Reading Time: 4 minutes

The COVID-19 pandemic has been challenging for global economies, however Jamaica’s investment opportunities continue to strengthen based on proactive public and private sector initiatives in several industries.

There are various sectors that will be of interest to the Diaspora because of the lucrative possibilities that exist, and the friendly eco-systems and networks. In addition, government entities such as JAMPRO have a proven record of providing great assistance through business facilitation and guidance on doing business in Jamaica. 

Agribusiness

The agribusiness sector is one such area that holds endless opportunities. More Jamaican companies are embarking on an investment journey into agribusiness, as the government has prioritized the sector as a major pillar of Jamaica’s economic transformation.

These entities range from small agro-processing factories to large scale farms.  Companies like Linga-Ya Farms, which produces breadfruit for both the local and international market, and Shavuot, a family-run farming and manufacturing operation, show the potential that exists in agriculture to serve not only the Jamaican audience, but large export markets that have high demand for Jamaican produce and value-added products.

Agro-processing enterprises can find success by focusing on fruit jams, liqueurs, beverages, seasonings, spices, sauces, nutraceuticals, and even biofuel. In the fresh produce sector, products such as pumpkin, citrus, bananas, papaya, and sweet potatoes thrive in demand from export and local markets.

There are numerous business opportunities in agriculture, with government support systems as well as organisations such as the Rural Agricultural Development Authority (RADA) and the Agro-Investment Corporation that can lead you to rewarding agribusiness projects.

Manufacturing

The manufacturing sector also has a diverse range of business opportunities for the Diaspora. From the production of chemicals, cosmetics, and paper products to medical devices, electronics, furniture and building materials, there are several business ventures that can meet the demand of local and international audiences. Product fitting and remanufacturing of parts, and assembly and distribution are other manufacturing activities to be considered.  

Contract manufacturing is an emerging area in this sector. This refers to companies producing goods for a client company under the brand or labelling of the client enterprise.  

With Jamaica’s access to various trade agreements, and its strategic location, contract manufacturing presents a solid opportunity to produce for several brands globally, all from our shores.

Creative Industries

If you’re interested in the business of art, the Creative Industries, specifically Film, Animation, and Music may be your choice for investment. Development of studios for music or film, production houses, and distribution management are just a few of the opportunities that promise excellent results.

Because of the island’s strong creative brand and breathtaking sites and attractions, the film industry sees in excess of 150 foreign productions per year being produced by crews that are 65 to 70 per cent local.

More content is being produced locally through initiatives such as the JAFTA Propella film development programme, as well as the Film Lab programme, which is a British Council initiative held in association with the Jamaica Film and Television Association (JAFTA) and JAMPRO.

Recently, global entertainment marketing agency The SMC Group forged a partnership with The Edna Manley College of the Visual and Performing Arts (EMCVPA) to increase the training of local talent available for creative projects.

Jamaica is on its way to becoming a regional creative hub, with local talent being developed, and work being done by the government to formalize the creative economy. There is no shortage of resources in the creative sector for those seeking to invest in this rapidly developing area.

Outsourcing

Another sector with vast investment potential is the outsourcing industry which already consists of over 60 companies and employs more than 36,000 people on the island. These are tech-intensive and knowledge-based jobs that span multiple industries and professions including banking, health, human resources, marketing, retail, legal services, and technology.

The demand for Outsourcing is predicted to grow globally, as companies seek digital alternatives to traditional in-person services. Jamaica is therefore working to tap into the potential of global markets such as the IT Outsourcing market, which is expected to reach USD 425.19 billion by 2026, and the Knowledge Process Outsourcing market, which is estimated to be valued at USD 124.29 billion by 2025.

Investors in this area will find a workforce ready and able to fuel new ventures in a business-friendly eco-system that promotes growth, as well as a government committed to upskilling available talent.

The Global Services Sector Project (GSSP) is one of the initiatives that will empower Jamaicans with the technical and professional skills needed to function effectively in today’s Global Services Sector (GSS), which comprises mainly of Information Technology Outsourcing (ITO), Knowledge Process Outsourcing (KPO), and Business Process Outsourcing (BPO).

Initiatives such as the GSSP along with public and private sector bodies like the Global Services Association of Jamaica (GSAJ), Global Services Skill Council, along with the government’s growth strategies , has led to a boom in the industry. Jamaica is now known as one of the leading countries in Outsourcing in the region, and it is expected, that this sector will continue on its upward trajectory for years to come.

Get ready to do business

Companies like Isocon-JLB, Eight Rivers Energy Company, Pedro Plains, Zierlich International Dialysis Centre, Sportsmax and others represent successful organizations started by Jamaicans from the Diaspora who took advantage of growth in these and other sectors, and sought to invest in the country. The potential for success is there, and JAMPRO can help you along your new journey.

If you have the desire to make Jamaica the centre of your investment ambitions, you can contact JAMPRO by visiting http://www.dobusinessjamaica.com for guidance in identifying opportunities, and realizing your new business venture. 

This article was contributed by JAMPRO