PM Unveils Economic Diversification Plan

  • The Government of Jamaica (GOJ) has designed an economic diversification plan to harness Jamaica’s unique comparative advantages and position the nation for sustainable growth in the global economy.
  • Prime Minister, Dr. the Most Hon. Andrew Holness, outlined the comprehensive strategy, which aims to diversify Jamaica’s economic base and foster the development of new industries, during the launch of ASPIRE Jamaica, at the Office of the Prime Minister on November 19.
  • ASPIRE Jamaica, the GOJ’s new policy framework for inclusive growth, outlines six critical pillars for transforming Jamaica into a modern, peaceful, productive and prosperous society. These are Access to Economic Opportunity for All (Inclusive Growth); Safety and Security; People (Human Capital Development); Infrastructure Development; Reform of the Bureaucracy (Ease, Speed, and Cost of Doing Business); and Economic Diversification/New Industries.
  • Expounding on the economic diversification plan, the Prime Minister emphasized, “We must prioritise sectors that will drive future growth. There are numerous opportunities that have been discussed for years, but have yet to be fully realized on a significant scale.”
  • Key areas for development include Tourism Linkages, aimed at strengthening the connection between agriculture and tourism. Initiatives like the Agri-Linkages Exchange Platform (ALEX) to reduce imports and increase local production will be key. Another priority is Logistics Hub Development, leveraging Jamaica's strategic location amid global trends toward nearshoring and friendshoring.
  • Medical Tourism and Wellness will also be a focus, with the aging North American population presenting an opportunity for Jamaica to offer affordable, high-quality medical services alongside wellness tourism.
  • The PM also highlighted the Digital Society Transition, with a vision to make Jamaica the Silicon Valley of the region. This includes initiatives like the National Identification System and expanding internet connectivity across communities. Prime Minister Holness also unveiled plans to accelerate the long-awaited Caymanas Special Economic Zone project, with infrastructure development set to begin by March 2025.

(Source: JIS)