Business Wire

Jamaica focused on attracting more sustainable and innovative investments in 2022

Share

As Jamaica pursues its Vision 2030 development plan which will transform the island’s economy, the country’s government continues to develop and seek innovative investments that can accelerate economic and social growth.

These investment projects will not only provide economic rewards, but will also be sustainable, create new avenues for development in communities, towns, and cities, and will lead to significant improvement in Jamaica’s overall business environment.

Jamaica’s Minister of Industry, Investment and Commerce, Senator the Honourable Aubyn Hill, noted that the government has expended significant resources to foster an enabling environment for economic growth. “Our long term goal is for investment products and partnerships that are sustainable, that will energize our economy and drive positive change at all levels of society,” the Minister underscored.

We consider innovative investments to be all about sustainability, transformation and expansion,” explained Norman Naar, Vice President of Sales and Promotions at Jamaica’s investment and export promotions agency, JAMPRO. “These investments will help to protect our environment, meet the challenge of climate change, and create employment opportunities across the society. They will make Jamaica more competitive and strengthen connections between investors and suppliers.”

Ultimately, the goal is to encourage and facilitate the development of products and services that will enhance the lives of the island’s population. These products and services will also use technology to advance sectors like agriculture, manufacturing, tourism, and others.

Innovative investment projects already underway – with more to come

There are a number of innovative and sustainable investment projects already underway within the Jamaican economy.

In the energy sector, there are three significant solar and wind energy projects generating 115MW kWh in renewable energy; approximately 14 percent of energy generation. Renewable energy is a significant part of Jamaica’s Integrated Resource Plan, which aims to achieve 30 percent of electricity generation from renewables by 2030.

These projects include the 20-megawatt (MW) Content Solar Ltd. solar energy electricity generation plant owned by WRB Energy Company; the Wigton windfarm with a 20.7 MW plant and an 18 MW extension facility, the largest wind energy facility in the English-speaking Caribbean; and Jamaica’s largest photovoltaic power plant, the 51 MWp (megawatts-peak) Paradise Park solar farm, one of the cheapest producers of energy in the country.

In manufacturing, the government has highlighted the island’s “clean beauty” sector as an area of focus, where investors would partner with local manufacturers of beauty products that use ethically sourced ingredients like local castor oil. Helping these local companies increase production and find additional markets will increase employment in the communities from which they source their workers and boost the manufacturing industry.

Another area of focus in manufacturing is the transformation of plants like bamboo to create raw materials and value-added products. The Bamboo Bioproducts (BBP) project, for example, will be the world’s first fully integrated bamboo pulp mill, using a sustainable agro-ecological-industrial model. Locally grown bamboo acquired from company-owned lands and managed farms across the island will be used to manufacture bamboo pulp, which will be exported to global markets.

In tourism, there are opportunities to create wellness and eco-tourism projects that will protect Jamaica’s environment, while building on the country’s strong brand as a destination for visitors.

With regards to agriculture, Naar revealed, “We are seeking innovative investments in agribusiness that can improve the sector’s resilience, profitability, and output. In the leveraging of technology in agriculture, we look to reduce risk of theft, improve consistency and significantly increase yield or scale of production. Therefore, we have a major drive to increase the use of agriculture tech or Agtech as it is also known.

This includes the creation of projects that have Agtech elements like controlled environment agriculture, automation of commercial greenhouses, and precision farming. Climate smart agriculture andclimate-resilient crops are also needed.

Investment in medicinal plants and the cannabis industry will provide the opportunity to boost medical research and will lead to the development of pharmaceuticals and nutraceuticals.

Priority Investment Project initiative will facilitate more investments

To increase the level of these innovative investments that are sustainable, and to create economic benefits and local business and community involvement, the government has launched the Priority Investment Project Initiative as part of Jamaica’s National Investment Policy.

The initiative prioritizes projects that will have high performance in areas like economic impact, innovation, linkages, investment in internationally competitive industries, and developmental impact on the local economy. Once a project meets the required standards and is approved by Jamaica’s Cabinet, the investors will receive non-fiscal benefits to assist in overcoming challenges they may face with the venture.

Regarding the initiative, Minister Hill said, “We are serious about fostering investments that bring innovation to the Jamaican economy, and that includes working with investors as partners in achieving their goals. This priority investment initiative will help us to give these projects even more support; at the same time, it helps to ensure that we meet our Vision 2030 objectives through projects that will provide a major boost to our economy and society.”

ABOUT JAMPRO

The Jamaica Promotions Corporation (JAMPRO)’s mission is to drive economic development through growth in investment and export. JAMPRO is an Agency of the Ministry of Industry, Investment, and Commerce. For more information on JAMPRO, please visit https://dobusinessjamaica.com/.

Follow us on:

Twitter

Facebook

Instagram

LinkedIn

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Tamica Parchment
Marketing Communications
JAMPRO
(876) -978-7755

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Blue Yonder Announces Binding Agreement To Acquire One Network Enterprises for Approximately $839 Million To Create Multi-Enterprise Supply Chain Ecosystem29.3.2024 13:13:00 CET | Press release

Blue Yonder, a leader in digital supply chain transformations, continues its forward momentum to revolutionize the supply chain and has today announced the signing of an agreement to acquire One Network Enterprises (One Network) for approximately $839 million, subject to adjustments. One Network, provider of the Digital Supply Chain Network™, is known for its autonomous and resilience services and is a leading global provider of intelligent control towers. Upon completion, Blue Yonder will be well positioned to serve customers’ needs across planning, execution, commerce, and networks. “Supply chains have become more complex, and as more and more companies reduce risk by diversifying sourcing of products globally, there is an increased demand for the sharing of information and resources across the whole value chain. This, along with increased disruptions and geopolitical risks, have put the pressure on organizations to build more resilient and robust supply chains,” said Duncan Angove,

Dubai Electricity and Water Authority PJSC Shareholders Approve Payment of AED 3.1 Billion in Dividends29.3.2024 13:12:00 CET | Press release

Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider and majority owner of the largest cooling services provider, which is listed on the Dubai Financial Market (DFM), reported that its shareholders have, in the general assembly held on March 28th, 2024, approved the payment of total dividend of AED 3.1 billion with a record date of April 8th, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240329162756/en/ Dubai Electricity and Water Authority PJSC shareholders approve payment of AED 3.1 billion in dividends (Photo: AETOSWire) General Assembly Details The meeting, chaired by HE Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by HE Saeed Mohammed Al Tayer, MD & CEO of DEWA and Members of the Board of Directors of DEWA as well as 85.9% of the shareholders. The assembly was held on Thursday (2

PAN Finance Names Libertex ‘Global CFD Broker of the Year’29.3.2024 06:25:00 CET | Press release

As the first quarter of 2024 draws to a close, Libertex is thrilled to announce its first accolade of the new year! The established global financial publication PAN Finance has determined Libertex to be the ‘CFD Broker of the Year – Global 2024’ following a rigorous evaluation process conducted by the publication's highly experienced editorial and research teams. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328235325/en/ (Graphic: Libertex) PAN Finance is a trusted source of global financial intelligence with an impressively wide readership across 150 countries. Its ecosystem includes a quarterly magazine, special reports, a news website, and various social media channels. As an organisation, PAN Finance is committed to providing concise, intelligent, and up-to-date news for a worldwide readership of specialists spanning the entire finance industry. The company's awards programme aims to serve as a true indicator of exc

Midea Group releases its first-ever ESG brand story with an unexpected VIP visit highlighting its commitment to sustainability.29.3.2024 02:39:00 CET | Press release

Midea Group: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328526418/en/ Background: Midea Group, a leading global technology group, recently released its 2023 Environmental, Social, and Governance (ESG) Report with ambitious sustainable development goals set for 2030. They include achieving over 500 megawatts of photovoltaic power generation, reducing greenhouse gas emission intensity (scopes 1 and 2) by 0.040, secure Energy Management System Certification for 50 factories, and achieve 100% carbon footprint accounting for major categories of smart home appliances. This is aligned with the Sustainable Development Report Standards of the Global Report Standards of the Global Reporting Initiative (GRI). The new report and campaign focuses on four dimensions: Protect the Blue Planet, Build a Harmonious Community, Practice 'Bring Great Innovations to Life', and Jointly Create the Prosperous Ecology. The campaign: Midea’s ESG

DC Secretary Announces Annual Determinations Committees Outcome28.3.2024 21:14:00 CET | Press release

DC Administration Services, Inc. has today announced the composition of five regional Determinations Committees (DCs), effective from April 27, 2024. Voting Dealers (for all regions): Voting Non-Dealers (for all regions): Bank of America N.A. Citadel LLC Barclays Bank plc Elliott Management Corporation BNP Paribas Pacific Investment Management Company LLC Citibank, N.A. Deutsche Bank AG Goldman Sachs International JPMorgan Chase Bank, N.A. Voting Dealer for the Americas, EMEA, AEJ, and Japan Determination Committees: Mizuho Securities Co., Ltd. The process for selecting DC members is specified in the DC rules. The DC rules, along with more information about the Determinations Committees and what they do can be found at the Determinations Committees website: https://www.cdsdeterminationscommittees.org/. View source version on businesswire.com: https://www.businesswire.com/news/home/20240328441002/en/Contact information Press Inquiries: Orlando Figueroa orlando.figueroa@citadelspv.com

HiddenA line styled icon from Orion Icon Library.Eye