Government eyes foreign exchange increases through $1b film industry boost
A $1-BILLION investment in Jamaica’s film industry presents an opportunity for the country to diversify its economic base and increase Jamaica’s foreign exchange, Minister of Finance and the Public Service Dr Nigel Clarke has asserted.
Clarke made the declaration during Wednesday’s launch of the Jamaica Screen Development Initiative (JSDI) at the Office of the Prime Minister in St Andrew.
The JSDI is a $1-billion financing initiative of the government which aims to support and strengthen the local screen-based industries by providing a pool of funds accessible for the completion of eligible screen-based projects across various stages of the development process over a twoyear fiscal period.
“As a small island, we have to always be i n search of opportunities to earn foreign exchange,” he said.
“And the structure of Jamaica’s economy today is one where foreign exchange generating industries are very lumpy. Of the money that we earn from foreign exchange, $4 billion comes from tourism, we get another $2 billion from remittances, and then, after that, it drops all the way down and, in a good year, we get some good exports from PetroJam that add several hundred million.”
Similarly, Senator Aubyn Hill, minister of industry, investment and commerce, labelled Jamaica’s film industry as a “growth industry”. He noted that the Jamaica Promotions Corporation (JAMPRO), the agency through which JSDI is being operationalised, reported US$12 million from film-related services last year. He is confident that, with this investment, the revenue will continue to grow.
35 REGISTERED PROJECTS
“We’ve had a very good history, most of our international productions are from the United States. We had 35 registered projects prepared, we had 25 from the UK (United Kingdom) and we had four from Germany,” he said.
Clarke in the meantime also outlined the cultural benefits of developing Jamaica’s film industry.
“A people who grow up with stories about themselves being told by others is a people who won’t be firmly rooted in their own identity and their own culture. It is a hard-nosed economic decision, but the cultural importance and significance cannot be underscored,” he said.
In the meantime, while pointing to the allure of the upcoming Bob Marley biopic, Bob Marley: One Love, which saw aspects of its production taking place in Jamaica, Olivia Grange, minister of culture, gender, entertainment and sport, noted that it was a “reminder of the power of film in the telling of stories of our people, in capturing and enhancing the image and heartbeat of our country”.
Grange said the film industry was the most-evolved sector of the entertainment, culture and creative industries (ECCI) in Jamaica, and noted the benefits of this additional funding.
“Though our screen development initiative will not fix all the problems at once, it will certainly alleviate the chronic gap local filmmakers have in getting scripts written, films distributed and to have their stories funded,” she said.
Shullette Cox, president of JAMPRO, said Jamaicans will receive the opportunity to leverage the funding and that the JSDI aims to focus primarily on the growth of local content and create a platform for Jamaicans to compete globally as a destination for film.
Feature films, which are 60 minutes in length or more; short films, at least seven minutes in length, but less than 20 minutes; animated short films, at least two minutes in length, but less than 11 minutes; web series, as well as reality or unscripted content, are projects that are eligible for funding consideration.
The JSDI will accept the submissions of films starting March 18, 2024 until April 28 this year.