The Urban Development Corporation (UDC) and Jamaica Promotions Corporation (JAMPRO) have partnered to pursue potential local and international investment interests in UDC-owned and operated properties, and engagements spearheaded by the agency.
The UDC’s General Manager, Heather Pinnock, and JAMPRO’s President, Diane Edwards, formalised the collaboration on Wednesday (June 17), by signing a memorandum of understanding (MOU), which will be in place until March 31, 2021.
The signing took place at JAMPRO’s head office in New Kingston.
Under the arrangement, both agencies have agreed to work together to identify programmes and undertake initiatives aimed at generating investments and facilitating business development opportunities in Jamaica.
It is anticipated that the MOU will facilitate joint marketing programmes, provide support in handling investment queries, simplify attendant processes, and organise targeted business functions intended to provide information on investment policies, regimes and government procedures.
Among the key areas of engagement already identified are marketing of eco-development projects, such as the Goat Island Wildlife Sanctuary, just off Jamaica’s south coast, and Two Sisters Cave in St. Catherine.
Marketing support will also be provided for all UDC land divestments, and development Requests for Proposals (RFPs), among other commercial and investment opportunities.
Ms. Pinnock said UDC welcomes the alliance forged with JAMPRO, as “we have been looking for a key government partner to help us to really maximise our assets”.
“As an organisation, we are looking at the extent of options that we have [at our disposal] for developing Jamaica; and there is no other agency that could support [us in this regard] like JAMPRO,” she indicated.
Ms. Pinnock said she is “very optimistic” about the anticipated out-turns from the partnership, noting that not only will the undertaking significantly benefit the agencies, “but will redound to the benefit of all of Jamaica”.
Ms. Edwards, in her remarks, said JAMPRO is “very excited” about the collaboration, noting that the entity shares UDC’s mission and vision of repositioning the island to achieve developed country status as articulated in the country’s long-term National Development Plan – Vision 2030 Jamaica.
“So, we are going to work together to find more investors for UDC properties that they will identify. We are also going to help UDC to answer investment inquiries from the public, because JAMPRO is the investment promotion agency and we are here to help the public find out more about investments in Jamaica, [whether] in agriculture, in tourism, in outsourcing [or any of the] many other sectors,” the President said.
She emphasised that JAMPRO will help to link UDC with investors “who can really make [significant] productive enterprise out of their properties”.
Ms. Edwards said having signed the MOU, both agencies will convene a series of meetings to decide on the properties they will collaborate on, “to really take those to market and [identify] investors”.
“We are both very keen to activate and operationalise this partnership… so [those meetings] will start very soon,” she added.