The Government is in active discussions with three potential investors of at least US$1 billion ($150 billion) each, with an announcement expected shortly in relation to one of them, likely in the tourism industry.

This was revealed in the Senate on Friday by minister without portfolio in the Office of the Prime Minister Senator Audrey Marks.

The former ambassador to the United States, who has responsibility for efficiency, innovation and digital transformation, was making her first contribution in the Upper House. She was speaking on a Bill piloted by Minister of Industry, Investment and Commerce Senator Aubyn Hill, the Income Tax Relief (Large Scale Projects and Pioneer Industries) Act 2025 (LPPIA).

As the name suggests, the Act grants income tax relief to mega investors.

According to Marks, it is proof of the Government’s commitment to economic growth and national prosperity.

“This Government believes that one way for Jamaicans to create and build generational wealth is to participate directly in the economic growth derived from large-scale projects. Jamaicans must be afforded more opportunities to participate in the billions of dollars that flow from large investments in Jamaica,” she said.

“That is why we have engaged with three investors … so far, who will be investing over US$1 billion [each]…and who will automatically qualify under the LPPIA,” Marks added.

She told the Senate that the investors have also been told that they should list at least 20 per cent of their shares on the Jamaica Stock Exchange to ensure local ownership; and they must source at least 20 per cent of services/inputs from locally owned suppliers.

Marks shared that the investors have agreed in principle to these proposals.

“These measures will ensure that large-scale projects will bring more tangible benefits and opportunities to the Jamaican people to ensure equity and inclusive growth,” she said.

Marks said that the Government, having reduced the country’s debt-to-gross domestic product (GDP) ratio to approximately 68 per cent as of March 31 “can now pivot towards GDP-per capita as a measure of shared prosperity”.

She said that as minister she will be pushing for a per capita GDP of US$20,000 ($3 million) “with the same fixity of purpose as we did with the debt-to-GDP target”.

Marks said her announcement was not a mere policy tweak but a demonstration that the Government was shifting from stabilisation to growth.

“We’re focusing on a model of growth that is based on equity and inclusivity of all our people. It signals that incentives must come with even more inclusion,” she said.

As the minister with direct oversight of ‘Speed’ (streamlining processes for efficiency and economic development) Marks said she has already met with, and tasked the Information and Communication Technology Authority with identifying an automated application system in the LPPIA once it becomes the law of the land to ensure that qualified projects are facilitated to be shovel-ready within 90 days.

Her ministry will work closely with the Ministry of Industry, Investment and Commerce to fast-track projects.