Jamaica an ideal business destination — IDB rep

Jamaica an ideal business destination — IDB rep

Monday, January 26, 2015

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The Inter American Development Bank (IDB) is encouraging both local and international entrepreneurs and private sector interests to take advantage of Jamaica's improved business climate.

Describing the current business environment as a "sweet spot" IDB Country Representative for Jamaica, Therese Turner-Jones, said several factors are combining to make Jamaica an ideal destination for launching a business.

Turner-Jones, who was speaking at the official launch of the Jamaica Investment Forum 2015 at the Wray and Nephew headquarters in New Kingston recently, said that Jamaica has recorded significant improvements in its macro-economic and investment outlook.

She pointed to recent endorsements from the international community as a positive development for Jamaica.

These include a 64th place ranking out of 146 nations on the 2014 Forbes Best Countries for Business Report, making Jamaica the best country in the Caribbean region to do business, and third in Latin America and the Caribbean.

Jamaica also improved its ranking in the 2014 Doing Business Report with a significant jump from 94 to 58.

Additionally, the country moved eight places up the Global Competitiveness Index for 2014/15, and is now ranked 86th out of 144 countries, compared to 94th out of 148 countries in 2013/14 report, and 97th out of 144 the previous year.

The IDB Representative said that in addition to Jamaica's improved macro-economic and business environment, the significant reduction in global oil prices have also helped to create a much more enabling climate for investors.

"I think investors, who are thinking about doing business in Jamaica would be very interested and very keen to jump on the fact that energy prices are a fraction of what they were a few months ago," she stated.

Predicting that energy prices will stay low for about another three years, Turner-Jones said this is a great opportunity for manufacturers who wish to invest in Jamaica.

The Jamaica Investment Forum 2015, planned for the Montego Bay Convention Centre March 10 to 12 will showcase key growth sectors and significant investment opportunities in Jamaica.

Over 150 local and international investors are expected to attend.

-- JIS

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