Jamaica Deemed Ready for Diaspora Investments

Foreign Affairs and Foreign Trade State Minister, Hon. Arnaldo Brown, says Jamaica is ready to accommodate investments from members of the Diaspora.

This, he contends, is based on key developments which have positioned the country to engage Jamaicans residing overseas, who are interested in pursuing potentially viable investment options.

The State Minister underscored these points during a Jamaica Information Service (JIS) ‘Think Tank’ at the agency’s head office in Kingston on May 6, where he provided an update on the sixth Biennial Jamaica Diaspora Conference, slated for June 13 to 18, in Montego Bay, St. James.

Mr. Brown said notable among the developments is recent accreditation of the Jamaica Stock Exchange (JSE) by authorities in Canada, to facilitate online trading targeting Jamaicans, and other interests, in that country.

He indicated that persons desirous of participating, will be eligible for tax credits in Canada.

A tax credit is a sum subtracted from the total amount a taxpayer owes the state, and directly reduces taxes.

Noting that establishment of the online platform is “a major development for Diaspora engagement”, Mr. Brown said it is anticipated to boost investment interest in Jamaica.

“We believe that members of the Diaspora can play a more structured role in terms of the growth agenda of the country. This is a value proposition for them where (they) can get returns on their investments,” he added.

In pointing out that Jamaica’s investment climate has improved “significantly” since 2013, Mr. Brown said the country is currently recording economic growth, averaging 1.8 per cent, “with all indications that that should go up to about 2.1 per cent in the course of this (2015/16) fiscal cycle.”

Meanwhile, Chairman of the Conference’s Marketing Sub Committee and Vice President, Export and Market Development, Jamaica Promotions Corporation (JAMPRO), Robert Scott, informed that this year’s conference will provide participants with a booklet outlining local investment opportunities.

He said this will help persons who have disposable capital, but need guidance, in identifying and determining the most viable options.

“We already have various books and publications ….that speak to larger investments, perhaps in the hotel area, and so forth. We are also assembling smaller projects, (of which, to date) we have (earmarked) 50 (which will be collated)….in a booklet,” Mr. Scott said.

The JAMPRO Vice President also highlighted the ‘Business to Business’ matchmaking sessions as another unique feature of this year’s Conference which, he noted, will provide local and international businesses with opportunities for partnerships.

This engagement is a continuation from the 2013 conference, when over 200 matchmaking meetings were initiated.

Also scheduled is the signature ‘Marketplace’ exposition, during which businesses will showcase their products and services.

The 6th Biennial Jamaica Diaspora Conference will also provide practitioners with the opportunity to share lessons learnt from doing business in Jamaica, and other potential opportunities for Diaspora members.