Work Progressing On Amendments To Legislation Governing JaSEZA

Work is progressing on amendments to legislation governing the Jamaica Special Economic Zone Authority (JaSEZA) and the Jamaica International Financial Services Authority (JIFSA), says Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill.

He was responding to questions during Thursday’s (March 3) meeting of the Standing Finance Committee of the House of Representatives, whose members are deliberating the 2022/23 Estimates of Expenditure.

Senator Hill informed that several proposed legislative and regulatory revisions to the JaSEZA Act “are being pursued”, adding that “there are some new ones coming up”.

He pointed out that discussions on the legislation are being held with the Ministry of Finance and the Public Service in relation to the work-from-home arrangements, “because it affects [portfolio entities such as the] Jamaica Customs [among] others”.

“We have a slew of amendments that must be made, which is timely. We’re now ramping that up to make sure that JaSEZA has everything that the players need. So, we are working to make sure we get the amendments in place to make it more efficient and easy for people to come to Jamaica and invest in JaSEZA,” the Minister said, adding that “we have 75 players in the [special economic zone] space”.

Citing a “raft of very complex legislation” instituted over time in relation to JIFSA, Senator Hill informed that the Ministry is “very close” to completing work on effecting proposed amendments.

He advised that Cabinet approved certain amendments to the Companies Act during its meeting on Monday (February 28) that are expected to advance JIFSA’s role in the overall development strategy, adding that “we have more to do [under] the Trade Act”.

“The [approval] on Monday really helped the cause for JIFSA… [which] has to now be aligned with the direction of those amendments in the Companies [Act],” the Minister added.

Senator Hill indicated that there are two major pieces of legislation remaining to be dealt with in relation to JIFSA, “and they’re practically complete to come to Cabinet and the Parliament for approval”.

“Ater that, JIFSA [will be] ready to deal with limited liability companies, partnerships [among others] within the new framework, to make sure [Jamaica] becomes an investment destination for overseas investors, and given what’s involved with banking and investment, I’m very focused on it,” he said.

JaSEZA is responsible for facilitating development and promotion of investment in special economic zones, with a mandate to grow Jamaica’s economy through investment and job creation.

JIFSA seeks to position Jamaica as an established, strongly regulated and transparent international business and financial centre (IFC), with a modern and transparent legislative framework.

This is intended to enable the country to offer world-class business support and financial services to the global marketplace, attaining international accreditation status in the process.

Both agencies will be officially relocated to the Ministry of Industry, Investment and Commerce on April 1.