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Industry Minister Says Jamaica is Attractive Investment Destination

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February 2023

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, says Jamaica is positioned as an attractive investment destination.

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 17 Feb 2023    admin   

Jamaica is positioned as an attractive investment destination, says Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill.

Addressing the Global Tourism Resilience Conference 2023 on February 15, at the University of the West Indies Regional Headquarters, Mona, Senator Hill informed that the country “grew by 8.2 per cent in the 2021 fiscal year and another 5.7 per cent up to September of last year, making it a very attractive investment destination”.

Senator Hill assured investors that if they invest substantial sums of money in Jamaica, they are going to get substantial benefits.

“If you come to Jamaica to invest in our Special Economic Zones (SEZs), for instance, we are located perfectly between the Panama Canal, Europe, a little bit away from the United States and we are saying that we want to become the logistics hub, especially with Guyana developing,” he said.

The Minister argued that Jamaica must be that place from where “we launch all the products that you can’t take into Guyana now, because the draught of the Demerara River is four to six metres”.

“With Jamaica having the seventh largest harbour in the world, we are going to ship a lot of products that we want the SEZ to develop, so if you become a master developer in the SEZ, starting with Caymanas, we will give you a 50-year [renewable] lease,” Senator Hill said.

He noted that investors also have the opportunity to negotiate non-taxes for the rental income that they will make as master developers.

Additionally, Senator Hill informed that there are no restrictions on currency.

“If you bring in clean money, you take out clean money. I know from running banks around the world that it’s not about where you put your money that you want to invest, but it’s how easily you can get out your money if you have to,” he said.

“We want you to bring all your money in, and we are telling you that we have policies that will ensure that your money is taken out [safely],” the Minister added.

In the meantime, Senator Hill said that there have been improvements in the country’s infrastructure.

“The Prime Minister has been building out our road infrastructure. We are now extending our roads from Kingston to Williamsfield (Manchester)… . The eastern sides, St. Thomas and Portland, will match up to the north coast, and in the end we will fix from Williamsfield to Negril,” he noted.

Additionally, improvements have been made to the nation’s broadband, healthcare and hotel infrastructure.

“We have help from other countries and we are working collectively to ensure that we handle the crime problem,” Senator Hill also pointed out.

Source: JIS 

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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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