Investor-Friendly Climate Reaping Benefits

Minister of Industry and Tourism, Aloun Ndombet-Assamba has credited Government policy for creating an investor-friendly climate that has made Jamaica one of the 10 best places to do business, according to a World Bank report.
Addressing the April 2 launch of the 8th annual Caribbean Hotel and Tourism Investment Conference (CHTIC) held at Jamaica Promotions Corporation (JAMPRO), Trafalgar Road, Minister Assamba said that creating an investor- friendly environment was the only way to improve the standard of living for all Jamaicans.
Minister Assamba described the Ministry and JAMPRO’s collaboration with the Jamaica Hotel and Tourist Association, a private sector grouping, as an indication of Government’s ongoing commitment to maintain strategic partnerships for Jamaica’s development.
“The government’s commitment to that partnership is reflected in new legislation that addresses the needs of investors in the hospitality and other sectors of the economy,” she affirmed.
“Among these are tax and duty incentives for the development of tourist attractions; widening of the Export Industry Encouragement Act, to include the service sector; a programme of accelerated depreciation; the modernization of industry programme; a modernization fund for exporters; duty exemption on equipment for research and development; and zero duty on inputs,” the Minister elaborated.
She said that these measures reflected the priority that government was giving to assist the country’s private sector to increase investment production and international competitiveness.
The Minister also hailed the nation’s hospitality industry partners who she termed “first world professionals providing services and facilities that exceed first world standards”.
The Jamaica Tourist Board (JTB) is another of the conference’s co-host. The CHTIC will be held from May 10 to 12 at the Ritz Carlton Golf and Spa Resort, Rose Hall, Montego Bay.
Jamaica was the only developing country named on the World Bank’s list Mrs. Assamba pointed out.Prime Minister, P. J. Patterson, will deliver the keynote address at the conference while Minister Ndombet-Assamba along with JAMPRO’s President, Patricia Francis and University of the West Indies’ Pro Vice Chancellor, Professor Hillary Beckles will make presentations.
Another highlight will be the presentation of a study conducted by the European Union (EU) on investment opportunities available in the Caribbean.The conference agenda covers a wide spectrum of the hospitality industry, including large and small hotels; cruise and attractions and projects such as e-commerce, time-share and mixed use products.
The CHTIC was founded by the Caribbean Hotel Association (CHA) and the Caribbean Tourism Organization (CTO) in 1997 with the aim of improving the tourism investment and operating climate across the region by making the investment community aware of development opportunities available in the Caribbean.