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National Commercial Bank (NCB) has committed $12 million to help increase the buying of locally manufactured products and services as the 'Buy Jamaican, Build Jamaica' campaign enters the third phase this year.

Patrick Hylton (right, seated), group managing director of the National Commercial Bank (NCB), and Omar Azan (left, seated), president of the Jamaica Manufacturers' Association, sign a partnership agreement at the launch of the third phase of the 'Buy Jamaican, Build Jamaica' campaign at Nanse Pen, Kingston, on Tuesday. Looking on are Karl Samuda (right, standing), minister of industry and commerce, and Belinda Willams, NCB manager, group 

The campaign, which sees NCB partnering with the Jamaica Manufacturers' Association (JMA) since February 2004, is geared towards creating a higher awareness among consumers to buy local products.

"Buying Jamaican helps to create Jamaican jobs, build Jamaican industries, increase the potential for export, strengthens the economy and improves our overall standard of living," said Patrick Hylton, group managing director of NCB, at the launch of the third phase at Nanse Pen Drive, Kingston, on Tuesday.

Hylton said: "We recognise that the collaboration between the productive sector and the financial services sector must be strengthened in order to make buying Jamaican the affordable and preferred choice."

NCB continues to focus on small and medium enterprises (SME) to help them achieve growth and the bank's SME unit stands ready to offer a wide range of products and services, including financing, cash management, electronic banking and business coaching, said Hylton.

The third phase of the campaign will be rolled out over the next few weeks in the form of roadshows, printing and distribution of school books, in-store promotions and mounting of billboards islandwide, said JMA President Omar Azan, who also spoke at the launch.

decrease in real value

The manufacturing sector has always been regarded as one of Jamaica's main areas for potential growth.

But in its report on the economy for the quarter ending December 2010, the Planning Institute of Jamaica said real value added for the manufacturing industry fell by an estimated 1.2 per cent.

That out-turn was the result of a 0.5 per cent reduction in the production of food, beverages and tobacco, and a 2.0 per cent reduction in other manufacturing products.

But manufacturing, according to Azan, continued to impact the economy positively, employing about 77,700 persons and exporting goods valued at US$722.9 million in 2009.

"Let us make it our resolve to buy Jamaican and to encourage others to do the same," he said.

business@gleanerjm.com