The Government is working on the development of a framework for the introduction of an Economic Residency Programme to grant residency to foster investment.
Minister of Industry, Investment and Commerce, Hon. Audley Shaw, made the announcement during his contribution to the 2021/22 Sectoral Debate in the House of Representatives on May 11.
He said the undertaking is being done by the Ministry through JAMPRO and in collaboration with the Ministry of National Security.
Mr. Shaw said the proposal has been approved by Cabinet for further consultation and determination of the conditions for granting permanent residency – not citizenship – before the programme can be enacted into law.
Meanwhile, he said the Jamaica Investment Forum will be held virtually in October.
The flagship event is being hosted by JAMPRO, and in keeping with the COVID-19 constraints and the new shift to digitisation will, for the first time, be held virtually.
The investment conference will enable high-level business meetings amongst a target of more than 1,500 potential investors and stakeholders locally and across the globe.
He noted that, normally, 300 to 400 participants would attend the forum. “Every crisis brings opportunities,” the Minister said.
Mr. Shaw argued that investment fuels expansion and growth and saluted the work of the members of the private sector, “many of whom have been putting their money and other assets where it matters”.
“We continue to encourage Local Direct Investment,” the Minister said.