Jamaica Hosts Saudi Arabia Investors

Friday’s (July 8) visit by a strong business and government delegation from the Kingdom of Saudi Arabia, is being regarded as a positive indication that the Middle Eastern country is keen on investing in Jamaica.

The group of approximately 65 members was led on the one-day trip by Saudi Arabia’s Deputy Minister for Investors Outreach, His Excellency Badr Al Badr.

They flew to Jamaica for a briefing on and tour of investment opportunities across Kingston and Montego Bay, after attending the inaugural Saudi-Caribbean Investment Forum in Punta Cana, Dominican Republic, from July 6 to 8.

Prime Minister, the Most Hon. Andrew Holness, said he regarded, as a “serious sign”, the fact that “you would have flown halfway around the world to come to this region to visit Jamaica.”

Mr. Holness said he was impressed that the Saudi Arabian delegation comprised the heads of some of the country’s largest companies engaged in logistics, petro-chemicals, agriculture, and health, among other areas.

He said he was equally impressed that the group also included government representatives, “particularly [from] your investment agencies and your Ministries that deal with investments.”

“So, it tells me that this is [a] well thought-out, well-planned delegation that is serious about doing business,” the Prime Minister added.

He was speaking during a business luncheon, hosted for the group at the Port Royal Cruise Ship in Kingston.

Mr. Holness told the delegation that Jamaica has multiple investment opportunities, “and [needs] partners to invest with us.”

He further informed that the Government has been building a solid economic platform, noting that, over the last decade, Jamaica has undergone a significant fiscal management transformation.

“So, we offer a very robust and very stable economic platform. We are an open… and… small economy. But with our strong fiscal positions, we have been able to withstand global shocks,” the Prime Minister assured.

Mr. Holness maintained that this has been very attractive for investors, “because the stability offers certainty; and [for] investors all over the world, whether they are Jamaicans or… are from the Middle East… certainty is important.”

“So, you have here, an economic platform that can receive investments and give economic certainty to your investments,” he assured.

In his remarks, Deputy Minister Badr, said Friday’s meeting was “especially important” for the group, “because the Caribbean has become a priority zone for investments and business partnerships for Saudi Arabia.”

He emphasised that Jamaica, as the third largest economy in the region, “is a key partner, a key player and a key leader” in this regard.

Mr. Badr said prioritising the region was further reinforced by the presentations of and meetings with Tourism Minister, Hon. Edmund Bartlett, and Industry, Investment and Commerce Minister,

Senator the Hon. Aubyn Hill, and other Government of Jamaica representatives during the just concluded three-day Investment Forum in the Dominican Republic.

“We believe in the opportunities [available in] Jamaica and we very much want to develop the investments dialogue, which we have recently begun with you. We feel that this visit is the start of [something] historic and is an excellent opportunity for you to see, first-hand, what we have to offer,” the Deputy Minister said.

“Therefore, we are delighted because [Friday’s briefing] event and our meetings around it will enable us to start examining ways and opportunities to build deeper investments, trade and business links between Saudi Arabia and Jamaica,” he added.

Ministers Bartlett and Hill also delivered brief remarks during the luncheon, which featured presentations to the visitors on investment opportunities in Jamaica.
Members were also taken on tours of the Port Royal Cruise Pier, among other engagements.