JAMPRO: A Dedicated Partner for Investors and Exporting Businesses

Jamaica's potential for growing its exports and attracting investments is supported by a first-rate business climate

Jamaica has a brand that reso­nates all over the world, says Diane Edwards, president of Jamaica Promotions Corporation (JAMPRO), the government agency that helps investors and exporters to realise the potential of business opportunities. "That recognition gives us a tremendous platform to leverage when taking our products into the world. Ja­maica exports fantastic goods, such as fresh tropical fruits, processed foods and beverages, cosmetics and nutraceutical ingredients. We also export large amounts of bauxite, alumina and limestone;' she reveals.

The agency provides a match­making service to connect com­panies worldwide with local busi­nesses, Edwards explains, "We find the right markets for our exporters, the right Jamaican products for in­ternational importers and the right partners for investment projects:' Jamaica offers attractive options for investors across a wide spectrum of activities. "We're expecting high growth in areas such as tourism, where there is an opportunity for luxury hospitality brands from the Middle East. Another is our thriv­ing business-process outsourcing sector, which now employs 44,000 people;' she notes.

One industry that is full of possi­bilities is logistics, Edwards asserts: "Jamaica can be the logistics centre of the Caribbean. Ships from Chi­na that travel through the Panama Canal to the eastern seaboard of the US have to pass by our country. In addition, we have the most modern port in the region, which can han­dle post-panamax vessels:' With the Caribbean currently importing 85 per cent of its food, she also high­lights agriculture and food manu­facturing as profitable investment sectors. There is potential in the is­land's renowned creative industries as well, with Jamaica boasting a wealth of talent in areas like music, film, animation and fashion.

Two other sectors that should appeal to Middle Eastern investors are infrastructure and renewable energy, Edwards says: ''About 13 per cent of our energy is delivered by renewables today, but our ambi­tion is to increase that to 30 per cent by 2030. We are looking for new sources of solar, wind, geothermal or waste-generated energy, and the government will publish a request for proposal by early next year:'

Another of JAMPRO's roles is to help optimise the business envi­ronment in a country that already welcomes investors with many in­centives. For example, the World Bank rates it as the sixth-best place to start a business, there are no re­strictions on foreign ownership of assets or the repatriation of profits, while its stock exchange is high per­forming and very active.

JAMPRO wants to go further and is now implementing its Business Environment Reform Agenda to re­view and revise an extensive range of laws and regulations. "One of the major things weve achieved so far is a Priority Projects Bill that allows large-scale investments to be fast­tracked. Weve also launched the National Business Portal, which will facilitate multiple business-to-gov­ernment transactions in one on­line location. This programme is intended to catapult Jamaica into the top 10 of the World Bank Doing Business overall rankings, and is a demonstration of how dedicated we are to making life easy for business­es and investors;' she enthuses.