Building out an enabling environment for economic growth

Durrant Pate/Contributor

Jamaica’s investment promotions agency, JAMPRO is targeting more sustainable and innovative investments in 2022 that can accelerate economic and social growth.

That’s the word from Senator Aubyn Hill, minister of industry, investment and commerce, who pointed to the long-term goal of investment products and partnerships that are sustainable and will energise the local economy and drive positive change at all levels of society.

These, he argues, will not only provide economic rewards but will also be sustainable, create new avenues for development in towns and will lead to significant improvement in Jamaica’s overall business environment.

Ultimately, the goal is to encourage and facilitate the development of products and services that will enhance the lives of the island’s population. These products and services, Hill said, will also use technology to advance sectors like agriculture, manufacturing, tourism, and others.

Hill noted that the Holness administration has expended significant resources to foster an enabling environment for economic growth.

Fostering investments that bring innovation

Regarding the recently launched Priority Investment Project Initiative, as part of Jamaica’s National Investment Policy initiative, Hill remarked: “We are serious about fostering investments that bring innovation to the Jamaican economy and that includes working with investors as partners in achieving their goals.”

He added: “This priority investment initiative will help us to give these projects even more support; at the same time, it helps to ensure that we meet our Vision 2030 objectives through projects that will provide a major boost to our economy and society.”

For his part, JAMPRO’s Norman Naar, vice president of sales and promotions, commented that, “we consider innovative investments to be all about sustainability, transformation and expansion. These investments will help to protect our environment, meet the challenge of climate change, and create employment opportunities across the society”.

Said Naar: “They will make Jamaica more competitive and strengthen connections between investors and suppliers.”

There are a number of innovative and sustainable investment projects already under way within the Jamaican economy. In the energy sector, there are three significant solar and wind energy projects generating 115MW kWh in renewable energy as well as projects in tourism, manufacturing and agriculture.

With regards to agriculture, Naar revealed that “we are seeking innovative investments in agribusiness that can improve the sector’s resilience, profitability, and output”.

Said Naar: “In the leveraging of technology in agriculture, we look to reduce risk of theft, improve consistency and significantly increase yield or scale of production. Therefore, we have a major drive to increase the use of agriculture tech or Agtech as it is also known.”

CLIMATE SMART AGRICULTURE NEEDED

This includes the creation of projects that have Agtech elements like controlled environment agriculture, automation of commercial greenhouses and precision farming. Climate smart agriculture and climate-resilient crops are also needed.

Investment in medicinal plants and the cannabis industry, Naar posited, will provide the opportunity to boost medical research and will lead to the development of pharmaceuticals and nutraceuticals.