JAMAICA continues to do fairly well in getting foreign investors to set up shop in the island.

According to the 2021 Investment Climate Statements, Jamaica received US$665 million in foreign direct investment (FDI) in 2019 (latest available data), a US$110-million drop over the previous year. Despite the decline, data from the 2020 UNCTAD World Investment Report showed that Jamaica was the highest FDI destination in the English-speaking Caribbean and the small island developing states (SIDS).

 

But it all comes at a cost, considering that the Government gives up billions of dollars annually in fiscal incentives intended to lure more investors to Jamaican shores.

 

Speaking at a recent Jamaica Promotions Corporation (Jampro) webinar, Managing director at Caribbean Cement Company Yago Castro said that as an investor he recognised the value of investing in Jamaica to his business. But he further noted that ‘incentives sweeten the deals’, pointing to fact that securing FDI is a win-win for all the players involved. He noted that investing in the way Carib Cement has done creates jobs for locals and contributes to the overall economic performance of the island.

https://www.jamaicaobserver.com/business-observer/sweetening-the-deal-fiscal-incentives-lures-foreign-investors-to-jamaica_244617