KINGSTON, Jamaica, CMC—Industry, Investment, and Commerce Minister Aubyn Hill said Monday that Jamaica is one of the most attractive investment destinations in the Caribbean and is urging more diaspora members to do business in the country.
Hill, addressing a panel discussion on the topic ‘Jamaica Open for Business: Transforming Investment and Enterprise in Jamaica through Diaspora Engagement,’ cited the local currency’s stability as a critical reason to invest in the island.
“There is no foreign exchange control in Jamaica. Clean money comes in, and clean money goes out,” he said during the discussion at the 10th Biennial Jamaica Diaspora Conference, which is being held at the Montego Bay Convention Centre in St. James, northwest of here.
Hill said that the Government’s ability to undertake infrastructure development and deliver critical services, particularly during the pandemic, without raising taxes speaks to the strength of the economy.
“We’ve gone through a pandemic where we had to spend J$100 billion (One Jamaica dollar=US$0.008 cents) of Jamaican money that we didn’t plan to spend, yet we didn’t borrow any new money or raise taxes.
“In fact, for the last eight years…what we have done with taxes is cut them. We cut the payroll tax twice and cut VAT (value-added tax) once,” Hill said, adding that the infrastructure buildout, real estate potential, and Jamaica’s position as the logistics hub of the Caribbean also makes the country attractive to investors.
“This is where your money should be. Come to Jamaica,” Hill said.
The chief executive officer of GraceKennedy Financial Group, Grace Burnett, said the highly productive and English-speaking talent pool is a major reason Jamaica is open for business, noting, “Our literacy rate is well over 92 percent, and we have a very stable democracy.
“When you look at some of the endorsements we have received from overseas institutions on ease of doing business and how we are performing as an economy, we have a very stable, strong regulatory framework and very supportive environment for starting and growing a business,” she explained.
Brando Hayden, the managing director of JN Fund Managers at JN Group, explained that the risk management and infrastructure necessary to comfort investors are strongly in place.
“When you come to Jamaica, not only are we open for business, but your investment or participation is backed up by solid infrastructure.
“We have the Jamaica Central Securities Depository, and when you invest through the stock market, whether it is a bond or stock, and they also do private equity and private debt, you know there is a solid record for your investment. You know exactly how much you have from the depository and how much you get your dividend payments,” Hayden said.
Leighton Smith, the chief executive officer of VM Finance Limited and VM Overseas Offices at the VM Group, said that Jamaica’s economic stability, strategic location, strength of the financial sector, skilled workforce, and diverse investment opportunities make It attractive to investors.
“What makes Jamaica the perfect landscape is when we think of the trade policies that exist… in terms of being the strategic location, which allows gaining access to markets – CARICOM and the United States,” Smith said.
Meanwhile, the conference organizers say it is becoming one of the largest ever.
They said more than 1,100 people in the diaspora and on the island had registered to attend the conference, which exceeds the target of 1,000 set by the Ministry of Foreign Affairs and Foreign Trade.
“This is our largest number of registrants ever, our largest number of sponsors ever, it is our largest marketplace ever,” said Foreign Affairs and Foreign Trade Minister Kamina Johnson Smith.
She told the welcoming ceremony that she felt “really moved to celebrate that this continued growing and expanded support of the movement by our nationals at home and abroad is something we can all collectively be proud of.
“You reflect the strong bonds between Jamaicans and our homeland wherever we go. You demonstrate the desire to strengthen the partnership with our homeland further and to see how together we can build wealth, we can build community and build partnerships,” she said.
The conference, which ends on Wednesday, is the signature biennial global forum that connects Jamaicans and persons of Jamaican descent living across the globe. It aims to strengthen linkages and build alliances to fuel Jamaica’s growth and development on the world stage.
Johnson Smith encouraged delegates to engage with the activities set to take place throughout the conference, “which respond to expressed areas of interest from you,” adding that “they are aligned with the four core goals of national development, [and] Jamaica’s agenda 2030 and over the next four days we want you to participate actively in the sessions.”
Minister of State with responsibility for Diaspora Affairs Alando Terrelonge emphasized the significance of the conference, saying that it unites Jamaicans living on the island with “our extended family from across the world.”
The event is being held under the theme ‘United for Jamaica’s Transformation: Fostering Peace, Productivity and Youth Empowerment,’ and Terrelonge said the “highlights our collective dedication to building a better Jamaica…it calls on all Jamaicans, regardless of their current location, to join hands in shaping the future of our beloved country”.
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