President of the Jamaica Manufacturers and Exporters Association (JMEA), John Mahfood, says the Jamaican economy is ripe for business and is urging investors to take advantage of the many opportunities that are available.
Addressing the opening ceremony of the Expo Jamaica 2023 tradeshow on April 27 at the National Indoor Sports Centre in Kingston, Mr. Mahfood outlined several indicators, which he noted, create a positive environment for investment.
These include sustained economic stability, an inflation rate that has been on the decline, while the debt to Gross Domestic Product (GDP) ratio is currently below 90 per cent.
In addition, the JMEA President said the tourism sector, which is one of the largest contributors to the country’s GDP, is experiencing a boom, with record tourist arrivals. The construction of some 8,000 new hotel rooms now underway signifies continued growth of the industry, he noted.
Mr. Mahfood, who pointed out that manufacturing grew by 6.3 per cent in 2022, said the sector is experiencing a resurgence and presents many opportunities for investment.
The growth in the Junior Stock Exchange (JSE) with 44 companies listed and projection for more in the next few years, is a positive sign of economic progress.
Mr. Mahfood said that the economic stability and growth, which he attributed to approximately eight years of economic reform and prudent fiscal measures, commencing with the signing of the International Monetary Fund (IMF) agreement, is evidence of a mature and consistent fiscal programme.
“That means that it has been eight years that our Governments have been leading us in the right direction and creating a much stronger Jamaican economy. We can now start to reap the benefits of eight years of sacrifice and start to build our economy. All sectors are now on a positive trend, including the manufacturing sector,” the JMEA head emphasised.
“I believe that we are at the point in our economy when we can expect to see a long period of economic progress and opportunity,” he added.
Source: JIS
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