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Government of Jamaica   

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Doing Business in Paradise

Jamaica's Strategy

Jamaica’s strategy is based on a logistics-centric model similar to Dubai and Singapore and relies on value-added logistics services using sea-sea, sea-air and air-air connectivity for its success. Logistics service providers offer quick order turnaround taking advantage of near shore regional distribution nodes. The logistics clusters will generate substantial cargo flows of raw materials, intermediate and finished goods and utilize supporting multi-modal infrastructure.

Improved transport and logistics services can initiate a virtuous cycle, leading to increased trade, which in turn encourages investment in better transport and other logistics services.

Jamaica’s logistics hub will expand the local cargo base with more industries, shippers and 3PLs operating from inland SEZs. The prospect of expansive special economic zones will make Jamaica’s ports more attractive and has triggered port and airport capacity enhancements. Expansion of Jamaican airports into air cargo hubs has economic impacts on the seaports as well.

Benefits

The Benefits and Incentives of Doing Business in Jamaica

INTERNATIONAL RANKING

  • Easiest Place to Start a Business – Jamaica is the 6th easiest place to start a business globally.
  • Easiest Place to Get Credit – Jamaica is the 12th easiest place for Getting Credit.
  • Best Caribbean Country – Jamaica is the best Caribbean country for Doing Business.
  • Highest Performing Stock Market – The Jamaica Stock Exchange is the highest performing stock market globally.
  • Credit Rating Upgrade
  • Moved up 6 places – Jamaica moved up 6 places on the Logistics Performance Index.
  • Best Destination – Jamaica was voted the Best Destination in the Caribbean and among the 14 best destinations globally.
  • Absence of Red tape – When it comes on to the absence of red tape to stir the growth of businesses, Jamaica is ranked 6th
  • Placed 71st / 190 – Jamaica placed 71stin the Doing Business Report 2020 out of 190 countries.
  • Placed 79th/140 – Jamaica ranked 79th in Global Competitiveness Report 2018 out of 140 countries.
  • BPO Nearshore City of the Year – Kingston named BPO Nearshore City of the Year
  • Long-Term Foreign Issuer – Jamaica is graded B+ Government’s Long-Term Foreign Issuer and Local Currency Issuer Default Rating.
  • #1 Cargo Movement – Jamaica ranks #1 in the Caribbean and 8th in the Latin America and the Caribbean for cargo volume movement reaching 1.5 million TEUs.
  • Business Confidence – Business and consumer confidence have increased annually by 24.1 and 67.5 points respectively in the decade.

INFRASTRUCTURE

  • Transportation Network – Well-developed infrastructure, with world-class highways, airports and seaports.
  • Telecommunication – Robust telecommunication infrastructure with built-in redundancy.
  • Airport – Caribbean leading airport
  • Airport Investment – Grupo Aeropuerto del Pacifico launched an estimated US$95 million investment project following its successful bid to operate the Normal Manley International Airport.
  • Port Investment – Third-largest shipping line in the world, CMA-CGM, invested over US$400 million in Kingston Port.
  • Cruise Port – Caribbean leading cruise port
  • Port Traffic – Jamaica’s ports received approximately 3000 ship calls.
  • Port Capacity – 1.83 Mil TEU containerized cargo moved through our Kingston Ports.

GOVERNANCE

  • Stable Democracy – Jamaica has a vibrant and stable democracy with elections held at least every five years.
  • Strong Governing System – Jamaica has clear checks and balances in Government with strong legislative and executive arms, and a wholly independent of the judiciary arm of Government.
  • Accountability – Jamaica has strong political accountability frameworks to deter corruption of officials.
  • Incentives – Jamaica boasts numerous incentives and trade agreements.

ECONOMY

  • Low Unemployment Rate – Unemployment of 7.7% for calendar year 2019.
  • National Debt – national debt to GDP ratio has fallen 36% in 5 years from 132% in 2014 to 96% at the end of 2018.
  • Fiscal Management – Fiscal management has been evident in the successful passage of the test under the IMF stand-by agreement.
  • Foreign Direct Investments – Jamaica is the 3rd largest recipient of the FDI inflows in the Caribbean and the 2nd largest Small Island Developing States.

INVESTMENT

  • Home to World Brands – Some of the world’s biggest brands call us home! DHL, FedEx, Huawei, Scotiabank and Citibank, are just a few of the large multinationals with offices in Jamaica.
  • Home-grown Conglomerates – Jamaica remains the home of several locally grown conglomerates including Sandals Resorts, GraceKennedy and National Bakery.
  • Foreign Direct Investment – Jamaica’s diversified market economy has accommodated over US$6 billion in foreign direct investment over the past 10 years.
  • Manufacturing – Heineken group purchased Red Stripe, a local company from beverage conglomerate Diageo at a price of US$421 million in 2015.
  • Tourism – Over US$1 billion investments in tourism since 2018, including projects like Ocean Coral Springs, Princess Hotels, Grand Excelsior Port Royal Hotel and AC Mariott.
  • Logistics and Infrastructure – Kingston Container Terminal was divested to the CMA-CGM group with an anticipated investment of up to US$500 million.
  • Mining – Jiquan Iron and Steel Company invested US$299 million to takeover the Alumina Partners in Jamaica from Rusal in 2016.
  • Creative Industries – Jamaica was the location to produce feature films and over 300 film and television projects including BOND25, Yardie, Sprinter, King of the Dancehall, among other.
  • Home to International Brands – Jamaica’s global appeal and investment climate have persuaded a diverse mix of famous multinational corporations to establish operations in the country.
  • Local Investors – The confidence of local investors continue to grow and so do their investments.

STRATEGIC ACCESS

  • Strong Air Connectivity – Jamaica welcomes 400 international flights weekly from over 40 airlines to major gateways worldwide gateways worldwide.
  • Impressive Sea Connectivity – Jamaica has the #1 transshipment port in the region.
  • Near shore advantage – Jamaica has over half a billion of the world’s population living within a four-hour fight radius.
  • Leading Location – Kingston is the nearshore city of the year, and the leading contact center location in the English-speaking Caribbean 2018.

TALENT POOL

  • English speaking – Jamaica is the third largest English-speaking country in the Western Hemisphere.
  • Creative – Jamaica’s workforce is known globally for its creative and enterprising spirit.
  • Cost-competitive – Jamaica boasts a cost-competitive workforce.
  • Literate – Adult literacy rate is 87%.

Incentives

Tax Incentives

  • Corporate income tax headline rate of 12.5%
  • Customs duty relief
  • Relief from Income Tax and Relief Income
  • GCT Relief – on all goods and services entering the zone.
  • Employment Tax Credit
  • Promotional Tax Credit (R&D Training)
  • Capital Allowance
  • Stamp Duty Payable
  • Relief from Tax Transfer