US$300M Annual Earnings from Proposed International Financial Centre

Industry, Investment, and Commerce Minister, Hon. Anthony Hylton (centre), and President, University College of the Caribbean (UCC), Dr. Winston Adams (left), listen to a presentation by GraceKennedy Limited Chief Executive Officer, Don Wehby, during Monday’s (June 15) Business Leaders Power Breakfast at Hilton Rose Hall Hotel in Montego Bay, St. James. The breakfast formed part of scheduled activities for the 6th Biennial Jamaica Diaspora Conference, being held from June 13 to 18, at the Montego Bay Convention, under the theme: ‘Jamaica and The Diaspora: Linking for Growth and Prosperity’.

Industry, Investment, and Commerce Minister, Hon. Anthony Hylton (centre), and President, University College of the Caribbean (UCC), Dr. Winston Adams (left), listen to a presentation by GraceKennedy Limited Chief Executive Officer, Don Wehby, during Monday’s (June 15) Business Leaders Power Breakfast at Hilton Rose Hall Hotel in Montego Bay, St. James. The breakfast formed part of scheduled activities for the 6th Biennial Jamaica Diaspora Conference, being held from June 13 to 18, at the Montego Bay Convention, under the theme: ‘Jamaica and The Diaspora: Linking for Growth and Prosperity’.


Industry, Investment, and Commerce Minister, Hon. Anthony Hylton, says the creation of an International Financial Services (IFS) Centre in Jamaica could potentially generate some US$300 million in earnings annually, and 10,000 additional jobs, for the country.

He was speaking at Monday’s (June 15) opening plenary of the 6th Biennial Jamaica Diaspora Conference in Montego Bay, which focused on ‘Brand Jamaica and Diaspora Investment Opportunities.’

Mr. Hylton said development of the IFS Centre is a key area being targeted by the Government to transform the country’s economic landscape.

The aim is to establish the country as an offshore financial hub, similar to jurisdictions such as Bermuda and the British Virgin Islands.

Minister Hylton informed that several key pieces of legislation have been drafted to facilitate the IFS Centre, noting that promotion of the potential opportunities from the development will be undertaken during the second half of the 2015/16 fiscal year.

The Minister said Jamaica’s role as an IFS Centre would also complement the Logistics Hub Initiative, and will be of significant importance with the development of the Special Economic Zones (SEZ), that will eventually replace existing free zones.

Approximately 1,600 delegates from the United States, Canada, and the United Kingdom are attending the six-day Diaspora conference, being held at the Montego Bay Convention Centre from June 13 to 18, under the theme: ‘Jamaica and the Diaspora: Linking for Growth and Prosperity’.

Source: 
http://jis.gov.jm/us300m-annual-earnings-proposed-international-financial-centre/
Published Date: 
Tuesday, June 16, 2015