KINGSTON, Jamaica, CMC -Minister of Business, Funding, and Commerce Aubyn Hill says now could be an opportune time to put money into Jamaica.
He instructed the Jamaica Particular Financial Zone Authority (JSEZA) Particular Financial Zone (SEZ) Investor briefing that there’s a want for each home and international funding within the nation, noting among the many causes a record-low 3.5 % unemployment price, low inflation, a minimize in taxes, and a criminal offense discount.
Hill stated consequent on these and different key elements, Jamaica is now “secure and investable” and isn’t the “similar Jamaica that we had been 10 years in the past”, including that there are advantages to be derived by investing in Jamaica by SEZs.
“All these items you carry to construct up your [operations] can be duty-free. Whenever you begin earning profits in years 4, 5, and 6, and also you make investments that cash, the earnings you make from that, we are going to cost you solely 50 % of the company price.
“The company price in Jamaica is now 25 % in order that you’ll pay 12.5 %. However you can drop it decrease by what number of Jamaican folks you use and commerce with, and it might go right down to 7.75 %,” Hill stated, including that there are advantages for individuals who function inside developments in these SEZs.
“Should you’re an operator inside the grasp developer’s place, you get your customs obligation in, and also you solely pay 12.5 % tax, which might additionally go right down to 7.75 %. So, this might be a logistics and manufacturing distribution powerhouse within the Caribbean.”
He stated that along with the tax advantages, Jamaica’s bodily location—90 minutes from Miami, three hours from Panama, and 7 hours from Europe—makes it the middle of the worldwide logistics chain.
Hill stated that Jamaica additionally boasts a extremely expert and huge experience inhabitants in numerous industries, together with know-how and digital transformation, commerce and manufacturing, and the continuing coaching, reskilling, and upskilling of the populace to fulfill the calls for of the quickly evolving international financial system.
“We’re saying to you there are nice alternatives right here. We’re constructing corridors of prosperity from Kingston to Montego Bay, from Spanish City to Black River to Negril. Jamaica provides you a strategic location, world-class seaports and airports, a talented English-speaking workforce, a secure democracy, and a enterprise setting that’s open, reforming, and pro-investment,” Hill instructed the convention.
In the meantime, JSEZA says it has expanded the SEZ panorama to draw investments in movie manufacturing, inexperienced power, synthetic intelligence (AI), and prescription drugs.
Finance and Public Service Minister Fayval Williams stated SEZs are extra necessary now than ever as a result of shifting international financial system.
“These zones, paired with sound fiscal coverage and trendy infrastructure, are creating the setting that we have to decrease the price of doing enterprise, appeal to high-quality native and worldwide investments, join MSMEs (micro, small and medium-sized enterprises) to international provide chains and elevate Jamaica’s competitiveness on the world stage,” she stated.
The occasion right here was held below the theme ‘Unlocking Funding Alternatives Via SEZ Infrastructure and Partnerships.’
