2010-07-27
Minister Karl Samuda Courts Canadian Investors
Minister of Industry, Investment and Commerce, Hon. Karl Samuda is urging business people in Canada to look to Jamaica, noting that the country has a lot to offer investors.
“Jamaica is a stable country willing to participate as a partner in business. We have basic infrastructure that meets international standards and we have a workforce that is among the best in the world - highly trainable and to a great extent already trained,” he said.
Minister Samuda was speaking to potential investors and persons already doing business in Jamaica, at a meeting on Friday (July 23) at the offices of the Consulate General of Jamaica in Toronto.
He advised those interested in doing business in the island to get on board now, noting that the Government is willing to offer incentives similar to other destinations. “Now is the time for investors to look at Jamaica in a real way. Those who get in at this stage will be much better able to take advantage of the incentives we offer,” he pointed out.
Among the business interests present were owner of Blue Mountain Flame, which distributes Jablum Blue Mountain Coffee and Eaton’s chutneys and sauces, Jamaican-born Hal Campbell; Proprietor of Harlem Underground Restaurant, Anthony Mair, who is looking to produce a cooking show for The Food Network in partnership with operator of Lover’s Leap in St. Elizabeth, Michelle Miller; Chairman and President of Cement Jamaica, a subsidiary of Cemcorp Cement Canada, Armand Nahmiache; and Donald and Michael Samaroo of Sams International Foods.
Also in attendance were producer of the television programme ‘Caribbean’s Next Top Model’, Barbara Barde, who is hoping to shoot two episodes of the show in Jamaica; and President of First Chartered Business Development International Horace Gooden¸ who is working on developing a Retirement Village which, he says, will create some 3,000 healthcare jobs.
Turning to measures to stablise the economy and reduce debt, Minister Samuda said the Government, on assuming office, “made the tough decision” to restructure the debt at a reduced rate of interest, and the move immediately gave the country more revenue and also improved the ratio of debt to Gross Domestic Product (GDP).
He said that the Jamaican dollar has appreciated, net international reserves are strengthening every day, and inflation rate is running below one per cent per month, which is good news for potential investors, as it means that they can plan for the future.
As it relates to crime and violence, Minister Samuda said recent initiatives introduced to “choke the oxygen out of crime by dismantling gangs and taking gang leaders out of society,” have resulted in a reduction of crime in general by some 40 per cent and the murder rate by more than 20 per cent.
Before arriving in Toronto, Minister Samuda, accompanied by JAMPRO’s Regional Manager for North America, Robert Kerr, and Jamaica’s Honorary Consul in Victoria, Michael Marley, spent three days in Vancouver, British Columbia, where he met with business people.
These included Jamaican-born Dudley Delapenha on renewable energy matters; Chairman of the Jamaica Business Advisory Council, John Robinson; Vice-President of the British Columbia Chamber of Commerce, Jon Garson; Acting Managing Director of the Vancouver Board of Trade, Grayden Hayward; President of the Jamaican Canadian Cultural Association of British Columbia (JCCABC), Sandra Scott-Phillips; and Vice-President of the Airport Development and Transportation Division for SNC-LAVALIN, Ian Matheson.
The Minister indicated that the discussions with Mr. Matheson revolved around his company’s interest in constructing an airstrip on the South Coast in order to open up that area to tourism.
Minister Samuda was in Canada following a trip to China to visit the largest trade show in the world, the Shanghai Expo, which goes from May 1 to October 31, and expects at least 70 million visitors before it closes.
While in Shanghai, Minister Samuda also met with persons interested in doing business with Jamaica and existing business partners, including Complant International Sugar Industry Company, which recently acquired Frome, Monymusk and Bernard Lodge sugar factories; and Madame Jhin, representing the exclusive distributors for Blue Mountain Coffee in China.