JIS News

The Ministry of Industry, Investment and Commerce has embarked on an inter-ministerial collaborative initiative, aimed at building partnerships that will pursue investment prospects globally, by promoting Jamaica as an ideal location for doing business.
Portfolio Minister, Hon. Karl Samuda, says this new thrust is intended to enhance foreign direct investments (FDIs), thereby boosting the country’s foreign exchange earnings.
Mr. Samuda outlined details of the initiative while addressing the launch of the 2009 World Investment Report, which focuses on: ‘Transnational Corporations, Agricultural Production and Development’, at the offices of Jamaica Trade and Invest (JTI), on Trafalgar Road, New Kingston, today (September 17).
Citing the Agriculture and Fisheries Ministry as an example, Mr. Samuda noted that for too long, the real process by which a strong collaboration could be created between that entity and his ministry has not been actualised, pointing out that both are “crucial to any strategy of moving Jamaica forward.”
“The whole purpose of this collaborative approach is to strengthen the team that goes out in pursuit of new investments, new offerings.what makes Jamaica unique in terms of what we have to offer, and what it is that we can do together to make us the kind of attractive destination that we feel we are,” he said.
The Minister informed that meetings were held earlier this week with representatives of the Ministries of Youth, Sports and Culture; Foreign Affairs and Foreign Trade, and Tourism, adding that “we will be engaging the Minister of Tourism more directly.”
Mr. Samuda stressed the need for co-ordinated efforts by all parties in removing prevailing bureaucracies which could impede the process, while avoiding duplications in executing the attendant activities.
“We must make the world come alive by our presence. So, we must have the interest of agriculture, tourism, entertainment, industry and manufacturing all together, going all around the world to sell Jamaica. Because, if we don’t improve our foreign direct investments, as a means of getting foreign exchange to assist those who are now in production for export, then we are going to have a very serious problem in getting the thing that we are most in need of – foreign exchange – to help out Jamaica’s balance of payments, and enable us to buy the goods and services that we cannot produce,” Mr. Samuda argued.
Citing Jamaica’s challenges with “debt dependency,” Mr. Samuda stressed the need for Jamaica to earn foreign exchange, and not “depend on borrowing. to stay alive.”
The World Investment Report, which was officially launched by Mr. Samuda, is produced annually by the United Nations Conference on Trade and Development (UNCTAD). It details the global and regional investment trends, highlighting key sectors for increased investments, noting the challenges faced during the reporting period, the role of transnational organisations, as well as the provision of details on cross-border mergers and acquisitions.

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