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Jamaica has a supportive and maturing business environment that is ripe for local and foreign direct investments to spur increased economic growth, says Minister of State for Industry, Investment and Commerce, Dr Norman Dunn.

He noted that the country is “abound with opportunities”, which the Government is committed to facilitating through the Jamaica Promotions Corporation (JAMPRO) and its partners. Among the areas that the Government is looking to attract increased investment is logistics.

“Statistical research, published on October 14, 2022, stated that the global logistic market is projected to reach approximately US$14 billion by 2027, and the Jamaican Government is laser focused on gaining a significant portion of the global market share,” he noted.

Dunn was addressing the Invest Jamaica 2022 Business Conference at the Montego Bay Convention Centre in St James on November 30.

The state minister said that the central theme for the high-level conference, ‘Jamaica – the Nearshore Delivery Hub of the Caribbean’, recognises the country’s value for investment and business opportunities, which aligns with the Government’s National Investment Policy.

“The policy focuses on improving and increasing private direct investments in Jamaica.  This is a major signal of the Jamaican Government’s commitment to engender a business environment that bolsters and enhances economic development and growth,” he pointed out.

“The National Investment Policy also underpins the National Business Portal, which is intended to drive improvements in the business environment by shifting government online while also incentivising and prioritising investment,” he added.

Chief Executive Officer of Inter-American Development Bank (IDB) Invest, James Scriven, touted Jamaica as a prime destination for business.

He noted that there are many impact investors around the world looking for billion-dollar investment opportunities and “here is Jamaica with its physical infrastructure and fiscal discipline raising its hands and saying, ‘I’m the place to invest’.

“We will continue to count on partners like Jamaica. Jamaica is a large shareholder for the IDB Group and IDB Invest,” he said.

The two-day conference, from November 29 to 30, was hosted by the Ministry of Industry, Investment and Commerce, in partnership with the IDB, and aimed to position Jamaica as the next global investment destination of choice.

More than 600 registrants attended the conference, representing over 50 countries.

Day two featured discussions relating to agribusiness, special economic zones, Jamaica’s financial ecosystem and more.

Source LOOP News  Jamaica