Jamaica stands out in the regional sector of global services

December 07, 2021
author: http://www.sela.org/en

Global services have expanded in the past decade, even more so in light of physical distance imposed by COVID-19, augmenting the importance of new business opportunities through digital solutions.

Global services, or GBS, are among the segments growing at the fastest pace and highly adaptable to the export sector. According to the Inter-American Development Bank (IDB), at 2025 digital economy will account for US$ 23 trillion, or 24.3% of global GDP.

For the Latin American Association of Exporters of Services (ALES), the new era of global services seeks to focus on the future of this area, one of the major sectors in modern economy.

ALES can see valuable competitive advantages in Latin America for GBS because of skilled labour, competitive labour costs and the diversity characteristic of the region.

As described by the IDB, in Latin America and the Caribbean (LAC), the businesses rely on professional track records for the identification of the necessary skills to fit in the new technologies. They are useful as well to empower workers to prevail in the fourth industrial revolution.

In LAC. Jamaica has made a difference in global services as one of the largest English-speaking markets, with over 36,000 jobs. Jamaican operations go from data processing and custom service to GBS complete operations, including insurance, technical support and graphic design.

In tandem with the IDB, the Caribbean nation has been supporting the Global Services Skills, a high-class entity led by employers that has set a modernization strategy to provide more advanced services and prepare a professional map of the trajectory in the sector.

Going hand in hand with this bank institution, Jamaica has been strengthening the institutional capacity of the sector to enlarge investments and exports, with the ultimate goal of improving its current base of services that will require human talent with full-fledged skills.

Key topics: pymes