Government improving BPO supporting legislative framework

Durrant Pate/ Contributor

The Government of Jamaica is beefing up its capacity to grow its business process outsourcing (BPO) to attract higher value-added global services sector (GSS) investments.

This is being done through strengthening the sector by improving the supporting legislative framework.

Senator Aubyn Hill, minister of industry, investment and commerce, is leading the charge to have “appropriate, business-friendly” legislation enacted.

This is being executed to ensure that local and foreign direct investments are managed within a framework of “fiscal prudence and transparency”, while welcoming “useful suggestions to make these relevant changes”.

Growth in outsourcing globally is projected to continue for some time and, as such, Jamaica is creating a stable and fertile economic environment that will attract even more investors and provide a steady income for many more Jamaicans.

Hill acknowledged that the creation of the Jamaica International Financial Services Authority (JIFSA), signalled the Government’s commitment to the process of enhancing GSS investment.

The JIFSA is part of a multi-agency working group, which includes the Bank of Jamaica, Companies Office of Jamaica and the Financial Services Commission, in reviewing legislation and Bills.

In creating this environment for GSS investments, the Jamaican authorities are ensuring that the country is compliant with the Financial Action Task Force (FATF) regulations.

Legislative regime for FAFT compliance

According to the minister, “regulations have also been drafted to accompany the Segregated Accounts Companies Bill, the Limited Liability Companies Bill, Partnership (General) Act, Partnership (Limited) Act, and Corporate and Trust Services Providers Act, as we work towards creating a robust framework for investors.” He advised that Jamaica Promotions Corporation (JAMPRO), which has overall responsibility for GSS development locally, continues to promote the country as the “leading Caribbean destination” for business knowledge and information technology outsourcing.

Additionally, Hill highlighted the work of sister agency, the Jamaica Special Economic Zone Authority (JSEZA), that oversees the country’s thrust to grow Special Economic Zones (SEZs), which houses BPO facilities. He pointed out that there are several projects which both agencies are actively pursuing, indicating that when realised Jamaica should make a marked increase in inward investments.

This will be in addition to improving Jamaica’s positioning in the value chain of the outsourcing industry.

INITIAL 200 PERSON-TARGET EXCEEDED

Hill advised that more than 800 apprentices have, to date, been trained under the Global Services Sector Project being implemented by JAMPRO, far exceeding the 200 persons initially targeted.

The US$15-million, five-year initiative, which is being financed with Inter-American Development Bank support, focuses on upskilling Jamaica’s workforce, particularly young people, to prepare them for jobs in the global services sector. A major objective of the project is to provide the GSS with higher-skilled workers for value-added jobs, thereby strengthening Jamaica’s capacity to attract investments and increase exports.

The curriculum focuses on key areas such as leadership and management communication, digital marketing, critical and analytical thinking and software development.

One of the successes of this project to date is that the GSS Apprenticeship Programme, a 12-month on-the-job and off-the-job training programme to develop the supervisory management capacities of entry to mid-level professionals in the GSS.

Hill was speaking during the Global Services Association of Jamaica (GSAJ) Outsource2Jamaica Glance 2022 forum at The Jamaica Pegasus hotel in New Kingston earlier this week.