Jamaica Expands Borders to Attract Increased Investments in Logistics New hotels continue to be established by local entrepreneurs as well as international hotel brands from Spain, Mexico and the United States. The island offers a blend of culture, natural beauty and diverse attractions, providing opportunities in specialised areas such as ecotourism, health, heritage, entertainment and culture tourism.
The country’s strength in the area of tourism is well-known with Jamaica consistently attracting over 4 million stopover and cruise visitors in recent years. With near shore access to the US, low attrition rates and high labour force availability among secondary and university graduates, Jamaica provides great value to businesses looking for a Business Process Outsourcing (BPO) destination. However, while Jamaica remains an attractive destination for BPO, there are also significant opportunities for investment in tourism, manufacturing, agriculture, logistics and energy. Jamaica’s strength as an investment location is under-girded by a number of factors, including its large English-speaking population, competitive wages, accessibility to a diverse labour pool, and its ideal location for trading with the rest of the Western Hemisphere, including the United States (US), combined with the fact that the country is blessed with an abundance of natural resources, favourable market access and well-developed infrastructure. To this end, in 2017, JAMPRO reviewed its three-year business plan and established new strategies to promote business, build global partnerships and transform the business environment. The agency is now in the process of transforming the business environment and getting to top 10 in the World Bank’s Doing Business Report, which will include a number of new initiatives around technology, such as allowing investors to start a business online, and apply for and track their applications for building permits through the Application Management and Data Automation (AMANDA) system. Additionally, JAMPRO is working on the creation of a single national business portal which will allow persons to transact all their business online with the Government. Armed with this knowledge, the Jamaica Promotions Corporation (JAMPRO) has been coordinating various initiatives across Government to improve efficiency and effectiveness in facilitating investment projects and activities. This is in keeping with the long term national development plan dubbed Vision 2030 – “Jamaica, the choice of place to live, work, raise families and do business”.įor many years, Jamaica’s business environment was steeped in bureaucracy and not conducive to developing or attracting new businesses and international investors seeking opportunities in the region’s largest English-speaking economy. Jamaica continues to make great strides in enhancing its reputation as a top Caribbean investment destination.
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