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Diaspora Nations Urged To Invest In Jamaica

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Mr. Earl Jarrett, General Manager of Jamaica National Building Society (JNBS), and Deputy Chairman of the Jamaica Tourist Board (JTB) has called on nationals in the Diaspora to become proactive and recognize and seek the opportunities for investment in Jamaica for their own wealth creation as well as for the development of the nation’s economy.

The long term development plan, he said, was to position Jamaica as a developing country by 2030, with infrastructures to become a prime location to live, work, raise families and do business.

Mr. Jarrett was speaking at the ‘Diaspora Night’ of the Annual Area Blitz hosted by the Jamaica Hotel and Tourism Association (JHTA) on Monday (Sept. 15), at Gulfstream Park in Hollywood, Florida.

Titled ‘Come Home to Jamaica’ the one week event in collaboration with the Jamaica Tourist Board (JTB), was expected to market Jamaica through its tourism, and financial and investment services.

Speaking about investing in Jamaica, Mr. Jarrett cited development taking place in the nation’s infrastructure including tourism, transportation, entertainment and agriculture.  Other potential changes will become apparent, he continued, and urged persons to be aware of the process of development taking place in their island home.

For example, in the transportation sector, he spoke of the extensive renovation of the road network that would eventually create easier channels for movement of persons, business and agriculture and accessibility to rural communities across the island. 

He also mentioned, renovation of the island’s two airports, and port facilities, and the range of services stemming from the tourist industry, would also create opportunities for investment in the service industry.

He also pointed to the general improvement and enhancement taking place in the government service agencies to be more efficient and user friendly.

Referring to the Jamaican Diaspora, he said that nationals in overseas communities represented a valuable resource base that could contribute to the well being and prosperity of the nation’s economy. To this end, he encouraged persons to seize the opportunity to build Jamaica through sound, economic investment.

Speaking to the challenges being faced by the nation at this time, Mr. Jarrett said that Jamaica was being affected by other global issues, among them oil increases.  “Regardless of whatever happens globally Jamaica is positioned to take off,” he emphasized.

On the other hand, the head of the island’s oldest financial institution spoke of the steady growth of the economy with a three percent (3%) increase over 2007.  Tourism, he continued, had contributed to 10% of the GDP with 47% to overall foreign exchange earnings.

Mr. Jarrett suggested other financial instruments for investment among them entry-level financial investments, real estate, stocks and securities.

A range of products showcasing the island’s tourism products were being exhibited by the JTB, Air Jamaica Limited, the JHTA, and several others representing hoteliers, tour operators and attractions, as well as the Jamaica National Building Society.

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