Prime Minister Andrew Holness says Jamaica is now seeing an unprecedented level of investor interest in Jamaica, owing to the successes of the central bank’s monetary policy and economic reform programmes implemented by Government over the years.

Jamaica has made significant progress in economic stabilisation, reducing debt and structural reforms, the reward for which has been consecutive years of economic growth, albeit modest. While local growth is expected to slow, Jamaica is still projected to grow in 2024, bolstered by stronger external demand, as well as higher-than-expected government spending and easing inflation.

“As a result of this positive economic environment, we are seeing unprecedented levels of investor interest in Jamaica. Global investors, who in the past would have seen Jamaica as being too risky, are now taking serious interest,” Prime Minister Holness said.

He was speaking at the opening ceremony of the 19th Regional Jamaica Stock Exchange Investments and Capital Market Conference on Tuesday.

Holness added that for the first time in the country’s history, the Government issued a Jamaican-dollar linked international bond amounting to $46.6 billion in local currency or US$300 million, last November. Additionally, real estate investment group LCH Development, which was founded by Yangsen Li, broke ground last week on a residential high-rise in Montego Bay, St James valued at J$1.4 billion or US$350 million.

The project entails the construction of four 28-storey apartment blocks – dubbed the Pinnacle – in Reading, Montego Bay over the next four years. The private community will sit on its own peninsula and have over 500 apartments overlooking the city’s marine reserve. The development plan includes villas, sports, leisure and shopping facilities, restaurants, and a private residents’ club.

“It is a massive investment and we have several other large investments of that magnitude to announce in the coming months,” Holness said.

Holness added that although some of the measures taken by the central bank have caused unease in the financial sector, he reasoned that these decisions will pay off in the long run.

“I hear the very loud whispers in corridors of how businesses have been affected, but the Government is doing, in my estimation, an incredible balancing act because for a country like Jamaica, the devastation of inflation is very real for our population. And therefore in the calculus of where would Government policy come out, it has to bet on the side of ensuring that the population is not exposed,” Holness said.

He added, however, that now that the country has gone through the choppy waters, it is set to sail smoothly in short order.

“Falling inflation means that interest rates will soon follow…,” he said.

Despite all of the economic improvements, Holness said his administration is not resting and is laser-focused on two things.

“First, how do we accelerate the level of our economic growth from one to two per cent to five to six per cent? That is the challenge,” he said.

Holness said that so far, he is of the view that the country has gotten it right with sustaining economic growth but the next step is to create a more peaceful environment – the upshot of which will be greater productivity.

“This is what we call the caring economy, so we are not just about growth and numbers, we all must recognise that growth is about people,” he said.