KINGSTON, Jamaica – A two-day “Invest Jamaica 2022 Conference” got underway here on Tuesday with delegates being told that Jamaica is becoming a leading investment destination in the Caribbean.
Prime Minister Andrew Holness addressing “Invest Jamaica 2022 Conference" (Photo courtesy of PM Andrew Holness on FacebookThe conference is organized by Jamaica’s national trade and investment promotion agency, the Jamaica Promotions Corporation (JAMPRO) in partnership with the Inter-American Development Bank (IDB).
“With a stable macroeconomic outlook, expanding industries such as logistics and outsourcing, and a favorable business climate, Jamaica is becoming a leading investment destination in the Caribbean,” Tariq Alli, the General Manager and Jamaica Country Representative for the IDB.
“This Conference provides an opportunity for investors to engage with the local business community, witness these benefits firsthand, and learn why the island is an ideal location for conducting business,” Alli told the opening ceremony.
More than 400 investors, businesspeople, and government officials are participating in the forum at the Montego Bay Convention Centre in Montego Bay. The conference is being held under the theme “Jamaica – the Nearshore Delivery Hub of the Caribbean.”
In his feature address to the conference, Prime Minister Andrew Holness told the delegates that “this is a good and exciting time to invest in Jamaica.
“We are experiencing a remarkable economic rebound from the COVID-19 pandemic. But the Jamaican story goes well beyond the pandemic,” he said, adding the story of economic recovery started over a decade ago when the country came together, deciding regardless of administration, Jamaica would be a fiscally responsible country.
“We went about putting in the institutions to ensure that Jamaica was a fiscally responsible state. So if you are considering investing in Jamaica, you can rest assured that across administrations, regardless of changes in government, the political economy of Jamaica has changed its DNA to a state, a country that believes in strong fiscal management of our economic affairs”.
Holness said Jamaica is reaping the benefit of that policy and since his administration has come to office in 2016, “we can say we have not implemented any program that would require any net new taxes on the people of Jamaica or on the businesses here in Jamaica”.
Holness said further, the objective of governments here is for the country to be within the top 10 of places to invest.
“So when you are here as our investors, or when you return home or even while you are here, and you sleep on it overnight, Jamaica should be in your top 10 places to invest and one of the reasons would be the stability of our political system, the stability and certainty of our economic and fiscal policies.”
He said while it has not been an easy struggle to get to this point, Jamaica is now there and investors looking for a place “to make that billion dollar investment, Jamaica is that place”.
Meanwhile, Finance and Public Service Minister, Dr Nigel Clarke, said that he intends to table the Large Scale Project and Pioneer Act in Parliament before the end of the fiscal year in an effort to attract investments in the region of a billion US dollars or more to Jamaica.
“We will be, hopefully by the end of this fiscal year, tabling in Parliament the Large Scale Project and Pioneer Act or the amendments to the Large Scale Projects and Pioneer Act to make it operational.
“This an Act that aims to attract investments of a billion US dollars or more to Jamaica. So we have Omnibus Incentive legislation that is the framework for everyday investments,” he told the conference.
“And those have been going well, but with the track record that Jamaica has established, and with the macroeconomic fundamentals that we have, which are strong, our goal now is to attract investments that are a US billion dollar in size and more,” he added.
The first day’s panel discussions will focus on opportunities in various industries, including global digital services, logistics, manufacturing, and tourism and the IDB said Jamaica is expanding its global services sector and encouraging investment in agribusiness, energy, and global digital services – including film, animation and music – logistics and infrastructure, manufacturing, mining, and tourism.
According to the IDB, the island has one of the most dynamic and equitable economies in the Caribbean, with a sustainable development model that prioritizes macro-financial stability and ease of doing business.
It said the Jamaican economy expanded by 4.54 percent in 2021, while exports increased by 15.2 percent compared to 2020.
IDB estimates that Jamaica’s exports could increase by US$138.5 million if it takes advantage of short-term regional sourcing opportunities.
The primary activity of the second day is the Business-to-Business (B2B) and Business-to-Government (B2G) matchmaking sessions with the participation of investors from 17 countries, who will hold private sessions with private sector leaders, entrepreneurs, and government officials.
