Pillar 01
A.I. for Innovation & Economic Growth
Policy objective
Leverage A.I. research to spur industry innovation and the creation of more sophisticated value chains.
The policy issue
A.I. has the potential to enhance productivity, reduce costs, and open new markets. However, there is a gap between the technological advancements in A.I. and the readiness of Jamaican businesses to leverage these tools for innovation. In spite of the rapid development of A.I. technologies and apparent step changes in capabilities, they require careful fine-tuning in order to be productively deployed with commercial impact. This presents an opportunity to create innovative AI-based high-value products and services for both local and global markets; but grasping that opportunity at a national scale will require significant investment in R&D in AI-related fields.
Challenges
- Limited access to A.I. knowledge and expertise.
- Inadequate funding and support for startups and A.I. research.
- Limited integration of A.I. in traditional industries like agriculture, manufacturing, and tourism.
- Limited awareness of how A.I. use could improve existing business operations, causing a depressed demand for the development of A.I. tools and services.
- Relying heavily on foreign A.I. models and technologies exposes Jamaica to economic vulnerability, data privacy risks, and limits on customization to local needs.
Recommendations
- 01
Create the ecosystem, through collaboration with universities, to support the virtual and eventual physical establishment of A.I. hubs and tech parks in a bid to support AI-driven startups.
- 02
Create fora and other spaces for interactions between organisations that are willing to fund the development of A.I. solutions to their problems, and the entities that have the capacity to create those solutions.
- 03
Increase awareness of the role of intellectual property protection in scaling startups.
- 04
Update all industry policies and strategies to facilitate A.I. adoption in the private sector.
- 01
Introduce government grants, venture capital incentives, and public-private partnerships (PPPs) to fund A.I. research and innovation.
- 02
Develop incentive programmes, including tax breaks and grants, to encourage private sector investment in A.I. innovation.
- 01
Develop AI-centred industrial policies encouraging traditional industries to adopt AI, aiming to make Jamaica a regional A.I. innovation hub by 2035.