Jamaica Overview of Economy for Foreign Investors

Key Sectors

• Services: The services sector is a dominant part of Jamaica's economy, contributing a significant portion to its GDP.
• Tourism: Tourism is a key industry, attracting millions of visitors annually and contributing substantially to the economy.
• Mining and Quarrying: This sector includes the extraction of bauxite, a major export.
• Agriculture: Contributes to the economy.
• Manufacturing
• Logistics: Jamaica aims to position itself as a logistics hub.

Economic Performance and Indicators

• GDP Growth: Jamaica has experienced a period of sustained economic growth.
• Fiscal Consolidation: The government has been working to reduce the debt-to-GDP ratio.
• Inflation: The Bank of Jamaica focuses on maintaining low and stable inflation.
• Unemployment: Jamaica's unemployment rate has been declining.

Foreign Investment

• FDI Attraction: The Jamaican government actively seeks foreign direct investment (FDI).
• No Discrimination: Jamaican law does not generally discriminate between foreign and domestic investors.
• Key areas of investment: Tourism, mining, and energy.
• Special Economic Zones (SEZs): Jamaica has established SEZs to attract investment, offering incentives to businesses.

Trade and International Relations

• Trade Agreements: Jamaica participates in trade agreements, including those with CARICOM.

Infrastructure

• Investment in improving air, sea, and land transportation.

Challenges

• Bureaucracy can impede competitiveness.
• Crime rate remains a concern.

Financial

• Credit is available at market terms.
• Foreigners are allowed to borrow in the local market.

Government Policy

• The government is focused on macroeconomic stability.
• Policies aim to create a favorable environment for investment.