Jamaica Trade and Invest to Woo more Investors

Jamaica Trade and Invest formerly the Jamaica Promotions Corporation, will be seeking to increase its engagements and partnerships within the public and private sectors, in order to attract more Jamaican investors in the local economy, Deputy President, Sancia Bennett-Templar, has said. She pointed out that Jamaica’s ranking in starting businesses was high; however, its ranking with respect to sustaining and growing businesses remained a major challenge.
Mrs. Bennett-Templar was speaking at the Lions Club of Kingston luncheon, held today (April 4), at the Pegasus Hotel. She said that the business approval process and the “proverbial red tape” were obstacles that continued to retard the growth and development of businesses in Jamaica. “Jamaica Trade and Invest is committed to creating a sustainable business environment and in this regard, will seek through policy and advocacy initiatives, to improve the approval process and the overall business climate,” the Deputy President said.
Mrs. Bennett-Templar noted that the agency has identified several key strategies that would seek to contribute to the enhancement of businesses in Jamaica. “These strategies are acceleration of foreign investments in targeted sectors as well as increased local investment in the economy; continued development of local suppliers of goods and services through our linkage programme, and repositioning of Jamaica as a business destination,” she said. “Jamaica, as we all know, is very well known as a tourist destination, not as well known as a business destination. We think that as a business destination, we have a lot to offer and that the time has come for us to reposition Jamaica in the international arena as a good place to do business,” Mrs. Bennett-Templar added. One of the strategies that Jamaica Trade and Invest has been using to accelerate foreign investments in targeted sectors is the Jamaica Investment Attractions Programme (JIAP). “Under the JIAP, we expect to boost the levels of inward investment to the island. The JIAP will establish and nurture ongoing relationships with key investors via the hosting of various investors, buyers and distributors here in Jamaica,” said Mrs. Bennett-Templar. “We have actually been doing a number of these, hosting initiatives around the Cricket World Cup, seeking to use that activity to accelerate economic growth, because of the interest which has been generated in Jamaica as a destination arising from that event,” she continued.
In the meantime, Mrs. Bennett-Templar said that Jamaica Trade and Invest would be using ‘Brand Jamaica’ as a means of repositioning Jamaica as a business destination.
“We see business brand Jamaica as the centrepiece of Jamaica Trade and Invest’s new strategy. The business brand campaign will complement the current image that Jamaica has as a sand, sea and sun destination and ensure that the other side of Jamaica (business), is an element that appeal to those considering doing business in Jamaica,” she said.

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