Jamaican Economy At-a-Glance

Jamaica operates as a mixed, free market economy with state enterprises as well as private sector businesses. Sectors poised for rapid development include agriculture, mining, manufacturing, tourism and information communication technology.

The country's economic development strategy is supported by strong political commitment to free enterprise, a strong national brand identity, and a strong international profile. Since the early 1990's, the Jamaican government has pursued a programme of economic liberalization and stabilization through the removal of exchange controls, reduction of tariffs, stabilization of local currency, by reducing inflation and removing restrictions on foreign investment.

At present the primary earners of foreign exchange are tourism, bauxite/alumina and services which account for more than 60% of GDP. GDP grew by 2.6% in 2006 driven by the goods and services sectors, which grew by 3.4% and 1.1% respectively. The agriculture, mining, manufacturing, construction, and tourism sectors also contributed significantly to growth, accounting for 5.6%, 3.6%, 1.7% and 4.8% of GDP respectively. 

The country made tremendous strides in creating an environment conducive to enterprise development and as a result has maintained a strong international profile. Jamaica currently ranks 20th as an inward investment location, 12th in terms of FDI technology transfer, and 10th in terms of the ease of regulations for doing business.

Investment Opportunities

The Secret is out!

The world has discovered the potency of Jamaica as a destination for trade and investment and some of the world’s leading companies have made Jamaica their home.  As a stable developing nation competing for investment and trade opportunities, Jamaica’s business acumen, rich culture, creativity and energy  combined with its geographic location  and resources, make it one of the world’s best  investment and trade opportunities. 

Beyond the image of a tropical paradise, the country’s people have a solid reputation as innovators and trend setters. Jamaicans are people who rise to great heights and their vibrant energy and indomitable spirit spawn achievement …in all spheres of life- in culture, in commerce, in politics, in public service and in sport.

The world knows Jamaica for its vibrant culture and creativity captured in the mystical music of icons like Bob Marley and Jimmy cliff along with generations of Jamaican musical and literary geniuses who came before and after them. Jamaica is an exotic paradise and a cultural mecca but it’s much, much, more…

Today’s Jamaica Means Business!

Jamaica boasts an open and diverse economy with encouraging prospects. This is supported by strong political commitment to free enterprise, strong brand identity and the expansion of benefits as derived from the country’s membership in the Caribbean Single Market and similar trade agreements.  In addition the country ranked 21st for global interest as an inward investment location and 12th in FDI technology transfer and has made tremendous strides in creating an environment conducive to enterprise development. 

Jamaica’s strength as an investment location is grounded in a number of factors namely its large English speaking population, competitively priced labour force, accessibility to a diverse labour pool and it is ideally located for trading with the rest of the Western Hemisphere. Its proximity to the United States, its historic and emerging relationship with the Latin American bloc and its proximity to the Panama Canal are noted as advantages. Additionally, the island is served by an abundance of natural resources and a well developed infrastructure.

Jamaica subscribes to a liberal trade regime and together with the generous fiscal and market incentives available has proven attractive to investors. There are no restrictions on the movement of capital, profits and dividends. There are virtually no exchange controls and no approval is required for repatriation of profits and dividends. Agreements involving the payment of technical assistance fees, royalties, management fees, and trademark and patent fees must reflect arm's-length consideration for tax deduction to be available.