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Jamaica Ready for More Spanish Investment

Spanish investors have been reassured that Jamaica along with other Caribbean countries was ready for a new round of investment.

The Minister expressed appreciation for the major investments by Spanish companies in the Jamaican tourism sector and pointed out that stronger linkages with other sectors was now necessary. He cited agriculture, agro-industry and information technology as three of the areas in which Jamaica was particularly well placed to benefit from new investment. “We have good potential in furniture manufacturing,” Minister Samuda asserted, noting how dependent the sector was on foreign imports.

He was nevertheless sensitive to the need for efficiency and recognised that the investors always had to seek value for money spent. The Minister also drew attention to Alternate Energy and Renewables as an attractive area for the medium term given the escalating price of oil and its impact on present energy costs. Spain is a leader in this field.

In responding to concerns from the Spanish representatives about taxation and legal protection, the Minister pointed out that a double taxation agreement between Spain and Jamaica had now been signed and that investment security was a feature of the entire Caribbean including Jamaica. By way of commending the region as an investment destination, he pointed out that the Caribbean was the “third border” of the USA and was therefore a good gateway to North America.

He cited also the presence of English speaking populations, the existence of stable democracies and regulated and trustworthy financial systems.The Minister drew attention to the fact that the present Jamaican government was particularly business-friendly and was shaping its policies and practices to facilitate businesses and enable them to be profitable.

After his presentation, Minister Samuda, accompanied by Minister Edmund Bartlett and members of the Jamaica Trade and Invest management team met with several interested investors in a range of fields, including aviation, pharmaceuticals, agro-industry, tourism, telecommunications, waste-to-energy and education infrastructure.

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