JAMAICA IS AIMING TO BE THE NEXT ‘INVESTMENT DESTINATION OF CHOICE’
Jamaica is the leading business destination in the Caribbean. Global investors’ interest is high arising from the improved economic landscape of the island. The government and the people of Jamaica continue to exert great effort to positing the country as the premier business destination.
“There has never been a more exciting time to invest in Jamaica. The Government of Jamaica continues to steadfastly pursue a transformative, equitable and sustainable development model that prioritizes macro-fiscal stability and the ease of doing business. As a result, Jamaica is experiencing a strong economic rebound from the pandemic with a number of attractive investment opportunities in traditional areas as well as in new and emerging areas.” - Andrew Holness, Prime Minister of Jamaica
The Jamaican Government has approved a National Investment Policy that delivers a raft of initiatives that make it easier for both Jamaicans and foreigners to invest in Jamaica. Ministries and associated agencies will be positioned to provide greater assistance to investors throughout the investment process. Thanks to a partnership with the Inter-American Development Bank (IDB), the country is also expanding its Global Services Sector and encouraging investment in Agribusiness, Energy, Film/Animation/Music, Global Digital Services, Logistics and Infrastructure, Manufacturing, Mining, and Tourism.
The Prime Minister of Jamaica, the Most Honourable Andrew Holness, says, “There has never been a more exciting time to invest in Jamaica. The Government of Jamaica continues to steadfastly pursue a transformative, equitable and sustainable development model that prioritizes macro-fiscal stability and the ease of doing business. As a result, Jamaica is experiencing a strong economic rebound from the pandemic with a number of attractive investment opportunities in traditional areas as well as in new and emerging areas.”
Senator the Honourable Aubyn Hill, Minister of Industry, Investment and Commerce, says, “We are inviting investors from across the world to invest in Jamaica and be a part of this exciting period of innovation, transformation, and economic growth."
“Jamaica is rising as a leading Caribbean investment destination with its stable macro-economic outlook, growing sectors like logistics and outsourcing, and a favorable business environment.” said Tariq Alli, IDB Caribbean General Manager and Jamaica Country Representative.
With its prime geographical location, investor-friendly business environment and a multitude of other competitive advantages, Jamaica is seen as a very attractive investment destination.
Located in the western Caribbean, Jamaica is the largest English-speaking island in the region and the third largest English-speaking nation in the Western Hemisphere, behind the United States and Canada. Jamaica’s proximity to major markets contributes to its overall attractiveness as an investment destination. By air, it is 90 minutes from Miami, 3 hours and 40 minutes from New York, 4 hours from Toronto and 10 hours from London. The island’s strategic location is further reinforced by the fact that it is within a four-hour flight radius of over half a billion of the world’s population.
Jamaica’s geographic position makes it the nexus of the major air and sea routes into the Caribbean Basin. As such, the country provides Trans-National Corporations (TNCs) with a solid investment base for their Caribbean operations by providing the opportunity for them to seamlessly tap into the US$19-trillion United States- Mexico- Canada (USMCA) markets, the rest of the Western Hemisphere and beyond.
Jamaica’s geographic location, between North and South America, is of strategic importance for global trade and investment. As companies seek to expand their foothold in new and emerging markets, Jamaica is poised to significantly increase its role in global business.
With bold aggressive strides, Jamaica’s business confidence is currently the best it has ever been in decades. The country has had extraordinary track record in supporting large-scale investment projects, local and international players continue to tap into the wealth of investment and trade opportunities that the country has to offer.
Beyond its vibrant culture and natural beauty, Jamaica’s value proposition is underpinned by
its business-friendly environment, educated and trained workforce, stable democracy, solid infrastructure and strategic location. Jamaica’s reputation as one of the premier global destinations for investment continues to rise as discerning entrepreneurs increasingly seek to capitalise on the exciting business opportunities that abound in the country. Today, Jamaica is well positioned as a preferred investment location in the Caribbean.
Modern Social & Physical Infrastructure
Jamaica is well-served by three modern international airports that are connected to key gateways and a well-developed road network. Jamaica boasts a robust ICT platform that meets all the requirements for global connectivity. Kingston Wharves Limited (KWL) is recognized as the region’s leading multipurpose port terminal operator, connecting Jamaica’s importers and exporters to over 20 international ports in the Caribbean, Latin and North America.
Jamaica’s attractiveness as a business destination is complemented by its great quality of life! Jamaica is renowned for its rich culture, unique style and exquisite artistry. Jamaica is one of the most ethnically diverse in the region and embraces its multi-cultural history Sporting tradition and excellence. The quality of life in Jamaica is enhanced by its natural beauty and pristine landforms. We boast a remarkable diversity of species and ecosystems.
Jamaica’s education system prepares students to be globally competitive. Currently there are 42 local universities, colleges, institutes and training units registered by the University Council of Jamaica.
Jamaica’s main export partners are the United States, Canada and the United Kingdom, with other key export markets being Russia, Japan, the European Union (EU) and neighbouring Caribbean countries. The country enjoys strong brand recognition and global demand for its products and services, which have become synonymous with the highest standards of quality. Blue Mountain Coffee, rum and spicy jerk seasonings are but a few of the popular authentic Brand Jamaica goods in the global trading arena.
Increased demand was observed within the Food, Animal & Vegetable Oils and Fats segments. The country’s traditional exports comprise commodities like banana, sugar, coffee, bauxite, alumina, sugar and rum. The non-traditional products which have gained traction in overseas markets are seafood, yams, ackee, baked products, sauces and limestone. The leading export products across categories are alumina, bauxite, mineral fuels, rum, yams and agro-processed goods. As the country moves to improve its performance in the area of traditional exports, it is also keen to expand its export base and maximize opportunities in emerging non-traditional areas such as pharmaceuticals, herbs and herbal products, condiments, craft and giftware and services.
Jamaica is a premier investment destination that offers many advantages for establishing international businesses. The country is seeking to identify new investment opportunities in priority sectors to facilitate further development of the economy. The growth in global trade and on-going advancement in information technology have enabled greater access to international markets, resulting in expansion in the country’s road network, shipping and port facilities. These developments are bolstered by stable government, independent judiciary, highly talented, skilled and flexible workforce, modern infrastructure, strategic location and a friendly business environment.
High profile international brands such as Iberostar, Fiesta Hotel Group (Grand Palladium), Marriott and Hyatt have invested in Jamaica’s tourism sector with confidence. In the Information and Communications Technology/ Business Process Outsourcing (ICT/BPO) sectors, the country’s strong value proposition has landed global industry players such as West Corporation, Xerox, Sutherland Global Services, Vistaprint, Hinduja Global Solutions and more recently, Fusion, Collective Solutions International and Concentrix.
Jamaica encourages business persons – locally and worldwide – to explore the opportunities that exist in the island’s competitive business environment, which has the highest ranking in the Caribbean for the ease of doing business. Emerging investment opportunities in medical marijuana, construction of medical facilities, wellness, sports facilitation, higher education ventures, technology parks and offerings in economic zones are among the many areas in which investors can participate in public-private partnerships and joint ventures.
“We are inviting investors from across the world to invest in Jamaica and be a part of this exciting period of innovation, transformation, and economic growth." - Senator Aubyn Hill, Minister of Industry, Investment and Commerce
Global Business Paired with Local Sustainability
The continued improvement of Jamaica's economy will encourage a new wave of collaborative and multi-faceted investment in Jamaica which uniquely prioritizes sustainable projects deemed to be in both the national and global interest.
To assist with this bridging of the evolving needs of international investors and the local social development needs in Jamaica itself, a variety of both public and private sector initiatives are being rolled out 'on the ground' in the country. These initiatives include the National Investment Policy, Global Services Sector Project and the Business Environment Reforms Agenda. Importantly, these initiatives will give Jamaicans new career development opportunities and further strengthen the local economy, whilst enabling high-value skills development and offering an unprecedented level of support to investors.
The Holistic and Ethical Choice
Specifically, for the Global Service Sector (GSS) Project, the skills training and apprenticeship programmes will develop the Jamaican population in higher value-added service capabilities such as Management and Leadership, IT Infrastructure, Communication, Digital Marketing, Software Development and Integration, Critical and Analytical thinking, and human-centered Interaction Design.
Impressively, under the Apprenticeship Programme, close to 3,000 Jamaicans will be trained by the end of the GSS project, while under the High School Immersion Programme, 20,000 local students will be trained in enhanced job readiness and specialized tracks, creating monumental benefits for both Jamaica and its investors.
This type of thought-leading holistic and ethical approach to global business is transforming perceptions of global investment, and Jamaica is leading the charge.
The Jamaica Promotions Corporation (JAMPRO)’s mission is to drive economic development through growth in investment and export. JAMPRO is an Agency of the Ministry of Industry, Investment, and Commerce.
For more information on JAMPRO, please visit: dobusinessjamaica.com