ST JAMES, Jamaica (JIS) – Industry, Investment, and Commerce Minister Anthony Hylton, says Jamaica has recorded a “gradual recovery” in Foreign Direct Investment (FDI) inflows, in the wake of the global economic depression, to remain a viable location for this engagement.
Speaking at the 2nd Jamaica Investment Forum (JIF), at the Montego Bay Convention Centre, on Wednesday, March 11, Hylton said since the onset of the recession, in 2008 and 2009, Jamaica has recorded increased inflows, which have moved from a low of US$218 million in 2011, to US$567 million in 2013.
He described this development as “encouraging” and a move “in the right direction.”
“As the recovery continued, we saw significant growth in tourism, including medical tourism; information and communication technology (ICT); Business Process Outsourcing (BPO); and the creative industries sectors in 2014,” he further indicated.
The Minister noted that over the last five years, the ICT sector, in particular, has recorded “tremendous” growth, citing that a number of international entities have established operations in Jamaica, thereby contributing to significant employment and income generation.
Hylton contended that Jamaica has thrived fairly well in this regard, against the background of “dramatic” declines in FDI figures recorded globally in 2014, which fell by eight per cent, despite rounding out at US$1.26 trillion; as also, those recorded by other Caribbean countries whose figures cumulatively decreased by 16 per cent.
Jamaica, he stated, has been and will remain “bullish” in its quest to attract increased foreign investments.
Noting that the JIF is being staged in the context of FDI inflow declines globally and across the Caribbean, “driven mainly by a fall in the level of mergers and acquisitions in offshore financial locations,” Hylton assured that this “has in no way diminished our drive to step up our investment and promotional activities”.
The Minister said Jamaica’s economy is strengthening and is far more diversified than other Caribbean territories, which provides the country with a distinct advantage in its search for FDIs.
Published Date: March 11th, 2015