Jamaica Being Positioned as a Regional Technology and Innovation Hub

Senator Hon. Aubyn Hill, Minister of Industry, Investment, and Commerce, has announced that the Government is strategically positioning Jamaica to become a regional hub for technology and innovation – a key pillar of the country’s economic growth agenda.
During the Global Services Association of Jamaica (GSAJ) President’s Breakfast Forum in Montego Bay on November 22^nd, Senator Hill said the Government is incentivising innovation and digital transformation to foster an environment that is conducive to high-quality research and development in digital technology, including artificial intelligence (AI).
Senator Hill emphasised the Government’s proactive embrace of artificial intelligence (AI) as a transformative technology. He noted that a National AI Task Force was established last year to lay an evidence-based foundation for crafting a comprehensive AI policy framework. The policy is expected to leverage AI, by integrating into sectors, like health, agriculture and education and, the Global Digital Services Sector (GDSS), to enhance productivity.
Meanwhile, he urged GDSS businesses to capitalise on the advantages offered under the Special Economic Zone (SEZ) regime. He noted that companies operating within SEZs, including those engaged in outsourcing, can enjoy significant incentives, such as a 50% reduction in their corporate income tax rate.
He noted that in the domestic economy, companies pay a corporate income tax rate of 25% to 33 1/3%, while companies in Special Economic Zones (SEZ) pay as little as 12.55%, which can be further reduced to 7.75% through the application of promotional and employee tax credits.

Source: (JIS)