The Urban Development Corporation and the Jamaica Promotions Corporation (JAMPRO) have formally entered into a Memorandum of Understanding (MOU) that will be in place until March 31, 2021.
The two Government agencies have agreed to work together towards “mutually identified programmes, investment promotions and initiatives towards generation of investments and the facilitation of business development opportunities in Jamaica.”
It is anticipated that the MOU will see collaboration on marketing programmes, support with the handling of investment queries, simplification of processes, and organization of targeted business functions aimed at providing information on investment policies and Government processes. Both parties will work to promote and facilitate foreign direct investment in key priority areas to stimulate economic growth and job creation.
Speaking on the value of the MOU, Diane Edwards, President of JAMPRO said the Agency was pleased to partner with the UDC, as Jamaica seeks to attract more local and international investment. She said JAMPRO will be leveraging its strengths to manage the promotion of various projects, queries and other requests, to encourage quick facilitation of investment into the island.
She went on to say, “JAMPRO believes that collaboration is a guaranteed path to success, so we are of the view that this partnership will bring fruitful results for our economy and overall development.”
The UDC and JAMPRO have already identified key areas for collaboration. These include marketing of eco-development projects such as the Goat Islands Wildlife Sanctuary, support with the marketing of all UDC land divestment and Requests for Proposals (RFPs) for development, as well as other commercial and investment opportunities.
UDC’s General Manager, Heather Pinnock, looks forward to seeing positive outcomes for development and investment by both local and foreign industry players. “This MOU can open many doors that will spur economic growth. The UDC, as the leaders in urban and master planning, can further align its services with the overall objectives of the Government with the support of JAMPRO, who are experts in the area of investment.”
The MOU was formally signed at JAMPRO’s offices on June 17, 2020.