Jamaica Remains Favourable For Foreign Direct Investment – PM

Prime Minister, the Most Hon Andrew Holness, says the island remains favourable for foreign direct investment (FDI), despite the impact of the coronavirus (COVID-19) pandemic.

Speaking at the official opening of the 444-suite Ocean Eden Bay hotel in Trelawny on Thursday (December 9), Mr. Holness said the Government continues to create a positive and resilient fiscal environment, which has been reaffirmed by international rating agencies.

“It is not just the environmental assets that attract you [to the island], Jamaica is a very stable democracy. In addition to that, Jamaica has a very resilient economy with all that has happened around the world. We see debt increasing, particularly in small island developing states (SIDS), especially within the Caribbean, and we see other signs of economic instability creeping in, but Jamaica’s economic performance has been very stable,” the Prime Minister said.

“While others [countries] have been revised and downgraded, Jamaica’s rating has been reaffirmed and that is also another reason why investors are looking to Jamaica,” he added.

Prime Minister Holness noted that the Government is working to significantly improve ease of doing business and the efficiency of the public bureaucracy, which will create an environment that facilitates greater investment opportunities.

“When you put all of those together, Jamaica would be uncontested in the region as a place where you have a commercial footprint and investment,” he argued.

Meanwhile, Mr. Holness said that the opening of the adult-only all-inclusive Ocean Eden Bay hotel represents an expression of confidence in the country and its good governance.

He noted that the property is strategically located to benefit from “Jamaica’s salubrious environment” being nestled between the Caribbean Sea and the “glorious verdant green mountains”.

Tourism Minister, Hon. Edmund Bartlett, in his remarks, noted that hotel investments are critical to Jamaica’s economic development

“They generate billions of direct and indirect revenues for Jamaica and employ thousands of workers and in this instance, nearly 800 workers are benefiting from this opening and the expansion of the H10 facilities here in Trelawny. Of course, the guests that come, their spending pumps millions into the local economies and communities where the properties are located,” he said.

For his part, Director, International Division, H 10 Hotels, Antonio Hernandez, said that Jamaica remains a leading tourism destination.

“I believe that this property and ceremony is witness of our strong confidence in Jamaica as an investment-friendly country and as a successful top tourist destination,” he noted.

Ocean Eden Bay is an addition to Ocean Coral Spring, owned and operated by the Spanish Hotel chain, H10 Hotels.