Group CEO of conglomerate GraceKennedy Don Wehby is calling for Jamaica to make a concerted effort to reduce its food importation bill and look more to its agriculture and agro-processing sector.

Jamaica imports around US$1 billion a year of food products, tending to spurn local goods. With the COVIID virus, now in its second year, there is a greater reason for the country to become more self-reliant and reduce its foreign exchange expenditure.

Speaking at a GraceKennedy Investor Briefing earlier this week, Don Wehby said: “If we are going to have sustainable growth in Jamaica it is going to come from our agriculture sector and agro-processing. It is something I feel very strongly about.

“This is how we can reduce our high import bill for food products which is about US$1 billion now. I think we should set ourselves a target to reduce that by 2030 to US$500 million. We can do it if we grow our agriculture sector.”

With inflation on the rise, Wehby assured that GraceKennedy is not looking to immediately increase its prices but is looking at ways that doesn’t see consumers taking hits with a spike in the price of Grace goods.

“We have looked at our businesses inside out; cost reduction, margin management, cost containment. We’re doing everything possible to ensure we pass on the minimum price increase to our consumers and customers. We are looking at the raw materials costs – we know it is tough times for everybody.

“Yes, we are going to absorb some of  the costs – we can’t pass it all to our consumers but we are looking at other ways to reduce costs so we can remain profitable and give our shareholders a good return on their investment.  Imported costs, dollar devaluation, freight costs – there is not a lot you can do about it.

“ But what we can do about it in the medium to long term, is invest in agriculture. We need to be more self-reliant in Jamaica and not depend on others. When other borders lock down, we have to be able to turn to our Jamaican manufacturers,” said GraceKennedy’s CEO.