JAMPRO: A Central Pillar in Jamaica s Growth Path Jamaica Investment Forum 2018 th th June 12-14, 2018 Montego Bay, Jamaica Senator Don Wehby C.D. Chairman Jamaica Promotions Corporation (JAMPRO)
JAMPRO: Who we are? 30 years ago, JAMPRO was created as Jamaica s trade and investment promotion agency Merged from the former entities that promoted investments, drove exports and facilitated the growth of industries Today, guided by the Jamaica s Vision 2030 National Development Plan, and the Government s Growth Plan, JAMPRO has a very targeted strategic focus premised on firm guiding principles.
What do we do? Driving investments & creating jobs Expanding key industries Improving the business environment Building Business Brand Jamaica
Driving Investments and Creating Jobs Driven Jamaica s recovery: FDI Trending Up 1000 900 800 economic o Over US$2.7 bn in FDI in the 700 600 500 400 300 200 100 0 Pre-Crisis Avg 2009 2010 2011 2012 2013 2014 2015 2016 2017 Unemployment Trending Down 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 last 3 years o 22% CAGR in FDI over the last 7 yrs o Lowest unemployment rate in a decade Currently working with over 100 investment clients on the ground Local and foreign clients of JAMPRO have created over 80,000 jobs in the last 10 yrs
Some of these Clients include... - acquired the Kingston Container Terminal from GoJ in 2016 - acquired Alpart from UC Rusal in 2016 - has acquired shovel-ready lands - already invested US$100 mn in infrastructure work - successful investments allowed for the restart in bauxite exports in Dec. 2017 - intends to build 10 hotels over the next few years with over US$1 bn in investments - intends to create worldclass logistics facilities for Post-Panamax vessels - intends to invest US$6 bn, incl. an SEZ to manufacture value-added products - one property already open in Jamaica
Expanding Key Industries Agribusiness Tourism Outsourcing Manufacturing Logistics Energy
Ensuring Improvement in Doing Business National Export Strategy Shovel Ready Investment Projects A set of strategies geared towards boosting exports in 5 sectors and 5 crosscutting areas Pre-vetting of properties for planning and environmental permits Being implemented now in Year 3 of implementation [Target: US$2.5 bn in 2020] Being implemented 13 potential hotel properties in portfolio
Ensuring Improvement in Doing Business (cont d) National Investment Policy National Business Portal A coherent policy that will guide GoJ as they interface with investors Online G2B transactional site for investors Expected to go to Cabinet by July 2018 Phase 1 expected by December 2018
Getting to Top 10 DBR by 2020 Jamaica has seen tremendous success in effecting business environment reforms over the last decade Global Competitiveness Index 120 107 97 100 94 86 86 75 80 70 60 JAMPRO is home to the National Competitiveness Council, which drives and monitors business reforms across GoJ, and its impact on global indices 40 20 0 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 Doing Business Index 2014 Rank 94/189 2018 Rank 70/190 2017/18 Getting to Top 10 DBR will see the identification and implementation of highimpact reforms over the next two years towards a rank of top 10 by DBR 2021 Cabinet to shortly approve a National Business Environment Reform Agenda 2018, informed by a detailed reform memorandum and action plan from the World Bank
Building Business Brand Jamaica Jamaica ranks Top 20 Overall as 17/18 Tourism Locations of the Future - fdi Intelligence (Financial Times) 2018 Jamaica receives UNCTAD award for excellence in export led investments - UNCTAD 2013 Jamaica s bourgeoning medical tourism industry ranks ninth - MTI 2016 Jamaica is ranked the best country for business among Caribbean countries - Forbes 2017 Jamaica Stock Exchange ranked #1 performer in 2015 globally - Bloomberg 2016 Jamaica moves 15 places to rank 68th in the Corruption Perception Index - Transparency Int l 2018
In Summary With a recovering economy, increasing FDI trends and increasing competitiveness indicators, Jamaica is ideal to Connect for your Business! JAMPRO has been central to driving investments, creating jobs, ensuring improvements in the business environment and building brand Jamaica successfully for the last 30 years! With such a strong track record, JAMPRO will work with you to achieve your investment success!
Thank You!