Jamaica’s reputation as the "cultural mecca" of the Caribbean has positioned our creative industries as a key revenue generator for the local economy. The industry encompasses music, craft, cuisine, fashion, fine arts, publishing, film and video, advertising, architecture and a host of other creative goods and services. Globally, the creative industries are estimated to account for more than seven per cent of the world’s GDP, and the sector is forecast to grow at a rate of 10 per cent annually.

Reggae music and the arts have placed Jamaica on the world stage, and continue to boost other sectors such as tourism. Music is one of Jamaica’s most successful exports - the primary target markets being the United States and the United Kingdom. The music industry alone is estimated to have earned US$255 million in 2004, while the film industry has earned in excess of JA $1 billion in 2006. This was measured by direct investment and spin-offs from film, video and local television production. 

There is much room for growth in other areas such as fashion, natural products, cuisine and the visual and performing arts. Jamaica’s fashion industry is gaining international recognition, and consists of designers, modeling agencies, models ,and fashion events. Ranked fifth among the islands of the world for biodiversity, Jamaica has significant growth potential in the area of nutraceuticals and natural products. This - added to our already established reputation for delicious flavours and foods within the growing ethnic food segment - points to the fact that numerous market opportunities exist for Jamaican food and cultural products.

INVESTMENT OPPORTUNITIES

As the industry evolves, there is scope for increased investment in development inputs primarily in the areas of:

• Studio construction, sound stages, and post production in the film and music sectors

• Performing arts venue construction

• Introduction and upgrading of production and distribution technology for creative products

• Skills training and support business services across creative sectors

Other opportunities emanate from the synergies that exist with the tourism industry and the growing demand for cultural products such as food, craft and entertainment.

The major resort towns of Montego Bay and Ocho Rios, for example, have high numbers of stop-over cruise and domestic visitors, increasing the demand for the development of sustainable live entertainment and cultural products.

INDUSTRY SUPPORT

An abundance of creative talent and entrepreneurial dynamism exists in all segments of the creative industries, with a demonstrated capacity for expansion of wealth, foreign exchange earnings and employment. To facilitate the development of the industry, the government has extended incentives to investors, including:

• Duty free importation of musicians’ tools of trade

• Tax-free profits from overseas film and video releases for nine years

• Duty-free and tax free concessions on equipment, machinery and materials for the building of film studios and support facilities

• An investment allowance of 70% of sums spent on investment in infrastructure, with a carry forward of the unused portion

• No withholding tax on dividends paid to resident shareholders with investments in film companies. Non-resident shareholders earn dividends taxed according to the provisions of the Double Taxation Treaty with their respective countries: for example, the USA and UK are treaty members (thus eliminating the payment of taxes in Jamaica).

• General Consumption Tax (GCT) rebate of 16.5% for films on all goods and services purchased in Jamaica determined on a project by project basis.

THE INDUSTRY AWAITS YOU…

The abounding talent which drives Jamaica’s creative industries is underscored by shrewd business acumen, skill and ingenuity, and there are numerous opportunities to pursue joint venture partnerships in several areas.

The country is ripe with potential, and the Jamaican brand is already rich with associations of excellence in athletics, music, the arts and cuisine. It is clear that the Jamaican Creative Industries are on the cusp of phenomenal growth.

Now is the time to get on board!