JIS News

General Manager of Jamaica National Building Society (JNBS), Earl Jarrett, is urging members of the Jamaican Diaspora, to become proactive by seeking opportunities for investment in Jamaica, in order to facilitate personal wealth creation, and development of the country’s economy.
Mr. Jarrett, who is also Deputy Chairman of the Jamaica Tourist Board (JTB), says the long term development plan for Jamaica, is to position the country as a developed nation by 2030, where individuals can live, work, raise families, and do business.
Speaking during the ‘Diaspora Night’, segment of the Jamaica Hotel and Tourist Association’s (JHTA) Annual Area Blitz, at Gulfstream Park in Hollywood, Florida, USA, on September 15, Mr. Jarrett noted that developments in Jamaica’s infrastructure, were taking place in the areas of tourism, transportation, entertainment, and agriculture. He pointed out that other imminent changes will become apparent, and urged persons to be cognisant of the development processes which are occurring in the country, which would open up investment opportunities.
He cited the transportation sector, where he noted that the extensive renovation of the road network is being undertaken. This, he said, will, in the long run, facilitate easier and smoother movement of commuters and motorists, business and agricultural outputs, and provide accessibility to rural communities islandwide.
The JTB Deputy Chairman, alluded to capital works being carried out at the island’s two international airports, upgrading of port facilities, as well as a wide range of services emanating from the tourist industry, which he pointed out, would also create opportunities for investment in the service industry.
He also highlighted general improvements, which he said were taking place in Government agencies, enabling them to be more efficient.
Turning to the Jamaican Diaspora, Mr. Jarrett said nationals residing in overseas communities represented a valuable resource base, that could contribute to the well being and prosperity of the country’s economy. To this end, he encouraged persons to seize the opportunity to build Jamaica through sound, economic investment. Mr. Jarrett suggested that options, which could be considered for possible investments were: real estate, stocks, and securities.
Noting the challenges currently faced by the nation, the JNBS executive said these were being precipitated by global developments. He was quick to point out, however, that “regardless of whatever happens globally, Jamaica is positioned to take off.”
The head of the island’s oldest financial institution said the Jamaican economy had experienced steady growth, recording a three percent increase over 2007. Tourism, he informed, contributed 10% to the country’s Gross Domestic Product (GDP), and accounted for 47% of overall foreign exchange earnings.
Titled ‘Come Home to Jamaica’, the one week Area Blitz, which the JHTA staged in collaboration with the JTB, was aimed at marketing Jamaica through tourism, and financial and investment services.
A range of products, showcasing the island’s tourism products, was on display, with the main exhibitors being JTB, JHTA, JNBS, and Air Jamaica. Also participating were hoteliers, and operators of tour companies, and attractions.