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Investors shy away from Jamaica
Industry, Investment and Commerce Minister Karl Samuda says that the recent security operation in West Kingston to nab alleged drug dealer and gun runner Christopher "Dudus" is causing investors to shy away from Jamaica.
Investment Minister Karl Samuda Tuesday admitted that Jamaica, scarred by international coverage of the Labour Day battle which played out in West Kingston, is now finding it harder to attract investors, especially those now being wooed in China.
“With the local situation here and the international media carrying the ugly side of our country across the world, a number of persons in Shaghai that our people spoke to expressed great concern and in fact in some instances we were advised of some persons who were having second thoughts about Jamaica as an investment destination,” Mr. Samuda said.
Specifically, he said the incursion by the security forces into West Kingston forced investors in the film industry to pull a US$55 million project.
The ICT sector he said is also concerned about the developments and is in a wait-and-see mode.
Getting back investors in those two sectors and others, Mr. Samuda admits, will be a difficult task...but not one to be shied away from.
“Jampro will be embarking on intensive dialogue with existing investors, those who are ready here and those we wish to encourage to come here and the signs are positive, they are responding appropriately but we don’t want to be overly optimistic at this stage because we have been badly affected, so too the tourism sector. In our sector it is not as bad because business tends to look at things slightly different than visitors going on a holiday,” Mr. Samuda said.
The Minister would not comment on the cost of the project but said the money will initially come from Jampro redirecting some of its $400 million budget to the effort of repairing Jamaica's image in the international community.
Any other funds will be requested from the Finance Ministry.
Industry, Investment and Commerce Minister Karl Samuda says that the recent security operation in West Kingston to nab alleged drug dealer and gun runner Christopher "Dudus" is causing investors to shy away from Jamaica.
Investment Minister Karl Samuda Tuesday admitted that Jamaica, scarred by international coverage of the Labour Day battle which played out in West Kingston, is now finding it harder to attract investors, especially those now being wooed in China.
“With the local situation here and the international media carrying the ugly side of our country across the world, a number of persons in Shaghai that our people spoke to expressed great concern and in fact in some instances we were advised of some persons who were having second thoughts about Jamaica as an investment destination,” Mr. Samuda said.
Specifically, he said the incursion by the security forces into West Kingston forced investors in the film industry to pull a US$55 million project.
The ICT sector he said is also concerned about the developments and is in a wait-and-see mode.
Getting back investors in those two sectors and others, Mr. Samuda admits, will be a difficult task...but not one to be shied away from.
“Jampro will be embarking on intensive dialogue with existing investors, those who are ready here and those we wish to encourage to come here and the signs are positive, they are responding appropriately but we don’t want to be overly optimistic at this stage because we have been badly affected, so too the tourism sector. In our sector it is not as bad because business tends to look at things slightly different than visitors going on a holiday,” Mr. Samuda said.
The Minister would not comment on the cost of the project but said the money will initially come from Jampro redirecting some of its $400 million budget to the effort of repairing Jamaica's image in the international community.
Any other funds will be requested from the Finance Ministry.
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