Jamaica’s successful economy, strategic location, connectivity, natural resources, cultural status and pro-business approach make it the ideal investment destination
The third-largest island in the Caribbean’s diverse economy has grown every year since 2013, with its gross domestic product (GDP) rising by 1.5 percent in 2018. “Our economy is in an excellent position. In 2018, exports grew by 43 percent to $1.3 billion, business confidence has increased by 24 percent recently and Jamaica has received over $6 billion in foreign direct investment (FDI) in the last decade,” said Diane Edwards, president of Jamaica Promotions Corp. (JAMPRO), the investment and export promotion agency.
The country’s economic success has intensified since Andrew Holness was elected as prime minister in 2016. “The government has put in place platforms that will bring prosperity for all in Jamaica,” said Minister of Industry, Commerce, Agriculture and Fisheries Audley Shaw. These include reformed frameworks for taxes and the public sector that have generated economic stability. “Our mantra has been fiscal prudence. We have brought our debt-to-GDP ratio down 36 percent to 96 percent and plan to get it to 60 percent within five years,” stated Edwards.
Jamaica has many advantages for investors, especially its location. “We are between North, South and Central America, with a market of 800 million consumers within four hours of our shores. We are also directly north of the Panama Canal and have one of only two Caribbean ports that can receive the world’s largest ships,” she said. That port is part of a substantial network of transport and logistics infrastructure that is being significantly expanded to enable Jamaica to boost its position as a global hub for logistics and other industries.