WITH Jamaica’s debt at historic lows and economic recovery underway, Finance Minister Fayval Williams is calling on investors to help build the country’s next phase of growth by backing new, higher-paying industries and bankable infrastructure projects. Speaking at a recent Mayberry investor forum, Williams said Jamaica must move beyond its traditional reliance on manufacturing and retail and focus on industries with stronger earning potential.

“Look for new industries that we can bring to Jamaica that have higher paying potential,” Williams urged investors, while noting that the workforce will need to be trained to take advantage of those opportunities.

Williams highlighted ship repair as one area with strong potential, particularly as the Government moves ahead with port expansion and the strengthening of marine logistics, a theme repeatedly referenced by the prime minister as part of Jamaica’s broader logistics strategy. She also pointed to technology as a key growth area, citing the Government’s recent announcement on improving subsea capacity. Williams noted that a high percentage of digital activity currently travels overseas and back, adding that expanding capacity could help reduce telecommunications costs and attract new businesses to Jamaica.

“For all those young people for whom telecommunication is the engine for their business, we want to bring prices down,” said Williams.

Agriculture was highlighted as another area for growth, particularly through moving up the value chain rather than relying solely on raw farm output. Investment in water and sewage infrastructure, especially in Kingston, was also identified as critical, as upgrades would support urban development by allowing for the construction of taller buildings. Energy was flagged as a further priority, with a large share of Jamaica’s imports being fuel. A shift towards renewable energy would help reduce that dependence, in line with the government’s target of generating 50 per cent of energy from renewable sources by 2030.

Developing these areas, however, will depend heavily on private-sector participation, particularly in projects that can generate sustainable cash flows and support long-term growth. Much of the large-scale investment linked to recovery and reconstruction will be coordinated through the National Reconstruction and Resilience Authority, which is overseeing priority projects the government plans to pursue in partnership with the private sector. A total of US$6.7 billion in development financing from multilateral partners, designed to support Jamaica’s recovery from Hurricane Melissa, will be channelled through the authority, with US$2.4 billion earmarked for private-sector involvement.

“Government can’t do it all; government shouldn’t do it all. Government should identify those projects that can produce a stream of cash flows. Projects that are bankable to the private sector and have the private sector come in,” she explained.

Significant recovery work remains, including rebuilding roads and upgrading water systems. Private-sector participation is already expected in the water sector through public-private partnerships, while investors are also being encouraged to consider port development and to engage with the prime minister through NaRRA as major projects are prioritised.

“There are many projects that I believe the private sector can play a role in,” Williams said further.

On the broader economic outlook, although Jamaica’s debt-to-GDP ratio is now at an all-time low, around 62.4 per cent for the 2024/25 fiscal year, creating space for investment-led growth, the economy remains in a recovery phase. Projections from the Planning Institute of Jamaica point to negative growth of between three and six per cent as the current fiscal year closes, with growth expected to be less negative in the next fiscal year as recovery continues. Beyond that period, the outlook points to a return to positive GDP growth. Inflation remains a concern, but policy continuity has helped bring greater certainty for businesses engaged in long-term planning. Stabilising prices is critical to lifting per capita income and supporting sustainable economic growth. Williams assured that the funds available to the Government for development purposes will be directed towards projects that deliver long-term value to the economy.

“It has to be for capital that is long-lasting, and [it] will be used to deliver growth in the economy,” she noted.