Increased Investment Brings 5,190 New Jobs

Joseph Matalon, Chairman of Jamaica Promotions Corporation (JAMPRO), has reported a 37.6 per cent increase in foreign direct investment (FDI) over the past year, moving from $10.6 billion in 2002 to $17 billion in 2003.
The increased investment has resulted in 5,190 new jobs being created for the current year in the information technology (IT), manufacturing, mining, film, and tourism sectors.
Of the sectors, the IT and tourism industries recorded the highest employment figures, with projected numbers at 2,150 and 593 jobs respectively.
Mr. Matalon, who was speaking at a Think Tank held at the JIS headquarters in Kingston yesterday, noted that in keeping with the mandate of the office of the Minister of Development, to which JAMPRO was now accountable, the promotions agency was focused on enhancing investment opportunities to increase employment. As such, keen interest was being placed on tourism “as a priority area and one that has reaped handsome dividends for the Jamaican government.”
Pointing to recent investments in the sector, Mr. Matalon indicated the recent signing of a US$100 million contract with Spanish hoteliers, Pinero, for first phase development of a property, while a five-star property would be constructed in St. Ann, under the Rio international chain.
The Chairman noted further, that the country’s hospitality sector was “poised for significant growth,” as JAMPRO moved to complete and convert some prospects into investments that could yield several new hotels, which would see about 3,500 new rooms being added to the tourism industry.
Turning to the information technology sector, the Chairman revealed to JIS News that two brand new projects in the technological arena were in the offing and were scheduled to begin shortly.
Giving an update on the modernization process at JAMPRO, Mr. Matalon informed JIS News that to date, the company has achieved increased levels of efficiency and productivity and improved client responsiveness.
Mr. Matalon said, “JAMPRO has emerged a much more focused and efficient organisation, having shed activities and re-focused on its core business. Our new mission is to promote and facilitate investment and export development in targeted areas for Jamaica’s advancement.”