Industry Minister promotes re-investment and logistics opportunities on Europe mission

London, United Kingston: A Jamaican delegation recently undertook an investment promotion mission to Europe in an effort to promote expansion opportunities within Jamaica. The delegation, which was led by the Honourable Minister of Industry, Investment and Commerce, G. Anthony Hylton and representatives from the nation’s investment promotion Agency, JAMPRO, targeted top companies and business networks as part of the Agency’s strategy to increase foreign direct investments (FDI) in Jamaica.

The mission was a key step in leveraging local contacts to increase international investment in the build out of a logistics-centred economy. The delegation met with executives of global companies at the headquarters of some of Jamaica’s largest multi-national investors and hosted a business-networking seminar at the Jamaican High Commission in London.

Investors showed keen interest in developing projects in logistics, petroleum, agriculture, tourism and renewable energy, which are rapidly growing and vibrant sectors. The Jamaican delegation was able to progress a number of projects and discuss the various needs of the companies, to gain more perspective on their requirements and overall plans to develop projects in Jamaica. 

Minister Hylton also gave insight on the numerous possibilities for Jamaica as a logistics hub, which involves the development of facilities to store and manufacture products that would be exported to neighbouring markets.

“The discussions with business executives demonstrate knowledge of Jamaica’s improved business environment. Multi-nationals already operating in Jamaica expressed an interest in re-investing, while new companies, having seen the potential of the logistics hub, are seeking to invest. ” Minister Hylton explained.

Diane Edwards, President of JAMPRO said the agency has been maintaining its relationships with European multinationals to interest them in leveraging their Jamaican location as a hub to access regional markets. She said that while there are some improvements to be made in the business environment, particularly in the improvement of internal logistics, to attract more investment, there is an overall positive response to investment opportunities in Jamaica.  

“There is much to be done to improve our business atmosphere to attract more investment, but we are pleased that there is confidence in the economy due to the prospects that are available in Jamaica. JAMPRO will continue to work with these companies and facilitate their entry or re-entry into the market and we foresee great outcomes on the horizon,” Edwards said.

 

JAMPRO is mandated to market, promote and facilitate the implementation of projects that add value to the Jamaican economy. The Agency targets key regions as part of their market activation strategy for investment and export promotion. Investment promotion activities in Europe, North America and Asia, have resulted in the execution of 24 investment projects up to March this year.

Source: 
JAMPRO
Published Date: 
Friday, October 16, 2015
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