TRADE & INVESTMENT
Jamaica’s economy has a long history of trade and investment, dating back to the days of discovery in the 17th Century, through the sugar and banana years up to the mining and manufacturing period. The evolution has continued with the services and financial sector and creative industries now joining the ranks of valuable investment opportunities.
INVEST IN JAMAICA
Jamaica’s major investment industries are Agri-business, Energy, Mining, Knowledge Services (Business Process Outsourcing), Logistics, Manufacturing, Creative Industries and Tourism.
Agriculture and Agri-Business
Jamaica, which enjoys ideal climatic conditions and has roughly 41% of its total land area available for agriculture, is an ideal location for agricultural and/or agri business-related investments for several reasons. These include the country’s proximity to key export markets in the Americas and the preferential market access which it enjoys, the increasing demand for high quality Jamaican products overseas, the expansive local market and the demand created by the more than 3 million tourists who visit Jamaica’s shores on an annual basis.
Mining and Energy
The Mining sector is well established in Jamaica and excellently positioned to enjoy significant revenue earnings from investments in the production of limestone and its high value derivatives. With over 50 billion tonnes of proven limestone reserves, a skilled labour pool and proximity to the major markets, the country is primed to increase its market share in this multi-billion dollar global industry. In the Energy sector, entrepreneurs can consider investing in projects related to new, renewable or alternative sources of energy.
Jamaica is the leading contact centre location in the English-speaking Caribbean and has firmly established its reputation as a strong and highly competitive destination for Business Process Outsourcing (BPO). As the third largest English Speaking country in the Americas, Jamaica offers prospective investors in this sector, a native English Speaking and culturally aligned workforce, nearshore accessibility and similar time zones.
Jamaica’s enviable strategic geographic location makes it poised to capitalise on the expansion of the Panama Canal as it seeks to position itself to join Rotterdam, Dubai and Singapore as the fourth node in the international logistics chain. Jamaica’s strong supportive infrastructure, large trainable workforce and proven track record in transhipment gives it competitive advantages that makes the country ideally suited for investments in the logistics sector.
For investors looking for a cost-effective manufacturing hub to supply the countries of the English Speaking Caribbean (CARICOM), Latin America or North American markets or for those investors seeking new production points within their manufacturing value chain, Jamaica provides an ideal platform. In the manufacturing sector, the country offers investors a number of advantages, including an enabling infrastructure, a skilled and scalable Labour Pool and strategic access and proximity to markets.
The Creative Industries
Creativity is one of Jamaica’s most distinct assets and it has solidified the country’s reputation as a cultural superpower. Jamaica’s capital city was officially designated by the United Nations Educational, Scientific and Cultural Organisation (UNESCO) as a “Creative Music City” in 2015. In 2018, Reggae was inscribed on the Representative List of the Intangible Cultural Heritage of Humanity by UNESCO. As a result of this landmark decision, Reggae music joins a list of more than 300 cultural practices that will be protected and promoted. Reggae, it has been determined, is now an international cultural treasure which was created in Jamaica and is worthy of protection. The country’s success with the creative industries is not only demonstrated in music but in many other areas as well including film, animation, fashion and sports, all of which promote Jamaica’s unique flair and inventive spirit to the world.
Jamaica is an ideal location for business interests looking to invest in a tourism project. The country has global destination appeal, enviable air connectivity, a diverse portfolio of attractions a vibrant calendar of events, idyllic lands for development and a Government committed to building the sector further with Medical Tourism being one of the vibrant new sectors being promoted for investment.
Jamaica has achieved a level of economic stability that provides an environment encouraging strong investment. The Government is committed to facilitating business opportunities for the benefit of the country and investors. The investment regime is open and transparent. According to the 2018 World Bank Ease of Doing Business Report, Jamaica ranked 70th out of 190 countries and, importantly, when compared to competitors in the region, second in the Caribbean behind the US Territory of Puerto Rico.
Jamaica’s people are a primary resource, with highly skilled professionals available in just about every area of expertise. Jamaica boasts a productive workforce of over 1 million people and the world class and robust ICT infrastructure not only supports all the requirements for global connectivity but ranks among the most developed in the world. On the 2017 Global Competitiveness Index, Jamaica ranked 70th out of 137 countries.
For more information please visit http://www.jamaicatradeandinvest.org/investment
TRADE WITH JAMAICA
Jamaica is internationally recognised for its excellent food and beverage exports including its world renowned Blue Mountain Coffee, Rum and Jerk Seasoning as well as a wide array of fresh produce and processed foods. In addition to the traditional exports such as sugar, bananas, bauxite/alumina, Jamaica is also home to producers and exporters of world-class wellness, spa and nutraceutical goods. Goods and services from the vibrant creative industries continue to be important export items.
Blue Mountain Coffee
The coffee grown in the Blue Mountains of Jamaica at altitudes ranging from 2,000 to 5,000 feet, consists almost exclusively of Arabica beans and is among the best and most distinctive in the world. Recognised internationally as a boutique coffee, Jamaican Blue Mountain coffee is protected under the Geographical Indications Systems and trades at above average prices on the commodity market. The beans are sold green, roasted or ground and are blind tested to ensure superior quality.
The Jamaican climate, fertile soil and 500 year old sugar industry combine to produce rums of a superior quality to the global spirits industry. Available in several grades including, light, gold, spiced, dark, flavoured, overproof, single barrel and premium, Jamaica enjoys a reputation of as a purveyor of fine aged rums and is home to the oldest barrel aged rum in the world – The Appleton Estate 50 Year-old rum.
Jerk Sauces and Seasoning
The perfect condiment for meats, poultry, fish and even vegetables, Jerk is the signature flavour of Jamaica. Always bold and definitely versatile, Jerk can be spicy, hot, mildly smoky or even a little sweet and is both a seasoning and a method of cooking. Protected under the Geographical Indications System for its unique flavour and origin, Jerk is in high demand in ethnic, mainstream and gourmet food markets the world over.
Business interests can rely on Jamaica’s strong certification systems, stringent regulatory standards, consistently high quality and global brand equity and appeal in pursuing trade opportunities with Jamaica.
For more information please visit http://jamaicatradeandinvest.org/trade