National Investment Policy tabled in Parliament

National Investment Policy tabled in Parliament

Wednesday, July 29, 2020

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KINGSTON, Jamaica — The National Investment Policy (NIP), which aims to position Jamaica as a major player in the global investment community whilst driving economic growth through sustainable development, was tabled in Parliament, yesterday, July 28, by Minister without portfolio in the Ministry of Industry, Commerce, Agriculture and Fisheries, Leslie Campbell.

The policy is to be implemented over a three-year period and is projected to cost $78 million. The ministry said it will guide and streamline engagement with public and private sector stakeholders participating in the process of investment marketing, promotion and facilitation.

According to the ministry, the policy seeks to create the structures deemed necessary to achieve greater economic growth and development. It added that it will also revolutionise the country's investment landscape by providing a practical framework that facilitates private investment and coordinates the efforts of all agencies in promoting investment in Jamaica.

“Foreign and local direct investments are key drivers for economic growth in Jamaica, and the country has been undertaking significant structural reforms over the past decade to improve its investment climate,” Campbell said.

The ministry noted that among the goals to be achieved over the three-year period is the provision of a streamlined customer-centric investor experience across government that offers strategic guidelines to identify, facilitate and realise greater investments in the country.

Additionally, there will be the strengthening of mechanisms for trading across borders that will support national economic growth and the positioning of Jamaica as the investment destination of choice in the Caribbean region for international companies and investors, the ministry said.

Campbell said that the underpinning principles that guided the development of the policy recommendations are building efficiency; public sector cohesiveness; global competitiveness; transparency and sustainability.

The NIP was conceptualised in 2014 and embodies the National Development Plan, Vision 2030.

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