Minister of Industry, Investment and Commerce Senator Aubyn Hill is batting for the long-held desire for Jamaica to become a major financial services hub.

Speaking on Thursday, February 24, 2021, at the Consumer Affairs Commission and Fair Trading Commission joint press briefing, the senator noted that the Jamaica International Financial Services Authority (JIFSA), which falls under his ministry, “is seriously positioning itself to be a major player in the international finical services sector”.

“JIFSA’s focus is on ensuring that the country’s industry is developed on par with established centres, and that it maintains strict adherence to international regulations and standards globally. JIFSA has been creating a robust and sophisticated legislative framework, formulating a competitive tax regime, and ensuring that we are fully prepared to take advantage of this new, strategic opportunity,” Hill stated.

Established in 2011 through the passing of the JIFSA Act, its mandate is the promotion and development of Jamaica as a centre for international financial services. Additionally, the agency seeks to create and develop the legal framework to establish and support entities in Jamaica to provide financial and business services to the export market and own assets in other jurisdictions, thereby leveraging Jamaica’s several competitive advantages.

The authority has been instrumental in the tabling of Bills to effect the promotion of Jamaica as a financial hub. Among them the Trust Partnership (Limited) Act, 2017; Partnership (General) Act, 2017; and the International Corporate and Trust Services Providers (Change of Name and Amendment) Act, 2021.

At present, the Limited Liability Companies (LLC) Bill is before Parliament.

“Our nation is in a unique position to leverage Brand Jamaica within the international company’s registration industry, not only for entities doing business internationally, but also for international companies to do business right here in Jamaica,” Hill said.

While advocating for more foreign direct investment in Jamaica, he urged companies with significant capital to invest locally “in meaningful ways” to help to stimulate growth. Moreover, the minister said that companies also need to be creative, innovative and dynamic.

“We need to invest a lot more in research and development areas, work with entities such as the Cannabis Licensing Authority, the Scientific Research Council, Jamaica National Agency for Accreditation (JANAAC), and the laboratories at our premier universities, and determine which of our local produce can be exploited to create new products that can be consistently produced to increase our export earnings. For this to happen traders will also have to become manufacturers and exporters,” he continued.

Such partnerships between private sector and Government, as well as private sector and academia, “will, over time, cushion the economic challenges being faced by small-island developing states such as ours that have no oil and natural gases to exploit”, Hill argued.