David Paterson , the former New York State governor, called on the diaspora to increase investments in Jamaica in order to reduce the threat of ‘land buying’ investors who show less respect for the culture of the island.

Paterson resents these persons whom he described as not kind in their approach to Jamaica or helpful to blacks in the US.

“[They] see new markets opening due to new laws in the US and probably think that they can swoop down and start buying up land and doing to Jamaica what has been done to other countries historically,” said Paterson, who is of Jamaican parentage, in an Observer interview at the Spanish Court Hotel in Kingston last week.

“It’s a great time to expand the diaspora links because there are a progeny of Jamaicans that live in the US who are just as capable and more respectful of the country,” said Paterson, who was in Jamaica for a week in his capacity as an advisor to the board of Commonwealth Partners (CWP) a US/Jamaican financial equity firm.

Paterson, the 55th governor of New York, from 2008 to 2010, was the first black governor of that state.

Horatio Sparks, another member of the advisory board, argued that CWP, creates the opportunity for US pension plans to invest within the island in a structured way. “For the first time in my professional career I saw an opportunity where I can give something back because CWP would be based in New York but doing investments in Jamaica and the Caribbean. I saw an opportunity to give back my expertise,” stated US/Jamaican Sparks, who is a Los Angeles equity manager and also the first black deputy/controller of public pensions in New York.

“A lot of people in pension plans in New York look like me and you. You think they don’t want their pension money invested in their home country? Of course they do, but the vehicle was not there. CWP presents that vehicle. That’s why I am excited.”

Members of the CWP advisory board met with local stakeholders and also the Governor General of Jamaica Sir Patrick Allen. “Despite the amount of talent you have in the diaspora, it doesn’t make its way back here. And without that flow the country doesn’t benefit from the incredible progeny of talent available in the Diaspora,” said Rohan Barnett, the CWP managing partner and former head of the Financial Services Commission of Jamaica.

Last year, CWP raised US$30 million in funding from a number of Jamaican investors. Shortly thereafter it announced plans to acquire local merchant bank, MF&G Trust Finance Limited. The deal still awaits regulatory approval.