Spain Hailed as Strategic Partner in Jamaica’s Economic Development

Minister of Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith, says Spain has played a pivotal role in assisting Jamaica to achieve its economic development goals.

Speaking during Spain’s National Day reception, held on Thursday (October 9) at the Ambassador of Spain’s residence in St. Andrew, Senator Johnson Smith noted that Jamaica has, over the past decade, emerged as a model of sound economic management, fostering an environment conducive to business and investment.

“On that path, it’s important to recognise those who have participated in the process. We, therefore, wish to recognise the important contributions of bilateral partners like Spain and, indeed, Spanish companies for the achievement of our economic and national development goals,” the Minister said.

She identified investments in the tourism sector as a leading example of the fruitful bilateral partnership between Spain and Jamaica.

In January, both countries formalised a Memorandum of Understanding (MOU) for International Cooperation on Tourism.

The MOU seeks to deepen collaboration in gastronomy, human capital development, and resilience – reflecting the nations’ shared commitment to sustainable growth and mutual advancement.

Senator Johnson Smith expressed her appreciation for Spain’s continued partnership with Jamaica, noting that Spanish investment in the tourism sector has surpassed US$2.5 billion.

She emphasised that Spanish companies rank among Jamaica’s largest investors, with several major projects currently under way across the island.

The Minister said these projects include the Grand Palladium Hotel in Hanover, which began in February.

This development will add 950 new rooms to Jamaica’s tourism stock and include dedicated housing for 550 staff members.

“We also welcome the fact that, given the green planning and design, the latest development will not only create thousands of jobs but will enhance energy efficiency and sustainability within the sector,” Senator Johnson Smith stated.

She emphasised that the expansion of Spain’s economic cooperation reflects a profound vote of confidence in Jamaica as a destination for investment.

In his remarks, Spain’s Ambassador to Jamaica, His Excellency José María Fernández López de Turiso, noted that trade and investment remain high on Spain’s bilateral agenda.

“Spain is the fastest-growing economy in the Eurozone, and this growth benefits Jamaica as well through investments. So for another consecutive year, Spain has established itself as one of the largest investors in Jamaica, and the largest investor in absolute terms in the tourism industry,” the Ambassador outlined.

He pointed out that Spain’s investments in Jamaica’s hotel sector — particularly through established hotel chains – exemplify best practices in community involvement.

“Major expansion projects, such as those of the Palladian Group, Princess and Bahía Príncipe, will involve billion-dollar investments in the coming years, with a significant impact on employment and on the Jamaican economy,” the Ambassador stated.

The diplomat noted that while tourism remains a cornerstone of Spanish investment in Jamaica, it is not the sole area of interest.

“Currently, our companies are active in renewable energies, construction, consulting, healthcare, and logistics, among others. We believe this is a show of confidence in Jamaica’s economic strength,” Ambassador López de Turiso outlined.