Jamaica’s Prime Minister cites Jamaica as one of many best locations to begin a enterprise
JIS Information- Jamaica’s Prime Minister, the Most Hon. Andrew Holness, says Jamaica is without doubt one of the best locations globally to begin a enterprise.
He identified that the Authorities has levied no new taxes on Jamaica’s companies or households prior to now eight years.
“That has given a really lengthy, steady and predictable runway and confidence for companies to plan and execute. That may be a dedication that we intend to maintain so long as attainable to inure enterprise confidence and assist the event of long-term worth for enterprise, and for that motive you need to spend money on Jamaica,” the Prime Minister emphasised.
The Prime Minister added: “To additional [enhance the] enterprise atmosphere, our nationwide funding coverage goals to make it simpler to spend money on initiatives which are sustainable, modern and contribute considerably to Jamaica’s financial and social improvement.”
He was addressing the opening ceremony for the ninth annual Outsource to Latin America and the Caribbean (O2LAC) International Digital Companies Summit on the Montego Bay Conference Centre in St. James on Wednesday (June 14).
Mr. Holness famous that with Jamaica’s financial restoration from the fallout brought on by the COVID-19 pandemic beneath method, now’s the time for companies to speculate.
He informed stakeholders that the island’s gross home product (GDP) grew by an estimated 2.7 per cent through the January to March 2023 quarter, in comparison with the identical interval final 12 months, with the providers trade increasing by 3.8 per cent.
“This represents our eighth consecutive quarter of financial development. Our general financial output ranges have now surpassed pre-COVID-19 [pandemic] ranges, one 12 months earlier than our projected timeline,” the Prime Minister additional said.
Moreover, Mr. Holness stated Jamaica’s internet worldwide reserves (NIR), as at March 31, 2023, totaled some US$4.15 billion, representing a 38 per cent improve on pre-COVID-19 ranges.
He additional knowledgeable that Jamaica, the Caribbean’s main outsourcing vacation spot, now boasts a cadre of greater than 60,000 individuals working within the world providers sector.
The Prime Minister additionally famous that Jamaica’s unemployment fee has fallen to roughly six per cent.
“There has by no means been a greater time to spend money on Jamaica. Jamaica is within the midst of a exceptional financial rebound from the COVID-19 pandemic and the overlapping world financial shocks that occurred after. Jamaica, even through the pandemic and particularly now, is open for your online business,” Mr. Holness declared.
O2LAC is a longstanding initiative by the IDB’s Integration and Commerce Sector, aimed toward unleashing regional international locations’ full potential within the fast-growing world digital providers trade. Jamaica is the primary English-speaking nation to host the summit.
The occasion offers Latin American and Caribbean startups and entrepreneurs the chance to community, broaden their views, and interact with funding funds, multinational companies, governments, and like-minded friends.
Roughly 600 representatives are collaborating within the two-day summit, which concludes on Thursday (June 15).