Gov’t Targeting Increased Local and Foreign Investments Over the Next Three Years

The Government will, over the next three years, facilitate local and foreign private investments under the National Investment Policy, with a view to enhancing clarity, certainty, and predictability, and boosting investor confidence.

This was announced by Governor-General, His Excellency the Most Hon. Sir Patrick Allen, while delivering the Throne Speech during the 2023/24 Ceremonial Opening of Parliament at Gordon House on Tuesday (February 14), under the theme ‘A Stronger Jamaica: Consolidating Our Recovery, Reigniting Our Decade of Growth’.

The Governor-General said the Policy, which was tabled as a White Paper in December 2022, “envisions positioning Jamaica as a major player in the global investment community and seeks to drive economic growth and sustainable development”.

He noted that manufacturing remains a key driver of development, highlighting the Government’s ongoing commitment to implementing the necessary interventions to support innovation, growth, and continued investment.

Meanwhile, the Governor-General advised that local and regional manufacturers and producers can now benefit from expedited entry of food exported to the United States (US) through the Jamaica National Agency for Accreditation (JANAAC).

JANAAC was recognised in June 2022 as an accreditation body under the United States Food and Drug Administration (FDA) Accredited Third-Party Certification Program (TPP).

The agency is now able to accredit food certification bodies to conduct FDA audits and certify food facilities.

The Governor-General also highlighted the critical role of the Global Services Sector (GSS) in driving business and promoting investments.

“The National Global Digital Services (GDS) Strategy 2021-2025 outlines the Government’s commitment to grow a more skilled labour force for the industry, market business opportunities and create a legislative environment that can attract and expand local businesses,” he said.

A total of 1,700 apprentices have been enrolled in the Global Services Sector Apprenticeship Programme to commence training in 2023.

To date, more than 2,000 persons have been trained to meet the supervisory-level entry requirements.

Meanwhile, the Governor-General advised that work will continue on amendments to the Companies Act and the Insolvency (Amendment) Bill, during 2023/24.

Source: JIS