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Jamaica Strong Investor In Agricultural R&D - Report

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Tuesday, 06 May 2014

Jamaica Strong Investor In Agricultural R&D - Report

Jamaica's agriculture is ahead of the game when it comes to the percentage of agricultural GDP spent on research and development in the Latin American and Caribbean region (LAC), according to a new IDB report released on Wednesday.
Jamaica invests almost a third of its agricultural GDP in research and development, which ranks it ahead of most of the 20 countries covered by the Inter-American Development Bank, said the IDB report titled The Next Global Breadbasket - How Latin America can Feed the World.
"Countries in the LAC need to greatly expand their commitments to agricultural research and focus on getting new skills and new technologies into the hands of farmers," the report says.
"Studies indicate that for the LAC region, investments in agricultural research are highly correlated with increases in economic growth, agricultural development and poverty reduction, with returns averaging 43 per cent in the countries examined with the adoption of new technologies by farmers having a positive effect on farm income and on soil conservation."
It adds that the returns on public investment in agricultural research is higher than most other forms of public spending as well as private capital investment.
Jamaica's R&D spend at one-third eclipses countries like Mexico at about 15 per cent; Brazil, 20 per cent, and Peru, more than 20 per cent.
Belize is at the bottom of the list. It spends nothing on R&D.
However, Jamaica trails Dominican Republic, whose spend is equivalent to 60 per cent of GDP. Uruguay, Argentina, Colombia and Honduras are also ahead of Jamaica.

Source: jamaica-gleaner.com