Jamaica Investment Forum focusing on priority sectors and business opportunities
SIX PRIORITY sectors and the potential business opportunities they present will be the highlight of the Jamaica Investment Forum (JIF), slated for June 12-14 at the Montego Bay Convention Centre in St James.
Discussions and presentations will focus on agribusiness, business process outsourcing, energy, logistics, manufacturing, and tourism and how these sectors can drive Jamaica’s continued growth and development.
The triennial event, organised by the Government’s trade and investment agency, Jamaica Promotions Corporation (JAMPRO), is being held under the auspices of Prime Minister Andrew Holness, who will be the guest speaker at the opening ceremony on June 12.
JAMPRO’s vice-president for sales and promotion, Claude Duncan, said the JIF presents a unique opportunity for investors and business executives to discover new ventures across the target sectors.
“The sectors were selected based on a combination of internal and external factors ... internal having to do with the readiness of [those areas] to receive investments and whether enough opportunities are there [for them] to receive the investments, while the external side examines if there is an appetite out there for these kinds of projects or interest in these sectors,” he explained.
Commenting on each sector, Duncan noted that Jamaica continues to attract significant interest and attention as a tourist destination, which is evident in the various projects that have recently been completed and others in the pipeline.
TOURISM A VIBRANT SECTOR FOR INVESTMENTS
He pointed out that tourism continues to be a very vibrant sector for investments, noting that this is evident in the increasing number of hotel rooms and emerging interest in medical tourism.
“We have [also] made tremendous strides in the logistics area, having divested the Port of Kingston with close to US$1 billion invested in port infrastructure such as dredging of the harbour, port expansion and related activities,” he further highlighted.
Other investments in this sector include bunkering projects being executed by West Indies Petroleum, Kingston Wharves Limited’s thrust in warehousing and logistics, and initiatives by the Government such as the implementation of the Automated System for Customs Data, which has significantly improved the effectiveness and efficiency of operations within the customs and port communities.
Additionally, Duncan said, there is the opportunity to attract logistics players and manufacturers to occupy the special economic zones.
The JAMPRO executive further pointed out, “With the improved logistics at the ports, it puts us in a better position to attract some manufacturing-type investments, whether [from investors targeting the] domestic market or those interested in serving bigger markets such as CARICOM and other regions.”
Duncan said business process outsourcing has evolved into a robust sector that continues to drive growth and job creation, noting that the sector now employs about 26,000 persons.
On the matter of energy, he said that the Government is developing an integrated resource plan from which a slew of investment projects will be created in renewables.
“Agriculture is said to be one of the pillars for growth going forward as it is good for business and the country. So, we will be shining the spotlight on this sector as agribusiness covers not just agriculture, but the entire value chain, including distribution, manufacturing, and retail,” Duncan added.