Spanish Investments Have Been Significant – PM


Prime Minister, The Most Hon. Portia Simpson Miller said today (March 6), that Spanish investments over the last few years have been significant, and have played a major part in the island’s booming tourism sector.
Speaking at a special meeting of the Spanish Confederation of Entrepreneurial Organisations in Spain, Mrs. Simpson Miller said that “the impact of Spanish tourism investment on our island is enormous in terms of potential foreign exchange earnings, economic and regional diversification and employment generation”.
“Jamaica welcomes this buoyant level of Spanish investment in our tourism industry,” she said.
Spanish business leaders attending the meeting expressed enthusiasm about the prospects of investing in Jamaica,.and buoyed by the success of current Spanish investors in the tourism and other sectors in Jamaica, members of the Confederation expressed confidence in doing business on the island.
The Prime Minister told the meeting that Jamaica was also making impressive records in other sectors other than tourism. She also spoke of the very positive reports on the economy by the International Monetary Fund (IMF).
Noting that total Foreign Direct Investment flowing into Jamaica exceeded US$900 million, Mrs. Simpson Miller said this was the highest level since 2000. She told the gathering that the macro-economic policies pursued by Jamaica were consistent with those globally associated with growth and market development.
These achievements, Mrs. Simpson Miller said, were not accidental.
“They are the results of a deliberate policy and serve to demonstrate that Jamaica has the institutional capacity to design and implement sound policies and strategies which are supportive of the economy in general and tourism in particular,” she added.
The Prime Minister pointed to the many lucrative investment opportunities in Jamaica.
“Jamaica is a country on the move. As we are opening up new areas for economic development, Jamaica has an impressive portfolio amounting to $2 billion covering infrastructural development projects in areas such as roads and highways, ports, ICT creative industries, tourism and more. Jamaica has global brand recognition that is well beyond its size,” she said.
Mrs. Simpson Miller’s address was followed by a presentation by the Director General in the Ministry of Development, Dennis Morrison, who gave details of the investment opportunities and the incentives for potential investments.
“We have done very well and have made progress in establishing Jamaica as an attractive investment product,” he said.
Spanish investor, D. Luis Quintana Cavanillas of the ACS Group, which operates the Sangster International Airport in Montego Bay, gave a positive report of their experience, and also indicated keen interest in future projects.
There were also inquiries about potential investment projects, such as housing, oil refining and health tourism.
Also attending the meeting were Spanish Ambassador to Jamaica, Jesus Silva; and the Director General in the Spanish Ministry of Foreign Affairs and International Co-operation, M. Jose Fontana Liopis.
The meeting was chaired by Jose Maria Lacasa, Director of the International Relations Department.
The Prime Minister, who is on a four nation tour of Europe, will return on March 9.

JIS Social