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Story Highlights

  • The Government is working to complete the National Investment Policy before the end of the year.
  • The policy will guide the development, administration and monitoring of the investment community, to ensure cohesion among all related initiatives, programmes, incentive regimes and stakeholder contributions.
  • It is aimed at attracting and facilitating greater levels of investment for Jamaica.

The Government is working to complete the National Investment Policy before the end of the year.

The policy will guide the development, administration and monitoring of the investment community, to ensure cohesion among all related initiatives, programmes, incentive regimes and stakeholder contributions.

It is aimed at attracting and facilitating greater levels of investment for Jamaica.

“We are now finalising our policy, getting ready to table that at Cabinet, and that will guide what we do,” said Minister of State for Industry, Commerce, Agriculture and Fisheries, Hon. Floyd Green.

He was speaking at the media launch of the Caribbean Hotel Investment Conference and Operations (CHICOS) Summit at the Terra Nova All-Suite Hotel in St. Andrew on May 7.

CHICOS is scheduled for November 14 and 15 at Secrets Wild Orchid Montego Bay and Secrets St. James.

“Our hope is that by the time the CHICOS Summit comes around, our investment policy would have been finalised,” Mr. Green said.

He noted that the Government is developing a national business portal, which will complement and support the implementation of the National Investment Policy.

“This will be an online platform that will house the online business interface for all government entities involved in investment or business facilitation. It will be a one-stop shop for those who wish to invest and do business in Jamaica (enabling persons) to go online and to have that real-time interface,” he said.

Meanwhile, Mr. Green said Jamaica is taking a strategic approach to improving its ranking in the key international indices such as the Doing Business Report, the Global Competitiveness Index and the Logistics Performance Index.

“We have taken on the challenge and we have set an ambitious target that over the course of the next three years, we will be number 10 in the world in the Doing Business Report,” he noted.

Mr. Green said that the country has seen improvements over the last three years in key international indices.

“In fact, our score continues to improve, but again, we are now trying to accelerate the pace of that reform. We are already the best place in the Caribbean to start a business, but there are other areas that we want to focus on, especially after you start the business, to ensure we remove the bureaucracy in keeping the business council,” he pointed out.

Mr. Green said the National Competitiveness Council and its partners and supporting ministries and agencies, continue to do strategic work aimed at improving the business-friendly environment

“One of the things that I now ask is that we have quarterly reports on all those indices, so that we can track the process and so that we can ensure that from quarter to quarter we are taking the steps that are necessary to see that improvement,” he said.

Mr. Green noted that the reform measures will, among other things, ensure that Jamaica maintains its place as a leader in the tourism industry.

“Our Government will be working strongly with the team from CHICOS to showcase Jamaica as a prime investment location. Our aim is to ensure that our business atmosphere is appealing, one that has no deterrents and encourages development and the execution of various sector-related projects,” he said.

He said that CHICOS will provide this platform that will place Jamaica at the centre of the discussions and “we are working to ensure that we have an environment that is ready to receive these dynamic investment prospects”.

CHICOS is the premier hospitality conference for the region. It brings together regional and international investors, operators and decision-makers to discuss the region’s markets and possibilities, while analysing trends that can impact investment decisions.