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JAMPRO working to simplify investment process

Friday, May 23, 2014    

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JAMAICA Promotions Corporations (JAMPRO) is collaborating with the Tourism Enhancement Fund (TEF) and other stakeholders to create a concept that will allow the development and packaging of specific projects, with most of the necessary approvals in place, before the investor makes a decision to invest.

This measure is part of Government's effort to make the process of investing easier.

Minister of Industry Investment and Commerce Anthony Hylton made the disclosure Wednesday during his contribution to the 2014/15 Sectoral Debate in the House of Representatives.

"We are actively putting measures in place to make the country's investment process frustration free. This is critical, as we build the logistics-centred economy," he said.

Hylton also disclosed that JAMPRO has established an investment promotions unit dedicated to logistics, that will continue to engage investors, while seeking to attract new players to the table.

He said the agency continues its work to attract investments in all the major growth areas of the economy, facilitating in the 2013/14 financial year, more than $18 billion in capital investments, exceeding the projected target of $12.3 billion.

Hylton added that these investments, primarily in tourism, agriculture, mining, and knowledge services, created over 6,000 new permanent and temporary jobs.

Meanwhile on the export and trade side, Hylton noted that JAMPRO continues to be a reliable business partner to the nation's exporters.

"The agency's export clients generated over US$237 million in export sales during the last financial year, and the value of linkages contracts amounted to over $915 million for creative industries projects and other export-led activities," he said.

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