Trade and Investment Most Sustainable Avenue for Growth – PM

Prime Minister, the Most Hon. Andrew Holness, says Jamaica and the wider region see trade and investment as the most sustainable avenue for the region’s growth and development.

Speaking today (November 16) in the Kingdom of Saudi Arabia where the inaugural Saudi Arabia-CARICOM Summit is being held, Mr. Holness said that investment is a strategic way of increasing wealth without accumulating significant debt.

He noted that the region has put strong measures in place to safeguard investments.

“If we are to focus on investment as the strategic direction for development, our investors can rest assured that the entire region has made commitments for strengthening and deepening our institutional frameworks to protect investments,” he noted.

“We have very strong institutions, certainly, in terms of our legal and justice systems, to support and protect contracts. We have very strong regulations for our financial sector and our financial markets. So, in terms of an investment framework, the region, I think, is significantly attractive in that way,” he added.

Mr. Holness noted that the region welcomes the strengthening and deepening of the relationship with Saudi Arabia.

“As we go forward… investment and trade should be the key strategic direction. The region has great potential for the exploitation of renewable energy… and, therefore, Jamaica, in particular, would be willing to explore investments in this regard,” he said.

The Prime Minister noted that the region is a net supplier of talent to markets in proximity in North America and Europe, noting that “we can manage significant investments in terms of human resources”.

“The Caribbean, though we are Small Island Developing States (SIDS) we have tremendous opportunities for significant investments. Where we are located, we have great logistics opportunities, shipping… and we would be very interested in hearing the investment potentials that exist for that,” Mr. Holness said.