Minister without Portfolio in the Ministry of Industry, Commerce, Agriculture and Fisheries, Hon. Leslie Campbell.
The National Investment Policy (NIP), which aims to position Jamaica as a major player in the global investment community whilst driving economic growth through sustainable development, was tabled in the Houses of Parliament, Tuesday, July 28, by Minister without Portfolio in the Ministry of Industry, Commerce, Agriculture and Fisheries, Hon. Leslie Campbell.
The Policy will be implemented over a three-year period and is projected to cost J$78 million. It will guide and streamline engagement with public and private sector stakeholders participating in the process of investment marketing, promotion and facilitation.
The policy seeks to create the structures deemed necessary to achieve greater economic growth and development. It will also revolutionize the country’s investment landscape by providing a practical framework that facilitates private investment and coordinates the efforts of all agencies in promoting investment in Jamaica.
“Foreign and local direct investments are key drivers for economic growth in Jamaica, and the country has been undertaking significant structural reforms over the past decade to improve its investment climate,” Mr. Campbell said.
Among the goals to be achieved over the three-year period is the provision of a streamlined customer-centric investor experience across government that offers strategic guidelines to identify, facilitate and realise greater investments in the country.
Additionally, there will be the strengthening of mechanisms for trading across borders that will support national economic growth and the positioning of Jamaica as the investment destination of choice in the Caribbean region for international companies and investors.
Minister Campbell noted that the underpinning principles that guided the development of the policy recommendations are building efficiency; public sector cohesiveness; global competitiveness; transparency and sustainability.
The NIP was conceptualized in 2014 and embodies the National Development Plan, Vision 2030.
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The Ministry of Industry, Investment and Commerce is described as Jamaica's "Business Ministry." It's mandate is to lead the development of policies that will create growth and jobs, while achieving social inclusion and consumer protection. The Ministry, working its stakeholders is primarily responsible for business policy development, monitoring and evaluation, while giving direction and oversight to a cluster of implementing departments and agencies.
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