Sancia Bennett Templer, the permanent secretary in the Ministry of Industry, Investment and Commerce, in her address at the China (Shandong)-Jamaica Investment Promotion Conference, held at the Chinese Ambassador’s Residence in Kingston last week, made a compelling case for investment in Jamaica and gave reasons why the country takes a “hand in hand” approach.

Below is her full presentation:

I am pleased to represent the Ministry of Industry, Investment and Commerce at this conference, “Hand in Hand” with Jamaica. Thank you, your Excellency, for arranging this forum for us to engage in discussions about the opportunities available to broaden our cooperation.

This year marks the 50th anniversary of the establishment of diplomatic relations between our two countries. However, this only formalised and existing partnership; the presence and contribution of the Chinese and other nations have long been reflected in our national motto, “Out of Many, One People”.

All across Jamaica, there are tangible symbols of our mutually enriching relationship. Many of our rural and urban centres see vibrant Chinese-led commercial activity, and there is evidence of our partnership in areas such as education, sport, culture, health and infrastructure development.

Following his November 2019 working visit to China, our Prime Minister, the Rt Honourable Andrew Holness, articulated a framework of corporation between our two countries to involve strategic, focused investments. He pinpointed special economic zones and logistics hubs, urban centre development, water and sewerage, agriculture, and affordable housing areas which would support the Government if Jamaica’s objectives to increase the value of exports, create worthwhile employment, and promote economic growth for our country.

This economic growth is being propelled by sound fiscal policies which have allowed us to thrive in many sectors despite the uncertainties of the current international landscape.

Earlier this month international rating agency Standard and Poor’s affirmed our B+ rating and projected GDP growth of some four per cent for this fiscal year. At the same time, the Bank of Jamaica (BOJ) has reported that our Net international reserves (NIR) closed at US$3.81 billion at the end of September 2022. Representing a US$57 million increase when compared to the US$3.75 million reported for the previous month.

Tourism, our highest foreign exchange earner, has generated over US$5.7 billion since we reopened our borders in June 2020 and that industry is projecting earnings in excess of US$4 billion this year.

These numbers affirm that the GOJ’s fiscal policy has been having the desired effect of reducing vulnerabilities and strengthening our resilience to external shocks.

At the same time, we have been improving the ease of doing business for our investors. In 2019, the World Bank’s Doing Business Report ranked us as the sixth easiest place to start a business, the 12th easiest for getting credit and the best Caribbean country for doing business. The rankinf has been fueled by decisive action behind the scenes to ensure that our systems and processes are optimised for business.

We recognise that to conduct business efficiently we must digitize our services. We have established a National Business Portal, where we continue to unboard business-to-government services, such as registrations, applications to establish or expand operations, or applications for permits, licences, and other authorisations. A similar facility is offered by the Jamaica Single Window for Trade (JSWIFT), which allows web-enabled access to services that support cross-border trade. Additionally,  the Jamaica Customs Agency has been steadily onboarding government entities to the Automated System for Customs Data (ASYCUDA) management system for international trade and transport.

Through the efforts of this Ministry and the Ministry of Foreign Affairs and Foreign Trade, we have negotiated several bilateral agreements that make doing business in Jamaica easier for foreigners. Key pieces of legislation are also being given priority attention to ensure that we have a robust and sophisticated legislative framework, a competitive tax regime, and transparent governance structures.

These all point to one main fact – Jamaica is ready for your business. Reports published yesterday from a survey conducted by the Jamaica Chamber of Commerce are that business confidence increased by double digits in the current Quarter of the financial year, indicating that investors are ready to put their financial and other resources into existing and new ventures.

As “Jamaica’s Business Ministry”, the Ministry of Industry, Investment and Commerce stands ready to use the resources of all the agencies under its portfolio to support our investors. We invite you to listen to the opportunities which the President of the Jamaica Promotions Corporation (JAMPRO), Diane Edwards, will shortly outline for you and to continue your engagements with us as we partner to the mutual benefit of both our countries.

Ladies and gentlemen, thank you.