Investment Opportunities in Jamaica

Introduction to Investment Opportunities

KINGSTON, Jamaica, CMC -Minister of Industry, Investment, and Commerce Aubyn Hill says now is an opportune time to invest in Jamaica.

He told the Jamaica Special Economic Zone Authority (JSEZA) Special Economic Zone (SEZ) Investor briefing that there is a need for both domestic and foreign investment in the country, noting among the reasons a record-low 3.5 percent unemployment rate, low inflation, a cut in taxes, and a crime reduction.

Benefits of Investing in Jamaica

Hill said consequent on these and other key factors, Jamaica is now “stable and investable” and is not the “same Jamaica that we were 10 years ago”, adding that there are benefits to be derived by investing in Jamaica through SEZs.

“All those goods you bring to build up your [operations] will be duty-free. When you start making money in years four, five, and six, and you invest that money, the profits you make from that, we will charge you only 50 percent of the corporate rate.

“The corporate rate in Jamaica is now 25 percent so that you will pay 12.5 percent. But you could drop it lower by how many Jamaican people you employ and trade with, and it could go down to 7.75 percent,” Hill said, adding that there are benefits for people who operate within developments in these SEZs.

“If you’re an operator within the master developer’s place, you get your customs duty in, and you only pay 12.5 percent tax, which could also go down to 7.75 percent. So, this would be a logistics and manufacturing distribution powerhouse in the Caribbean.”

Strategic Location and Skilled Workforce

He said that in addition to the tax benefits, Jamaica’s physical location—90 minutes from Miami, three hours from Panama, and seven hours from Europe—makes it the center of the global logistics chain.

Hill said that Jamaica also boasts a highly skilled and vast expertise population in various industries, including technology and digital transformation, trade and manufacturing, and the ongoing training, reskilling, and upskilling of the populace to meet the demands of the rapidly evolving global economy.

“We are saying to you there are great opportunities here. We are building corridors of prosperity from Kingston to Montego Bay, from Spanish Town to Black River to Negril. Jamaica offers you a strategic location, world-class seaports and airports, a skilled English-speaking workforce, a stable democracy, and a business environment that is open, reforming, and pro-investment,” Hill told the conference.

Expansion of SEZ Landscape

Meanwhile, JSEZA says it has expanded the SEZ landscape to attract investments in film production, green energy, artificial intelligence (AI), and pharmaceuticals.

Finance and Public Service Minister Fayval Williams said SEZs are more important now than ever due to the shifting global economy.

“These zones, paired with sound fiscal policy and modern infrastructure, are creating the environment that we need to lower the cost of doing business, attract high-quality local and international investments, connect MSMEs (micro, small and medium-sized enterprises) to global supply chains and elevate Jamaica’s competitiveness on the world stage,” she said.

The event here was held under the theme ‘Unlocking Investment Opportunities Through SEZ Infrastructure and Partnerships.’

Conclusion

In conclusion, Jamaica offers a unique opportunity for investors to tap into its growing economy, strategic location, and skilled workforce. With the expansion of the SEZ landscape, investors can now explore opportunities in various industries, including film production, green energy, AI, and pharmaceuticals. The country’s stable democracy, pro-investment business environment, and world-class infrastructure make it an attractive destination for both domestic and foreign investment.

Frequently Asked Questions

Q: What are the benefits of investing in Jamaica?

A: Jamaica offers a range of benefits, including duty-free goods, low corporate tax rates, and a skilled English-speaking workforce.

Q: What industries can investors explore in Jamaica?

A: Investors can explore opportunities in various industries, including film production, green energy, AI, pharmaceuticals, technology, and digital transformation.

Q: What is the current state of Jamaica’s economy?

A: Jamaica’s economy is growing, with a record-low 3.5 percent unemployment rate, low inflation, and a cut in taxes.