#3 Information and Technology Service Bureaus
#4 Jamaica Music Industry
#5 Jamaica Sports Industry
The Top 5 Growing Investment Sectors in Jamaica are list above in no particular order. These area makes investors excited to come to Jamaica. They would like to be apart of the growing opportunities that exist and explore untapped resources. Folks are always asking, how can we build a partnership in Jamaica? How can we invest in Jamaica and what can we invest in? Investment opportunities can start with two separate approach. There are some individuals and business people who knows exactly what they would like to invest in. These persons are just looking to build a relationship in Jamaica and partner with someone or a business. Others may have an idea and financial capital but don’t know where to start. Time after time, people are always reaching out to AJamaicaExperience.Com and asking about doing business in Jamaica. Most times, these are persons with lots of business experience and certified in a certain industry but don’t know how to get started. In today’s world, business people want to find what they need and use what they find.
One of my suggestion to these folks when trying to Build a business relationships in Jamaica is to reach out to JAMPRO (Jamaica Promotion Corporation). JAMPRO (Jamaica Promotion Corporation) Corporation is considered the bridge to connecting Companies in Jamaica and Jamaican Business people to International Companies and International Business people who are looking to do business in Jamaica. According to JAMPRO President Diane Edwards, the financial year 2014-2015 was a major success when it came to promoting and facilitating investment and employment opportunities. Ms Edwards recently spoke at JIS (Jamaica Information Service) Think Tank held on January 13, 2016. During the form, President Diane Edwards, said “we have recorded capital expenditure – capital investment of $27.1 billion for JAMPRO-facilitated projects.” Ms. Edwards explained that the investment, “represents a 33 per cent over achievement of our targets for the financial year.”
It’s great to know that the company that’s put in place (JAMPRO) for the sole purpose to match international businesses investments with local business opportunities, is getting it done. The 2015 JIF (Jamaica Investment Forum) conference held in Jamaica, attracted 150 international investors and over 50 local investors. As a result JAMPRO matching international investors to local investors, a number of serious interest were developed, leading to tangible results. While business opportunities many times comes with obstacles, the possibilities for success is real.
Ms Edwards and JAMPRO are changing the mindset of many persons who think doing business in Brand Jamaica surround tourism. Mr. Edwards stated that, “JAMPRO is really all about business ….and not leave the entire international global market to think of Jamaica only as a tourism destination.” Naturally, business expansions in Jamaica means infrastructure improvement and job creation on the island. During the JIF, JAMPRO was happy to report 8,261 job creation which exceed their 7,714 forecast. With contracts valued to the tune of $994 million, the president was pleased to report the success. 2015 success will raise the level for 2016 expectations and build the excitement for the future. Therefore, the place to start is JAMPRO if you are a potential investors looking to do business in Jamaica but don’t have any prior business relationships in Jamaica.
The list below expand on the top 5 growing investment sectors in Jamaica for great investment opportunities. Once again, this list is not in any particular order.
Jamaican Tourism is a leading source of income for the island. According to Tourism and Entertainment Minister, Hon. Dr. Wykeham McNeill, the investment opportunities are available in the island’s tourism sector. Dr. McNeill is encouraging local investors to take full advantage of the market and to come forward with their projects and ideas. As stated by Hon. Dr. Wykeham McNeill, “I want to see Jamaicans and Jamaican companies getting involved in investing in tourism. I want to see Jamaicans taking advantage of the opportunities that exist in tourism to make money and to make a profit.” And rightly so, the minister recognized that international investors are coming to Jamaica and investing heavily in the tourism industry. Over the years, tourism on the island are increasing and new and renovating hotels are being built. So, he’s encouraging the locals to play and active role get creative ideas and invest.
Jamaica is actively exploring investors who are ready to talk exploration. PCJ ( Petroleum Corporation of Jamaica) General Manager Mr. Winston Watson said, “The search for oil and gas is a long-term undertaking but it is encouraging to be at this phase of the Production Sharing Agreement with Tullow, which will help to guide us on the way forward.” Tullow Jamaica Limited is a leading gas and oil exploration company. Tullow and PCJ signed a PSA (Production Sharing Agreement) to survey and determine if Jamaica has gas and oil. The Hon. Phillip Paulwell, Science, Technology, Energy and Mining Minister, state that work valued at US$70 is being done by Tullow. Jamaica is hoping to find oil and gas which would help the country to become more self sufficient.
There are the Chemical Sector which is prime for development. The cement and bauxite manufacturing along with Ethanol dehydration plants are strong opportunities to expand and explore. The Mining, Energy and Manufacturing Ministers are also exploring Non-Equity Mode investment where there are opportunities for developments in the chemical sector. A few areas for development are in bio-technology and organic farming. Another area they are exploring is Aqua-Culture for large scale farms for shrimp and seafood production. Other countries have been farming seafood for years and now salmon is a part of that conversation. Bring your investment ideas and your investment dollars and invest in Jamaica. Whether it’s medical Devices such as disposables surgical drapes, gowns and gloves etc, the Ministers are saying Jamaica have the capabilities. Along the same line is Medical equipment which includes implants, pacemakers, stents machinery etc, Jamaica intends to become a player that offers cost competitiveness. Jamaica is open for business and business ideas for the 21st Century.
#3 Information Technical Service Bureaus
Company such as JITSA (Jamaica Information Technology and Service Alliance) help your company to find the right IT product and service in Jamaica. In 2013 the Global Information Technology Report produced by the World Economic Forum shows that in the global network ranking, Jamaica is ranked 85th in global network readiness. JITSA is consist of over thirty local and international IT companies. Together, these companies providers the total services in software developers, consultant services. Jamaica is home to many call centers for companies who are looking for alternatives. The telecoms infrastructure are in place and with the cost competitive English speaking workforce that Jamaica have to offer, it makes Jamaica an attractive place to do business.
Also, from a Logistics approach, Jamaica is centrally located to the Americas, Europe and the Caribbean. Jamaica have two international airports in the two major cities of Kingston and Montego Bay. The Harbour in Kingston is the seventh largest harbour in the world. Therefore, Jamaica offers great logistic efficiency in the region.
The Jamaica Music Industry has increased significantly and more easily recognized on the international stage since the birth of Reggae music and Bob Marley. One of the component that helped Brand Jamaica name recognition to become stronger around the world is because of the Jamaican Music Industry. While record sales are not where they should be, the Reggae music brand remains strong. Reggae music live performances have caught on world wide which resulted is giving many reggae artist an opportunity to make money while living out their dreams. These days, there are more international bands playing reggae music of which none of the band members are Jamaicans than ever before. So, because of the popularity of the music, it’s attracting an even wider audience. That same popularity and social media, will help reggae music to becoming financially stronger once again. As Industry Minister Anthony Hylton described reggae as “part of the heart and soul” of Jamaica. Today, Reggae artist have a better understanding of the business side of the music and are ready to capitalize.
Because Reggae Music is accepted world wide, Minister Hylton see an economic up side with no stopping. The Jamaican Music Industry are waiting for that marketing creativity to take advantage of the Global and social network. The cultural value of reggae music remains very important. The love of reggae music are been serve as the driving force. Before there were reggae music, Jamaican music passed through many styles of music. The Jamaica Music genre went from mento, ska, rock steady, reggae, dub, deejay and dancehall. While all these musical styles have taken their space in the music, ever since the Desmond Dekker big hit song “Israelites” in 1968, the love affair with reggae music continues to gain momentum.
Jamaica is well position to tap into the multi-billion dollar sports market. As the Prime Minister of Jamaica Mrs. Portia Simpson-Miller recently stated, while she was discussing global tourism, she noting global tourism earning is roughly US$7.58 trillion between 2006 and 2014 and sports takes the “biggest revenue slice.” The Jamaican government is positioning Jamaica to put more focus on sports tourism and as a result, they launch Jamaica Sport. The idea is to market the country as a major sports destination and bring more focused on tourist arrivals. Jamaica has been participating in sports over 70 years mainly in track and field. Over those years, the country’s ranking have increased in the world of sports competition.
With sports attracting the highest television audiences globally, Jamaica is perfectly situated to become a major player in the world of sports. Because sports is big business and Jamaica has a dominant history in track and field, they are prime for financial gain in the sports world. In the world of sports, Jamaica is seen as “The Sprint Capital of the World”. The sporting industry in Jamaica is a growing sector and the opportunity for investment is growing. Sports is an important part of the Jamaican cultural and economic belief. According to JAMPRO, infrastructure development, training facilities and services, apparel and memorabilia manufacturing and sports tourism represent a few of the tremendous business opportunities that exist in the country. Again, Jamaica is open for business and Brand Jamaica is looking for business partners and investment exploration.