Samuda says proposed financial centre can create over 10,000 jobs

An Act to establish the Jamaica International Financial Services Authority for the promotion and development of Jamaica as a Centre for International Financial Services was passed in the House of Representatives, on Tuesday (February 8).

Minister of Industry, Investment and Commerce, Hon. Karl Samuda, who piloted the Jamaica International Financial Services Authority Act, noted that the Authority will be charged with ensuring that the necessary infrastructure for the creation of a viable and progressive financial service sector is designed.

He noted further that the financial services centre will create several economic opportunities for Jamaica, including significant employment for high skilled workers, among the professional cadre, and create linkages with other domestic sectors, such as tourism.

“As a centre of excellence, Jamaica’s employment potential will be between ten and 25,000; government revenue can conservatively estimated to range between US$400 million and US$800 million. Service provider revenue will be in the vicinity of $1 billion- $2 billion dollars, and the obvious spin offs that will flow from this investment,” Mr. Samuda said.

He also noted that the necessary studies and evaluations have been done, as to how to market the island as a new entrant and the type of services to be offered.

 Opposition Spokesperson, Dr. Omar Davies, stated that the countries that would have normally have interest in the proposed financial centre, particularly the United States and members of the European Union, have become much more vigilant about the operations of their firms externally.

“They have brought increasing pressure on some of the homes of the financial services centres,” Dr. Davies said, while questioning potential of the financial centre to employ between up to 25,000 persons.

In his response, Mr. Samuda noted there “comes a time in every nation’s history, when they must take bold creative decisions that carry with it an element of risk."

“If you promote entrepreneurship as a necessary ingredient for growth, implicit in that is the need to take some risk. The rewards are greatest when the risk is greatest,” Mr. Samuda said.

The Jamaica International Financial Services Authority Act will next go to the Senate for its approval.

CONTACT: LATONYA LINTON