Kingston, Jamaica – The United Nations Conference on Trade and Development (UNCTAD)’s annual World Investment Report (WIR) revealed that Jamaica increased its foreign direct investment by 34% in 2015.
Jamaica had the highest increase in investment inflows in the region last year, as investments decreased by 12% in the Caribbean.
The report, released on June 21, 2016, said that Jamaica’s rise of inflows was associated with activity in the tourism sector, as well as infrastructure and business process outsourcing (BPO) projects. Jamaica also attracted 40 per cent of all announced greenfield investments made in Small Island Developing States (SIDS). In total, investments to Jamaica in 2015 were valued at US $794 million dollars, making the country the second largest host economy in the SIDS group.
JAMPRO’s President Diane Edwards welcomed the news from the report saying it was a reflection of what the Agency observed from its interactions with investors in the past year. “We have definitely seen an increase in investor interest in Jamaica that has been steadily rising for the past few years,” she said. “This interest has certainly been stimulated by the improvements in the economy and doing business rankings. Investors look at the whole picture, and they see that Jamaica has been gaining in competitiveness and overall business friendliness. It is now up to us to accelerate this progress and to ensure that Jamaica continues to improve our timelines in delivery of all business approvals.”
Miss Edwards noted that the agency has been tasked with making advances in the business environment through the National Competitiveness Council (NCC), and improving Jamaica’s business brand. She further explained, “There is more confidence in Jamaica now more than ever from local and international investors. JAMPRO will take advantage of these developments to ensure that we continue the upward trend in investments into 2017 and beyond.”
JAMPRO is an Agency of the Ministry of Economic Growth and Job Creation.
For more information on the World Investment Report, visit www.worldinvestmentreport.org
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