Jamaican authorities, private sector leaders, and experts said during the “Invest Jamaica 2022 Conference” that the country is a desirable investment destination due to its geographic location, investor-friendly business environment, and other competitive advantages.
Jamaica’s Prime Minister, Andrew Holness, also attended the opening of the Conference, organized by Jamaica's national trade and investment promotion agency, the Jamaica Promotions Corporation (JAMPRO), under the direction of the Ministry of Industry, Investment, and Commerce (MIIC), and in partnership with the IDB.
"With a stable macroeconomic outlook, expanding industries such as logistics and outsourcing, and a favorable business climate, Jamaica is becoming a leading investment destination in the Caribbean. This Conference provides an opportunity for investors to engage with the local business community, witness these benefits firsthand, and learn why the island is an ideal location for conducting business," said Tariq Alli, the General Manager and Jamaica Country Representative for the Inter-American Development Bank (IDB).
More than 400 investors, businesspeople, and government officials are participating in the forum at the Montego Bay Convention Centre in Montego Bay. The Conference is organized under the theme Jamaica - the Nearshore Delivery Hub of the Caribbean.
With support from the IDB, Jamaica is expanding its Global Services Sector and encouraging investment in agribusiness, energy, and global digital services – including film, animation and music – logistics and infrastructure, manufacturing, mining, and tourism.
The island has one of the most dynamic and equitable economies in the Caribbean, with a sustainable development model that prioritizes macro-financial stability and ease of doing business. The Jamaican economy expanded by 4.54% in 2021, while exports increased by 15.2% compared to 2020.
IDB estimates that Jamaica's exports could increase by $138.5 million if it takes advantage of short-term regional sourcing opportunities.
To gain access to new investment opportunities, the IDB recommends Jamaica take several steps. These include boosting its labor force with multi-level skills and digital talent in high-value Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO) sectors, enhancing its work-from-home (WFH) technology infrastructure, and accelerating public sector reform and modernization efforts to facilitate business and investment.
Invest Jamaica 2022 Conference
The first day's panel discussions will focus on opportunities in various industries, including global digital services, logistics, manufacturing, and tourism.
The primary activity of the second day is the Business-to-Business (B2B) and Business-to-Government (B2G) matchmaking sessions with the participation of investors from 17 countries, who will hold private sessions with private sector leaders, entrepreneurs, and government officials.
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance, and training to public and private sector clients throughout the region.