Along with its unique visitor and tourist attractions, Jamaica stands among the “ideal locations” to operate businesses, says Minister of State in the Ministry of Foreign Affairs and Foreign Trade, Alando Terrelonge.
Mr. Terrelonge, who spoke during a recent virtual meeting with the Global Jamaica Diaspora Youth Council members, said as they promote Jamaica as a place for leisure, they should also seek to highlight the many economic strides that the country has made.
“Jamaica is also one of the most ideal locations for trade, investment and commerce. Our investment market has been booming over the last seven years, and we have one of the best stock exchanges in the world,” he said.
The Minister of State noted that the country’s debt to gross domestic product (GDP) is now at 78 per cent, coming from a high of 150 per cent, enabling the provision of “enough fiscal space” to grow and to finance critical projects, such as hospitals, schools and roads.
“We can use our own resources to build out the space. It also means providing greater opportunities for our young persons. Our real estate market continues to grow, so we want you to see Jamaica also as a destination for trade and investment,” he added.
While highlighting the low unemployment rate that the country now enjoys, Mr. Terrelonge said a “a lot of entrepreneurs are looking to Jamaica for real estate, Airbnb, as well as using the stock market”.
Citing the creative industries as areas of growth and innovation, Mr. Terrelonge said there are scores of young persons in the diaspora who have “amazing skillsets” in animation, and they are encouraged to do business in their home country.
Jamaica has been previously criticized by the World Bank in 2019 for having many rules and practices that make it difficult for that country to trade internationally.
Source: Jamaica Government Information Services Press Release.