WASHINGTON, DC – Jamaican nationals in Washington, DC and Manhattan, New York, USA have responded positively to the advantages of investing in Jamaica at two Wealth Creation Roundtables, held by the Jamaica National Building Society (JNBS), on October 22 and 24, respectively.
And, according to one Health Administrator from Brooklyn, “The Roundtable presented a positive case for investment in Jamaica, and it was presented in such clear and defining terms.”
Speaking against the background of building partnerships with Jamaicans in the Diaspora and the global economic crunch, Earl Jarrett, JNBS General Manager, urged participants in the Roundtables to, “Maintain the transnational family bond that exists among Jamaicans no matter where you are in the world…and to harness the power that you possess for the positive development of our country.”
Mr. Jarrett declared that, “The opportunity now exists to take full advantage of the business context that has been created by enlightened government policies, and the tremendous strides made in creating an environment that is conducive to investment.”
He assured persons doing business with Jamaica that a team had been set by government to monitor financial events on the international scene; and said that, “The Bank of Jamaica (BOJ) had implemented a loan facility to increase the availability of foreign exchange to local banks.”
The JN General Manager spoke to the philosophy of investment, and outlined the status of the Jamaican financial sector, and its regulatory agencies, such as the Financial Services Commission (JSC) and the Jamaican Deposit Insurance Corporation (JDIC) noting that, “the formal banking system in Jamaica is heavily regulated to ensure that the finances of depositors are protected.”
Participants expressed interest in the wide range of investment opportunities in Jamaica ranging from—entry level financial investments, stocks, securities and equities to investment instruments and real estate.
Mr. Jarrett told them that the private sector had been identified as the “engine of growth for the Jamaican economy” and outlined some of the sectors that were ripe for investment.
“Tourism has lucrative potential in the area of wealth and luxury marketing; and there is the projected introduction of casino gaming and the introduction of offshore banking,” he explained.
And, he listed other areas such as—the health and wellness market; and services to tourism, including farming, entertainment, transportation, comedy clubs, jazz and reggae bars.
The JN General Manager also outlined a variety of savings and loan products offered by Jamaica National, and subsidiaries in the JN Group, a wholly-owned Jamaican financial institution, providing services through Representatives offices in the USA, UK, Canada and the Cayman Islands.
“We are proud of the fact that as a financial institution Jamaica National has been through similar periods of economic instability over its 134-year history,” the General Manager pointed out, “And, our success is due in large measure to the conservatism we exhibited in dealing with the funds of our members.”
Confirming the case for investing in Jamaica, Mr. Jarrett noted that the country led the Caribbean in Information & Communication Technology (ITC); it was ranked 23rd out of 188 countries in Foreign Direct Investment by the 2007 World Investment Report; and placed 53rd out of 116 countries for ease of doing business by the 2007 Business Competiveness Index.
Jamaica Ambassador to the US, HE Anthony Johnson endorsed the Washington, DC initiatives of Jamaica National; and Consul General Geneive Brown Metzger, declared that the NYC Roundtable was, “a proactive approach to explaining the positive market forces that were at work in Jamaica.”
Earl Jarrett, General Manager of the Jamaica National Building Society (JNBS), address a group of Jamaican-Americans at a recent Wealth Creation Forum in Washington DC. Supporting him in his presentation is JNBS Marketing, Promotions and Sales Executive, Leesa Kow. The event took place on October 24 at the Wardman Marriott Hotel.
Miss Leesa Kow, JN Marketing, Promotions & Sales Executive, welcomed the response from participants, and said that, “the level of interest in tourism, savings and real estate products highlighted, confirmed that the Roundtable strategy is a workable vehicle; which, through timely interventions, can stimulate investment.”
She also pointed out that the Society would continue to strengthen its links with Jamaicans in the Diaspora, “because they offered an untapped resource base for future investments in our country.”
And, based on the variety of questions raised by participants, it was clear that, “the message that Jamaicans overseas can—‘harness the power that they possess for the positive development of our country,’ was well received,” she concluded.
One special highlight of the New York Roundtable was an exhibition of ceramics by members of the Association of Jamaica Potters, under the curatorship of Miss Vilya Thomas, Past President.
