Investing in Jamaica


Jamaica Means Business

The Jamaican economy has undergone significant changes over the last 30 years that have moved the country from least developed to middle income status. This has been achieved through concerted efforts to promote and attract investments from the domestic business community as well as from overseas investors. The economy has now established itself as a leading competitive investment destination in the Latin America and Caribbean region. In the Doing Business Report 2018, Jamaica ranked 70 out of 190 economies assessed for competitiveness.

To this end, the country also emerged as the leading English-speaking Caribbean country – and 6th in the wider Latin American and Caribbean Region in the [Ease of] Doing Business Index. Jamaica also copped the region’s most outstanding placement in the 2017 Global Competitiveness Report, moving up five places to rank 75th among 190 countries.

*Data provided by JAMPRO Trade &
Investment Jamaica.


The suite of reforms implemented over the years has included duty free incentives for building of hotels, factory space, manufacturing plants and special economic zones. This coupled with improvements in the country’s capital markets, no exchange controls, no restrictions on foreign ownership of assets nor the repatriation of profits has made Jamaica a favored investment destination in the region.

Beyond its vibrant culture and natural beauty, Jamaica’s value proposition is underpinned by its business-friendly environment, educated and trained workforce, stable democracy, solid infrastructure and strategic location. Jamaica’s reputation as one of the premier global destinations for investment continues to rise, as discerning entrepreneurs increasingly seek to capitalise on the exciting business opportunities that abound in the country. Today, the Jamaican economy is well positioned as an investment location of choice. 

To this end, the country also emerged as the leading English-speaking Caribbean country – and 6th in the wider Latin American and Caribbean Region in the [Ease of] Doing Business Index. Jamaica also copped the region’s most outstanding placement in the 2017 Global Competitiveness Report, moving up five places to rank 75th among 190 countries. 

Country Profile



Ideally located in the western Caribbean, Jamaica is the largest English-speaking island in the region and the third largest English-speaking nation in the Western Hemisphere, behind the United States and Canada.


Jamaica covers a total area of 10,991 sq. km (4,244 sq miles) and is abundantly endowed with natural resources such as rich mineral deposits of bauxite, high quality limestone and marble. The island’s tropical climate and generally favourable weather all year round makes it the centrepiece of the region. The country is grouped among the islands of the Greater Antilles, and enjoys the distinction of being the forerunner in a number of social and economic developments, and is a cultural mosaic of fine cuisine, such as jerk, and internationally acclaimed music spanning Ska, Rock Steady and Reggae, while also demonstrating prowess in track and field, and other sports.


5 Country Profile - Jamaica Means Business INVESTING IN JAMAICA... THE INVESTMENT HUB OF THE CARIBBEAN Jamaica’s proximity to major markets contributes to its overall attractiveness as an investment destination, as, by air, it is only 90 minutes from Miami, three hours and 40 minutes from New York, four hours from Toronto and ten hours from London. The island’s strategic location is further reinforced by the fact that it is within a four-hour flight radius of over half a billion of the world’s population.


Jamaica’s geographic position makes it the nexus of the major air and sea routes into the Caribbean Basin. As such, the country provides Trans-National Corporations (TNCs) with a solid investment base for their Caribbean operations by providing the opportunity for them to seamlessly tap into the US$19-trillion North American Free Trade Agreement (NAFTA) markets, the rest of the Western Hemisphere and beyond.


In the capital city of Kingston, which is set against the backdrop of the majestic Blue Mountains, investors will discover a cosmopolitan centre of commerce and culture that is globally connected and perfectly primed for business. It is home to the world’s seventh largest natural harbour – Kingston Harbour, which enjoys significant maritime tra®c due to its ease of access to the Panama Canal shipping lanes and its ability to berth post-Panamax vessels. Leveraging its port and logistics capacity and proximity to key markets, Jamaica is excellently positioned to become a major multi-modal logistics hub in the Montego Bay, situated on the northwest coast of the island in the parish of St. James, is the island’s 2nd city. It thrives in the dual role of regional tourism Mecca and hub for technology and Business Process Outsourcing (BPO). In fact, in 2014, Montego Bay was selected as Jamaica’s pilot city for the “Smart City” Integrated Operated Control Centre (IOCC) intervention – a programme which will assist the city in becoming a more effcient urban centre by improving security as well as managing traffic flow and disaster prevention.


Plans are underway to promote increased usage of the city’s breathtaking conference facilities located in Rose Hall, along the major tourist corridor. The facility has been home to many regional conferences and Heads of Governments meetings, and has the capacity to facilitate expositions and similar indoor events in sports and medicine. 

 Jamaica is a parliamentary democracy that is primarily based on the Westminster model of government inherited from the country’s history as a British colony. As an independent Commonwealth country since 1962, Jamaica recognizes Britain’s reigning monarch as the titular head of state; the incumbent is represented in the island by the Governor General, who is appointed on the advice of the Prime Minister.


The Rule of Law is set out in the Constitution and the national legislative power is vested in a bi-cameral Parliament comprising a House of Representatives and a Senate. The House of Representatives comprises 63 members elected by persons over age 18, in a general election, constitutionally due every five years.


The political party with most members in the House of Representatives forms the government, which is headed by the Prime Minister. The two main political parties are the oldest in Jamaica – the Jamaica Labour Party (JLP), which currently forms the Government of Jamaica (GoJ), and the People’s National Party (PNP), which currently forms the Opposition. The Senate consists of 21 persons appointed by the Governor General, 13 of whom are appointed on the advice of the Prime Minister and eight on the advice of the Leader of the Opposition. The principal instrument of policy making is the Cabinet, which is charged with the general direction and control of the Government. The Cabinet consists of the Prime Minister from members of the House of Representatives as well as appointed senators. 


 Jamaica’s population is approximately 2.7 million, with the gender distribution almost evenly spread at 49.5% male and 50.5% female. The current working age population (persons between 15 and 64 years old) stands at 1.8 million, while the island’s youthful cohort of persons aged 15 to 29 years represents 28% (757,700) of the total population.


The country has made strong strides in human development over the years, as evidenced by improvements in average life expectancy (74.1 years), infant mortality rate (16.7/1000 live births) and literacy rate (91.7%). The 2016 Human Development Index (HDI) produced by the United Nations Development Programme (UNDP) ranks Jamaica in the “high human development” category, ranking at 94 of 188 countries moving from 0.650 to 0.730 in 2016. 


Jamaica is now on a growth path and is projected to achieve credible performance in Gross Domestic Product (GDP) by 2020. Having attained a net annual growth rate of at least 1.0% over the past three years, there is evidence that the country will continue on this positive path.


In 2016, GDP stood at US$14.03 billion compared to US$13.5 billion in 2015, and real value-added growth of 1.4%, representing the strongest out-turn in five years. Preliminary data from the Bank of Jamaica reflects growth of 0.5 % in 2017 relative to an estimated 1.5 % in 2016. The deceleration in 2017 was largely the result of lower agricultural output in a context of adverse weather conditions. The impact of the decline was, however, partly oŽset by increases in mining and quarrying.

Jamaica’s main economic industries straddle the goods producing and services sectors. In 2016, the goods producing sector contributed 25.2% to the country’s GDP, while services contributed 75.8 % of GDP. The services economy is dominated by the wholesale & retail trade, finance & insurance services, transport, storage & communication as well as real estate, renting and business services which accounted for 48.1 % of GDP in 2016.


Within the goods producing industry, the manufacturing sector was the largest contributor to GDP at 8.5% followed by agriculture, and construction (at 7.3% and 7.2%, respectively).


The Services Industry is a significant revenue earner and generator of employment in the Jamaican economy, accounting for 67.6% of the employed labour force as at October 2017. This largely reflected employment in the Wholesale & Retail, Repair of Motor Vehicle & Equipment sub-industry as well as the Real Estate, Renting and Business Services. 



Tourism is one of the best performing industries in Jamaica, as the hotels and restaurants sector has been growing for over a decade, despite changing fortunes domestically and globally. The US$800 million industry has been supported by significant tourist arrivals surpassing four million persons, visitor expenditure of estimated US$3 billion, annual average $187 million investment in accommodation and attractions and government support in skills training and infrastructure development.


Visitors to Jamaica are from across the globe, led by North America, Europe and the Caribbean. The island is predominantly a leisure destination with business travel on Source: Bank of Jamaica and Statistical Institute of Jamaica (2017) Snapshot: Major Sectors of the Jamaican Economy 9 Country Profile - Jamaica Means Business INVESTING IN JAMAICA... THE INVESTMENT HUB OF THE CARIBBEAN the increase owing to growing investment and business activities in business process outsourcing (BPO), cannabis and logistics as well as more trade shows, conferences and networking events. Increased investment activity is projected in niches of eco and wellness tourism as the tourism product diversifies to capture more of the island’s natural appeal.


The island’s tourism outlook remains positive with the room count set to increase from traditional service providers up to 40,000 including non-traditional services like Airbnb. This specific accommodation provider, increased bookings by 36% in one year to attract 55,000 visitors to the island’s shores. In a widely competitive market, Jamaica remains the leading destination in the English-speaking Caribbean for stopover arrivals and cruises, underscored by beautiful scenery, worldclass accommodations and attractions, rich culture and signature warm hospitality of its people.



Agriculture in Jamaica is a key economic earner, accounting for 7.3% of the country’s Gross Domestic Product (GDP) in 2016, largely reflecting improvements in Other Agricultural Crops, Animal Farming and Traditional Export Crops. The industry has grown from a monoculture producing sugar, to now include more than two dozen crops for domestic consumption and export. There are also thriving animal husbandry and fish farming activities across the island and these primary services contribute greatly to the country’s diversified value-added food manufacturing industry.


Jamaica’s tourism sector is also a key demand driver. It was estimated that the total quantity of monthly demand for agricultural products and expenditure on selected products, including poultry, meat, and seafood, approximately 1.07 million pounds at a value of J$248 million, respectively. The total annual value of demand for agricultural products by the tourism sector is estimated at about J$19.4 billion and food items in the poultry, meats, and seafood and fruits categories account for more than 75% of this total value.


Recently, the Ministry of Tourism (MoT) expanded the relationship between tourism and agriculture via the Linkages Programme. Under this umbrella, the Linkages Network has facilitated a number of fora and trade shows including the Gastronomy Seminar, Christmas in July and the Jamaica Blue Mountain Coffee Festival.


Jamaican agri-products are recognised across the globe for quality and possess attributes for the luxury and niche product lines. Jamaica’s Blue Mountain coŽee, fine and flavoured cocoa, sauces and spices are just a few of the products which are strongly associated with the island. Their global recognition continues to stimulate demand. With roughly 41% of the total land area or 440,000 hectares of agricultural land available, there are tremendous opportunities for investors in Jamaica’s agriculture sector to serve the domestic needs for food security as well as traditional export markets such as the United States (US), United Kingdom (UK) and Canada and other regional and emerging markets. 

Jamaica has the geographic advantage and infrastructure competence to compete in the global transport services industry. Located in the East-West shipping lanes between the Far East, Europe and the east coast of North America, and home to the seventh largest natural harbour in the world, the island is positioned to be a leader in global trade and connectivity. Recent investment has further boosted capacity as the upgraded Kingston port terminals can now receive vessels with a capacity of 12,000+TEUs (Twenty-foot Equivalent Unit).


The island’s network of transport service providers is supported by three international airports and several container terminals along with over 30 points of entry for other vessels. Jamaica’s movement of goods averages 25 million tonnes through maritime trade from ports islandwide, with Kingston being the prime location for activity. Air transport facilities are provided through the two main terminals in Kingston and Montego Bay, which have seen continuous growth as a result of the increase in visitor arrivals, 15% between 2011 and 2015 and 17 million kilogrammes of cargo.


Jamaica’s US$700 million industry in the storage, movement and repair of ships/ cargo is developing into a world-class enabler of services to global manufacturing and distribution. Opportunities exist in the further development of infrastructure and occupation of Special Economic Zones to produce, distribute or provide support services in manufacturing. 

The manufacturing sector is a key component of the national economy, accounting for 8.5% of GDP and yielding a value of US$1.1 billion. The sector generated export earnings of US$4,8O6 million in 2016. There are currently over 300 companies in manufacturing in Jamaica and they are engaged in an array of manufacturing initiatives that include agroprocessing, bedding, leather, textile, stone and clay products. The sector is divided into two main categories – traditional and non-traditional. Traditional manufactured goods include food, beverages and tobacco, while non-traditional goods include non-metallic products, chemicals and petroleum products.


Jamaica’s competitiveness as a destination for the production of high-valued products is supported by its access to the Americas and Europe through multilateral trading agreements and shipping routes that enable e®cient transport of goods. Along with improvements in the business environment the sector also oŽers competitive labour costs.


With the establishment of a Special Economic Zone regime in the country, this vibrant industry is well poised to accommodate investment in the pharmaceuticals, electronic manufacturing and assembly/fabrication, supported by an able labour force and an investment climate suitable for business growth. 

Jamaica has established its position as the leading business processing outsourcing (BPO) location in the English-speaking Caribbean. The outsourcing sector directly employs over 30,000 agents and generates revenue estimated at over US$400 million annually. Jamaica’s competitiveness is solidified on the basis that it is the most scalable location in the Caribbean with a relatively large available labour force and established ecosystem supported by the Government and private sector groups.


With its outstanding track record in finance and accounting, human resource outsourcing, receivables management, technical help desk support, outbound sales and generation, Jamaica has been recognized by leading technology research firm Gartner as a destination to watch. The country is currently ranked 43rd on the A.T. Kearney Global Services Locations Index 2017 and is considered to be one of the region’s most ideal locations for BPO providers supporting clients in the USA, Europe and other neighbouring Caribbean countries.



Energy in Jamaica continues to be an attractive area for investment as the government continues it push to diversify the energy sector. Sources of power range from petroleum products to alternative energy sources including hydropower, wind, solar, coal and bagasse. Electricity generation has grown from a few entities to over 10 public and private producers through the national grid operator, Jamaica Public Service Company (JPS).


The US$350 million industry is receiving international attention for its liberalised energy policy. An open policy allows investors to source their own fuels for projects and this policy has transformed the mining and sugar industries, heavy users of fuel oils, into more e®cient operations, while attracting other firms to the island. The policy also provides a clear outline of the country’s direction in the industry up to 2030 and also includes recommendations for an energy mix of 20% renewable. Together, the energy policy and diversification of the industry, are recognised in the Global Energy Architecture Performance Index 2017; in this regard, Jamaica is ranked 92nd globally and No.1 in the English-speaking Caribbean.


Domestic energy consumption for residential and commercial use as at 2016 was 19.9 million Barrel of Oil Equivalent (BOE). This was provided primarily from petroleum-based products 96.6% and alternative energy sources 3.4%. Electricity consumption reached 1,020.8MW and is projected to continue its growth trajectory as more persons subscribe to offcial providers of power.


With over 90% of energy sourced from imported fuel oils, Jamaica is highly vulnerable to fluctuations in global oil prices. This increases the demand for alternative sources of energy to supply the national grid at lower costs to consumers. The need for aŽordable energy in heavy industries such as bauxite and manufacturing, and the fast growing service sectors of tourism and BPO, further heightens the need for investments in this sector.


As a part of its Vison 2030 mandate, the Government of Jamaica has established a target for renewable energy to supply 15% of the country’s energy by 2020. More recently, this goal has been revised through the National Energy Policy, with the aim of 20% of energy from renewable sources (to supply the national grid) by 2030. Since the start of the policy in 2009 to 2016, the supply from renewable sources has grown to 14.6%.

With the successful implementation of three renewable projects in the last 24 months, the government has recognized the need to carefully plan its energy roadmap to include the Government’s growth objectives. To this end, the Ministry of Science Energy and Technology (MSET) is awaiting the results of an Integrated Resource Plan (IRP) which will determine the next phase of investments in the sector.


Distribution is also on the radar of the Government of Jamaica, in the provision of 200MW plant for an SEZ. Opportunities also exist in generating electricity from renewable resources such as, solar, wind, hydro, geothermal, biomass, waste and ocean thermal energy conversion (OTEC) for the national grid. Opportunities are highly dependent on the completion of an Integrated Resource Plan being done by the Ministry of Science, Energy and Technology (MSET).


As Jamaica’s energy sector continues to diversify by generation and fuel type, opportunities will emerge in the areas of electricity generation, trading fuels and energy e®ciency and conservation practices. 



Jamaica’s mining and quarrying sector has been providing economic benefits for the economy since the discovery of high-grade bauxite in 1938. In 1952, the mining industry became the country’s largest export earner and began trading in bauxite. To date, the mining industry contributes 2.2% of the country’s GDP, In 2016, receipts for bauxite and alumina exports were US$546.0 million.


The island boasts a variety of metallic and non-metallic minerals; however, the country’s most valuable mineral products with large reserves are bauxite (6th largest globally) and limestone. Approximately 85% of Jamaica’s total surface coverage is limestone, with a capacity of 150 billion tonnes and extractable capacity of 50 billion tonnes. Jamaica’s competitive advantage in the extractive industry is the potential for production of value added or derivative products for agricultural, chemical, metallurgical and industrial use. 



Jamaica boasts a wealth of talent in the creative industries, particularly the arts. This repository of talent, traditionally in music and literature has been exported beyond the region and across the globe gaining international recognition. The island has also made its mark in film, and more recently in the production of animation movies.


Local production of content has been ongoing since the early 1900s – most notably with the first James Bond classic, “Dr. No”. Since that time, the film industry has continued to attract large projects from blockbusters to award-winning documentaries. The Jamaica Film Commission, established as the first entity of its kind in the English-speaking Caribbean in 1984, notes that an average of 150 films projects are shot in the country each year, ranging from feature films to video shoots. This includes: Hollywood blockbusters such as How Stella Got Her Groove Back, Knight and Day and A Perfect Getaway.


With more filmmakers and production houses being established Jamaica, the island is now well established as an ideal location for film, able to host major projects and thus tell epic stories to the world.


Supporting the established film and music industries, animation is fast becoming an economic earner for the island’s gifted designers. Animated designs using the latest techniques are now seen in music videos, commercials and other visual promotional campaigns. To date at least 150 young, local artists have been trained in 3D animated design; additionally, a fouryear programme in animation design has commenced at a local university.


Jamaica is growing into a full-service production destination, able to attract indie and blockbuster films, entertainment events, support animated design and produce music. 

The most dynamic sectors in terms of FDI have been tourism, mining, and Business Process Outsourcing (BPO); the country’s stock of FDI now stands at over US$15 billion.


The other key foreign exchange sources are remittances and tourism receipts. The Jamaican diaspora contributes significantly to the economy through remittances, which amounted to US$2.23 billion in 2016, a 65.5% increase over the US$1.99 billion recorded in 2015. Jamaica’s well-developed tourism industry continues to enjoy record levels of tourist arrivals, with the island welcoming 4.3 million visitors to its shores in 2017. In that year, total tourist spend was estimated at US$3 billion.

Jamaica’s main export partners are the United States, Canada and the United Kingdom, while other key export markets include Russia, Japan, the European Union (EU) and neighbouring Caribbean countries.


The country enjoys strong brand recognition and global demand for its products and services, which have become synonymous with the highest standards of quality. Blue Mountain coŽee, rum and spicy jerk seasonings are but a few of the popular authentic Brand Jamaica goods in the global trading arena. In 2016, revenue from domestic merchandise exports amounted to US$1.19 billion, increasing to US$1.31 billion in 2017.


The country’s traditional export areas are agriculture, mining and manufacturing. The leading export products are alumina, bauxite, mineral fuels, rum, cane sugar and agro-processed goods.


As the country moves to improve its performance in the area of traditional exports, it is also keen to expand its export base and maximize opportunities in nontraditional areas such as pharmaceuticals, herbs and herbal products, condiments, craft and giftware and services. JAMPRO, the national trade and investment promotion agency of Jamaica, has played a pivotal role in supporting the eŽorts of exporters to attain export readiness and penetrate new and emerging international markets.


The National Export Strategy (NES), one of the key initiatives geared at increasing exports, now in its second phase, will guide the country’s eŽorts toward enhanced global trade competitiveness over the next few years. The NES, which is led by JAMPRO in partnership with the Jamaica Exporters’ Association (JEA) and the Trade Board Ltd., has established a strategic framework to increase the national export capacity in the priority sectors of mining, agribusiness, film and animation; information technology (IT) enabled services and light manufacturing.



Jamaica’s educated, trained and productive work force numbered 1.2 million at the end of September 2017, representing an increase of 0.5% over 2015. Males accounted for 55% (668,900) of this total, outnumbering females at 45% (537,900). However, the number of females in the labour force rose by 0.09 % between 2015 and 2017, relative to an increase of 0.01 % in the number of employed males. Persons in the 25 to 34 age group constituted 26.0% of the total work force in September 2017. This was followed closely by the 35-44 age group which accounted for 24.7 % of the labour force.

Average unemployment in Jamaica stood at 10.4% at the end of 2016, which was 3.1 percentage points lower than as at the end of 2016. This reflects the lowest unemployment rate since 2008 (10.3%).

The Government of Jamaica continues to place significant focus on education as one of the main pathways toward sustained economic development. The attainment of universal enrolment from early childhood to secondary level education has provided the foundation for further improvement in other areas of the education system.


In 2016, secondary institutions recorded total enrolment of 209,339. Enrolment at the tertiary level for the same period was estimated at 44,348. Females continue to dominate the number of students enrolled at the tertiary level, representing 67% of total enrolment. There are currently 42 local universities, colleges, institutes, and training units registered by the University Council of Jamaica (UCJ) and as at February 2018, the total number of accredited programmes and UCJapproved degrees stood at 256.


In an eŽort to adequately prepare the Jamaican workforce for the future and maintain a competitive advantage in the global business environment, the Government targets each stage of educational development from the early childhood to adult training and certification.


The e-learning project launched in 2005 which promoted the integration and infusion of technology in the education system was to provide schools with needed resources, equipment and skills, to improve the learning experience and provide Jamaica with the digital workforce needed for future success.


The alternative pathways to secondary education were geared at increasing the employability skills of youth in the 18-24 age group. The programme emphasized the availability of training opportunities in vocational skills. The programme of apprenticeship has training oŽerings in the IT, entrepreneurship, commercial food preparation, business administration, electrical engineering, digital animation, health care assistance, hospitality services, and motor vehicle repairs among others.


A total of 130,000 youths is expected to be better prepared for the job market by participating in this apprenticeship programme. Additionally, the Government has strengthened its islandwide system of continuing education and training in technical and vocational areas through the Human Employment and Resource Training (HEART) Trust/National Training Agency (NTA). The HEART Trust/NTA has embarked on several strategic initiatives to assist the workforce with acquiring industry-relevant skills and certification that will meet the job demands of targeted

17 Country Profile - Jamaica Means Business INVESTING IN JAMAICA... THE INVESTMENT HUB OF THE CARIBBEAN sectors. Special provisions have been made to increase funding to persons pursuing Science, Technology, Engineering and Mathematics (STEM) at the tertiary level as the government pursues a STEM initiative to improve the quality of the labour force.



Jamaica’s world-class and robust ICT infrastructure supports all the requirements for global connectivity and ranks among the most developed in the world. The island’s tele-density rate of 119.1/100 is among the highest in the Latin American and Caribbean (LAC) region, while mobile penetration of over 100% puts the country on par with the more digitally advanced economies of the world. The recent introduction of 4G-LTE by one of Jamaica’s telecommunications providers is likely to stimulate new developments in that sector as competitors seek to keep pace with each other. The competitive environment in the industry is expected to lead to net gains in the sector to achieve greater e®ciency and productivity in the goods producing and services sectors.


Notable highlights of Jamaica’s liberalized ICT landscape include: 

  • Ample bandwidth capacity as well as multiple providers oŽering various options including T1, DS3 and OC3.
  • Fully liberalised with 502 licences issued to service providers and carriers since 2002.
  • Three parallel fibre routes (and drop oŽ points) on the island linked to the Americas Region Caribbean Ring System (ARCOS-1) submarine cable in the Dominican Republic. This provides seamless connectivity to North America, Latin America and the Caribbean.
  • The Government, through the Universal Service Fund (USF), has implemented an islandwide broadband network by establishing Community Access Points (CAPs) to deliver high speed Internet connectivity across the country. At March 2018, an estimated 280 CAPs have been commissioned into service.
  • Multiple mobile service providers oŽer 3G, 4G, WiMax and international roaming capabilities.
  • Several key pieces of legislation have been advanced to further liberalize the ICT/telecoms sector, establish a single industry regulator, and provide the requisite criminal sanctions for cybercrimes.

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