In 2022, Jamaica aims to attract more sustainable and innovative investment

KINGSTON, Jamaica–(BUSINESS WIRE)–As Jamaica moves forward with its Vision 2030 development plan, which aims to transform the island’s economy, the country’s government continues to develop and seek out innovative investments that can accelerate economic and social growth.

Not only will these investment projects have positive economic impacts, but they will also be sustainable, create new avenues for development in communities, towns, and cities, and lead to a significant improvement in Jamaica’s overall business environment.

The Jamaican senator and Minister of Industry, Investment, and Trade, the Honorable Aubyn Hill, announced that his government had allocated significant resources to foster an environment conducive to economic growth. « »Our long-term goal is to offer sustainable investment products and partnerships that will boost our economy and bring about positive change at all levels of society,", the minister emphasized.

« We believe that innovative investments must be entirely focused on sustainability, transformation, and expansion », explained Norman Naar, vice president of sales and promotions at JAMPRO, Jamaica's investment and export promotion agency. «These investments will help protect our environment, address the challenge of climate change, and create job opportunities across society. They will make Jamaica a more competitive country and strengthen ties between investors and suppliers.". »

Ultimately, the goal is to encourage and facilitate the development of products and services that will improve the lives of the island’s residents. These products and services will also leverage technology to advance various sectors, including agriculture, industry, and tourism, among others.

Innovative investment projects already underway—and more to come

A number of innovative and sustainable investment projects are already underway in the Jamaican economy.

In the energy sector, there are three major solar and wind power projects generating 115 MW kWh of renewable energy, representing approximately 14 % of total energy production. Renewable energy is a key component of Jamaica’s Integrated Resource Plan, which aims to have 30 % of electricity generated from renewable sources by 2030.

These projects include the 20-megawatt (MW) Content Solar Ltd. solar power plant, owned by WRB Energy Company; the Wigton Wind Farm, featuring a 20.7 MW facility and an 18 MW expansion—the largest wind farm in the English-speaking Caribbean; and Jamaica’s largest photovoltaic power plant, the 51 MWp (megawatts peak) Paradise Park solar farm, one of the country’s lowest-cost energy producers.

In the manufacturing sector, the government has focused on the island’s «clean beauty» sector, where investors have the opportunity to partner with local beauty product manufacturers that use ethically sourced ingredients such as locally produced castor oil. Helping these local businesses increase their production and find new markets will boost employment in the communities where they hire their workers and stimulate the manufacturing sector.

Another area of interest for the manufacturing sector is the processing of plants such as bamboo to create raw materials and value-added products. For example, the Bamboo Bioproducts (BBP) project will be the world’s first fully integrated bamboo pulp mill to use a sustainable agro-ecological-industrial model. Bamboo grown locally on company-owned land and on farms managed across the island will be used to produce bamboo pulp, which will be exported to global markets.

In the tourism sector, there are opportunities to develop wellness and ecotourism projects that will protect Jamaica’s environment while highlighting the country’s strong identity as a destination for travelers.

On the subject of agriculture, Mr. Naar stated: « We are seeking innovative investments in the agribusiness sector that can improve the sector’s resilience, profitability, and production. By leveraging agricultural technology, we aim to reduce the risk of theft, improve consistency, and significantly increase yields or the scale of production. Consequently, our ultimate goal is to increase the use of agricultural technology—or “Agtech,” as it is also known. »

This includes the creation of projects with Agtech elements, such as controlled-environment agriculture and the automation of greenhouses commercial applications and precision agriculture. Climate-smart agriculture and Crops that are resilient to climate change are also needed.

Investment in medicinal plants and the cannabis industry will help stimulate medical research and lead to the development of pharmaceutical and nutraceutical products.

The Priority Investment Project initiative will facilitate more investment

To increase the level of these innovative and sustainable investments, generate economic benefits, and engage local businesses and communities, the government launched the Priority Investment Project initiative as part of Jamaica’s National Investment Policy.

The initiative prioritizes projects that are expected to perform well, particularly in terms of economic impact, innovation, partnerships, investment in internationally competitive industries, and impact on the development of the local economy. Once a project meets the required standards and is approved by the Jamaican Cabinet, investors will receive non-tax incentives to help them overcome any challenges they may face.

Regarding the initiative, Minister Aubyn Hill said: « We are committed to encouraging investments that bring innovation to the Jamaican economy, and that means working in partnership with investors to help them achieve their goals. This Priority Investment initiative will enable us to provide even greater support for these projects; at the same time, it will help us achieve the goals of our Vision 2030 plan through projects that will provide a major boost to our economy and society.. »

ABOUT JAMPRO

The mission of the Jamaica Promotions Corporation (JAMPRO) is to stimulate economic development through increased investment and exports. JAMPRO is an agency of the Ministry of Industry, Investment, and Trade. To learn more about JAMPRO, please visit https://dobusinessjamaica.com/.

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The text of the press release resulting from a translation must in no way be considered as official. The only authentic version of the press release is the one in its original language. The translation must always be compared with the source text, which will be the legal precedent.

Contact

Tamica Parchment

Marketing Communications
JAMPRO

(876)-978-7755