Economic developments in Jamaica creating opportunities for business

Jamaica’s Minister of Development, Dr. Paul Robertson announced that recent economic developments have created viable opportunities for businesses in the country to experience substantive growth.

“The economic development projects now taking place are real, tangible and present real opportunities for Jamaican businesses, large and small, to invest and so create wealth and jobs through linkages in the growth areas of the economy,” Minister Robertson said.

Making his Sectoral Debate presentation in the House of Representatives on Tuesday, July 12, the Development Minister observed that persons had questioned whether particular overseas investments were in fact beneficial to Jamaica, and if these benefits would be materialized by way of the repatriation of profits and long term commitment.

He said such arguments were without merit as “they ignore the realities of globalization where technology now link markets in a way unprecedented in human history.”

Speaking against the background of the free movement of goods and capital, the Minister said while some barriers still existed, the tendency was towards the removal of these obstacles.

He emphasized that “Jamaica is an island by geographic definition but in the context of the world economy; we are not and cannot be an island unto ourselves.”

Dr. Robertson told the House that inasmuch as Jamaica was a recipient of foreign direct investment, local businesses also reaped the rewards of overseas investments.

“Jamaican businesses, especially the leaders in the tourism sector own and operate significant properties abroad. The construction of hotels and other resorts facilities will generate demand for furniture, for bedding, for professional services, for landscapers, electricians, tillers, masons, environmentalists, and others,” he stated.

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