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Minister of Development, Dr. Paul Robertson has said that JAMPRO would be seeking to attract some $13.3 billion in investment for the 2005/06 fiscal year, in addition to creating some 7,000 jobs.
The Development Minister, who was making his contribution to the 2005/06 Sectoral Debate in Gordon House on Tuesday (July 12), said that this was an improvement over the $10.7 billion in investment and 6,568 jobs, which the promotions agency helped to facilitate last year.
Meanwhile, he credited JAMPRO with designing and promoting the investment friendly policies, which have led to the massive inflows of foreign direct investment into Jamaica in recent years.
“These investments did not just happen. Rather, they are largely a result of investment and development policies designed and executed to create an investment-friendly environment, to minimize red tape and bureaucratic delays, and to establish a regulatory framework based on clear, predictable rules and dispute resolution procedures,” Dr. Robertson pointed out.
He explained, that JAMPRO had developed a strategic plan to attract investment in identified sectors that could contribute to Jamaica’s overall development goals. He noted that key players in markets such as in France, Spain and Germany were targeted, in addition to stakeholders locally.
The evidence of these investments could be seen in the hundreds of new hotel rooms under construction, expansion in the bauxite/alumina sector, manufacturing, and information and communications technology, the Development Minister said.
“Locally, another important part of the investment strategy is the identification of specific projects, which match investor business profiles. This effort includes activities ranging from liasing with private and public landowners to identifying suitable parcels of tourism-real estate, to obtaining site maps, valuation, titles and relevant approvals,” he informed.
According to Dr. Robertson, local suppliers had been reaping substantial benefits as a result of the investments facilitated by JAMPRO. These suppliers, he noted included Boss furniture, Big City Brewing, Morgan’s group of companies and Aeromar limited.
In addition, he revealed that legal firms such as Myers, Fletcher and Gordon, Dunn Cox and Orrett as well as accounting firms such as KMPG Peat Marwick, and Delloite and Touche and architectural and engineering firms, had also realized substantial work from new investors.
“The outlook for investment promotion and export development are both optimistic” Dr Robertson noted.