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JIS News

Minister of Industry, Investment and Commerce, Karl Samuda has informed Spanish investors that Jamaica and other Caribbean countries are ready for a new round of investments.
He was speaking at a meeting of CARICOM Heads of Government and Ministers and representatives of the Spanish business community in Madrid, following the Fourth Spain-CARICOM Summit, yesterday (July 11).
The Minister expressed appreciation for the major investments by Spanish companies in the Jamaican tourism sector and pointed out that stronger linkages with other sectors are now necessary. He cited agriculture, agro-industry and information technology as three of the areas in which Jamaica was particularly well placed to benefit from new investments.
He also drew attention to alternative energy and renewables as an attractive area for the medium term, given the escalating price of oil and its impact on present energy costs. Spain is a leader in this field.
In responding to concerns from the Spanish representatives about taxation and legal protection, the Minister pointed out that a double taxation agreement between Spain and Jamaica had been signed and that investment security was a feature of the entire Caribbean, including Jamaica.
Recommending the region as an investment destination, he pointed out that the Caribbean was the “third border” of the USA and was therefore a good gateway to North America. He also mentioned the presence of English speaking populations, the existence of stable democracies and regulated and trustworthy financial systems. Mr. Samuda said the present Jamaican government was particularly business-friendly and was shaping its policies and practices to facilitate businesses and enable them to be profitable.
After his presentation, the Minister, accompanied by Tourism Minister, Edmund Bartlett and members of the Jamaica Trade and Invest management team met with several interested investors in a range of fields, including aviation, pharmaceuticals, agro-industry, tourism, telecommunications, waste-to-energy and education infrastructure.