FT. LAUDERDALE – Some 150 Jamaicans living in South Florida were apprised of investment opportunities in Jamaica on Monday (Sept 15) at a special Diaspora event hosted by the Ocho Rios/Runaway Bay Chapters of the Jamaica Hotel and Tourism Association (JHTA) in association with the Jamaica Tourist Board (JTB) and Air Jamaica.
The event, which was a part of the JHTA’s area blitz in the State of Florida, featured a presentation about the Jamaican economic climate, focusing on investment opportunities, by Earl Jarrett, Deputy Chairman of the Jamaica Tourist Board, and General Manager of the Jamaica National Building Society (JNBS).
Highlighting major developments in infrastructure and tourism by successive governments, Mr. Jarrett said that the current economical climate offered significant potential for Jamaicans living overseas to invest.
Attendees listening to Mr. Earle Jarrett
Photo by: Dreamy Riley
“Jamaicans can take full advantage of the favourable business environment that has been created by enlightened government policies, and the tremendous strides made in creating an investment-friendly environment,” he stated.
The JHTA designed the event to showcase Jamaica’s offerings to hotel and tour operators, as well as Jamaicans in the Diaspora.
“You represent a valuable resource base that can contribute to the well-being and prosperity of our nation. This makes you a solid economic and developmental bridge to home. I encourage you to maintain this transnational family bond that exists among Jamaicans no matter where we are in the world. And move now to capitalise on the investment opportunities which have been created,” he said.
Earle Jarrett (L) discusses investment opportunities with Dax Dunn (R)
Photo by: Dreamy Riley
According to Mr. Jarrett, one of the key areas of Jamaica’s economy which is ripe for investment is the Tourism sector. He pointed to the increased foreign direct investments in Tourism including five new hotels which are set to add some 25,000 new rooms, and the expansion of the island’s major airports as indicators of the future boom in the sector.
“The sector has also shown high levels of buoyancy over the past year with visitor arrivals growing by 6 percent, representing the fourth consecutive year of growth,” Mr. Jarrett disclosed. In 2007, some 128,000 Jamaicans in the Diaspora visited the island an increase of 26.6 percent over the previous year.
“And, Jamaica’s recent success at the Beijing Olympics will no doubt drive greater interest in the island and brand Jamaica,” the Deputy Chairman of the Tourist Board projected
In addition to emerging opportunities for direct investments, Mr. Jarrett also listed opportunities opening up in areas such as farming, entertainment and transportation.
“Another segment of the tourism market which has lucrative potential is the area of Wealth and Luxury Marketing. The potential exists for a growing market with the introduction of casino gaming across the island and the possibilities being explored to introduce offshore banking as well,” he suggested.
He also said that many companies in the private sector were actively leading the way in capitalizing on good investment opportunities in Jamaica.
“Major development projects have begun and are expected to reap substantial benefits for the country,” Mr. Jarrett noted, “Two of these are the construction of a US $2.8 billion Rio Bueno port facility in Trelawny by local steel manufacturers, Tankweld Metals Limited, and Jamaica Broilers’ US$20 Million ethanol plant at Port Esquivel in St. Catherine.”
The Deputy Chairman of the Tourist Board continued, “Given all of these developments and the spin off benefits, we are cognizant of the avenues that exist for investment; and, therefore, Jamaicans at home and overseas have a chance to capitalize on these opportunities.”
“Several of the major investments in the island are by organisations and persons who have little or no national linkages with Jamaica; therefore, it is important that those with the cultural and economic ties to our homeland support our country. We all have to invest for its continued growth and development,” he asserted.
Mr. Jarrett pointed out that there are various avenues to facilitate investments from Jamaicans living overseas and reassured the audience that the formal banking system in Jamaica is heavily regulated in order to ensure that the finances of depositors are protected.
“Seize the moment,” he charged the nurses, teachers, police personnel, and hotel and tour operators in attendance. “Harness the power that you possess for the positive development of our country.”
Guests previewing Jamaican Products
Photo by: Dreamy Riley
