Investors Looking to Do Business in Jamaica – Industry Minister

Many investors are looking towards the island to do business, as the Jamaican economy is performing well, says Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill.

Addressing the Sagicor/PriceSmart credit card launch in Portmore, St. Catherine, on October 28, the Minister argued that the climate for investors is right, and consumer confidence is at the highest it has been in 20 years.

The Minister said this has resulted from deliberate actions by the Government, adding that the economy grew by 5.7 per cent during the first quarter of the current fiscal year.

“We have a stock market that is free; you can bring your money in, and we have a Central Bank that doesn’t control currencies. The economic climate that the Administration has prepared has made that possible,” Senator Hill noted.

He said the move by Sagicor and PriceSmart highlights a “welcome” trend in the global service industry, which will improve customer experience while building brand trust, customer loyalty and improved profits.

“All over the world, financial institutions and digital payment platforms are flocking to embed engaging cash-back rewards into their user experience. I am delighted to see that Sagicor Bank is continuing to build a strong presence in that customer service space,” the Minister said.

“But what is even more gratifying is that you have partnered with a significant player in the wholesale and retail trade industry that contributes significantly to the country’s commercial activities,” Senator Hill added.

The Minister pointed out that despite the negative effects that the coronavirus (COVID-19) pandemic has had on the economy, the Government has been keen to ensure that “thoughtful financial grants” and support mechanisms are in place to buffer any severe immediate and longer-term effects.

Senator Hill said the country has experienced the fastest recovery from any such emergency that has occurred.

He argued that the positive outlook among the business community, as reported by the Jamaica Chamber of Commerce (JCC), “is good news for many employees and consumers,” because when businesses do well, their employees and consumers should expect “reasonable benefits”.

The new Sagicor Bank/PriceSmart card will provide clients with special bonuses, added features and rewarding benefits, which will improve their shopping experience and potentially increase economic growth in the region.