Karl Samuda, minister of industry, investment and commerce. - File

Jamaica Trade and Invest (JTI), the government agency responsible for providing support to the business and investment needs of the country as well as to facilitate export promotion, is to assume its old name.

"JTI is to be rechristened Jampro," said Prime Minister Bruce Golding, speaking Wednesday at the Jamaica Chamber of Commerce's inaugural annual economic forum.

"We never agreed with the change in the first place," he added.

The investment promotion agency was renamed under the People's National Party administration.

Golding became prime minister in 2007.

The agency's renaming will fit, the Prime Minister suggested, more closely with its new mandate to implement the new national export strategy.

The export strategy is being driven by Karl Samuda, minister of industry, investment and commerce, but also being anchored by the newly appointed president of JTI Sancia Templer-Bennett.

Bennett, asked about the rebranding, declined, saying she would leave it up to the policymaker, Samuda, to speak to the issue.

Jampro was initially created as a super agency in 1988 through the merger of Jamaica National Investment Promotions, Jamaica National Export Corporation and Jamaica Industrial Development Corporation.

Two years ago in 2007, the agency changed its name to Jamaica Trade and Invest which, at the time, was said to have reflected greater emphasis on the business promotion side of its activities in the international community.

Informal survey

But the name change just did not catch on.

"What we did was that a few years ago we adopted the trade name JTI, but Jampro is the official name as stated in the Act," said Samuda.

"Now what we have found in an informal survey conducted recently was that more persons recognised Jampro more than they do JTI, so based on that we wish to have it returned to Jampro," he explained.

Samuda did not elaborate on why there was a need for an informal survey nor did he say who mandated it be done.

It was conducted about two months ago.

"We have a consultant now working on how the transition back to Jampro will be done and as soon as the report is in we will have a more clear indication of how to move forward," he said.

"Moreover, it is now appropriate because want to focus more on export promotion and developmen ... allowing companies to expand its export trade more and more and also enhancing the development of domestic investment market," he added.

A timeline on the name change back to Jampro was not immediately forthcoming, nor the cost involved.

The National Export Strategy which was launched in April 2009, and currently in its implementation phase, will seek to increase and diversify Jamaica's exports over time.

Statistical Institute data shows that exports for the period January 2009 to June 2009 totalled US$665.5 million, down substantially from the HY2008's value of US$1.5 billion.

sabrina.gordon@gleanerjm.com