support our local production of rice,” the Minister explained.
Another positive aspect of this, he said, is that there has been greater consumption of locally grown food, due to the reduction in the amount of imported rice that is consumed locally.
The Minister assured that even if locally produced rice is at the slightly higher end of the price scale initially, there will be overall benefits for the economy as local production will provide employment for Jamaicans.
He stressed that the price of local rice will not be so high as to be unaffordable or uncompetitive. “It depends on the economies of scale.
If we have a small output, then the price is more challenging and as we develop the kinds of economies of scale that will make us competitive, then the price will be competitive against the Guyanese rice,” he said.
THIS IDIOT TELLING GUYANA WE HAVE NO SAY IN THE 50% PROFIT SHARING AGREEMENT WE HAVE WITH EXXON.
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