Creditable JAMPRO Performance in 2009/10, Despite World Crisis

Minister of Industry, Investment and Commerce, Hon. Karl Samuda, has said that, despite 2009/10 being “the worst year for the flow of foreign direct investments around the world”, Jamaica Promotions Corporation (JAMPRO) gave another creditable performance during the period.
He said that in the area of employment, 4,574 jobs were created, representing approximately 69 per cent of the target for the year.
“I should point out that some of the shortfall in employment, relative to target, was attributed to the capital intensive nature of a significant proportion of the foreign investments facilitated during the year,” he explained.
Mr. Samuda, who was opening the 2010/11 Sectoral Debate at Gordon House on Tuesday (May 11), said that, as Government, the approach to attracting investments has been decidedly “proactive and purposeful”.
He said that the Government understands the inextricable link between landed investments and the creation of jobs.
“I have had the job as Minister for the past 21/2 years, during which time my resolute focus has been about finding those elusive jobs in a global investment environment, marked by jittery investors and the phenomenon of jobless growth,” he said.
He noted that during fiscal year 2009/10, JAMPRO facilitated and landed investments in Jamaica to the tune of $17 billion in capital expenditures, or approximately 76.4 per cent of the target for the fiscal year.
Mr. Samuda noted that he has charged the board, management and promotional teams at JAMPRO to become more targeted in their investment promotions and, as a matter of priority, to go after investments which stand the greatest chance of bringing in jobs that will have a multiplier effect on the economy.
He said that this has resulted in more than 22 new projects being added to the JAMPRO portfolio during the year, including 12 in Information and Communications Technology (ICT); one in creative industries; five in tourism; two in manufacturing; and two in agriculture.
“Key among these were mega-tourism projects, such as Secrets/Seawind Keys, whose preliminary spend for the period totalled just under US$100 million, and Palmyra, whose total spend was valued at US$47million,” he informed the House.
Other key projects facilitated over the period included Flow Jamaica, at a capital spend of US$30 million. JAMPRO also worked with the Caribbean Cement Company in facilitating the expansion of their operations, valued at US$17million.