JIS News

Prime Minister P.J. Patterson on Friday (June 3), sounded the opening bell to signal the start of trading on the New York Stock Exchange. The event formed part of activities organized by the Jamaica Tourist Board in celebration of its fiftieth anniversary. Mr. Patterson is the first Jamaican Prime Minister to open the New York Stock Exchange.
On arrival at the Stock Exchange Mr. Patterson was met by Executive Vice President Noreen Culhane, with whom he had a brief meeting before proceeding to the bell tower. At the meeting, the Prime Minister noted that although the Jamaican stock exchange was relatively small in comparison the NYSE, it had grown significantly in the last decade. He added that the exchange had extended its reach to a wider cross-section of the Jamaican society as more companies are listed.
Speaking to reporters after the opening bell, the Prime Minister stated that Jamaica was opened for business and had attracted high levels of foreign investment particularly in tourism, infrastructure development and the bauxite and aluminum sector. He said mentioned the recent bond issue stating that Jamaica was rated among countries at the top end of attracting foreign investment.
With reference to the Caribbean Single Market and Economy, the region would seek to create a single stock exchange that would initially involve Barbados, Jamaica and Trinidad and Tobago.
The New York Stock Exchange was established in 1792 and is world’s largest stock exchange accounting for US$20 Trillion worth of stocks traded. The exchange trades approximately 2700 of the world’s largest companies.
Among the person accompanying the Prime Minister at the opening were Minister of Tourism Aloun Assamba, Ambassador Gordon Shirley, Mr. Roy Johnson Executive Chairman of the Jamaica Stock Exchange and other senior executives of the JSE.

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