Jamaica Pushes For More Local and Foreign Investments

• Jamaica’s reputation as an investment destination continues to grow, with Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, making a strong case for both local and international investors to take advantage of the country’s evolving business landscape.
• Senator Hill cited a range of economic improvements and investment incentives that make Jamaica an attractive proposition. With the country’s unemployment rate hitting a historic low of 3.5 per cent, alongside low inflation, a reduction in crime, and cuts in taxes, the Minister said Jamaica is now “stable and investable.”
• He detailed several advantages for investors in Special Economic Zones (SEZs), including substantial tax breaks and customs benefits. “All those goods that you bring in to build up your operations will come in duty-free. When you start making money in year four, year five, and six, and you invest that money, the profits you make from that, we will charge you only 50 per cent of the corporate rate,” he explained.
• Operators within SEZ developments also enjoy major tax advantages. “If you’re an operator within the master developer’s place, you get your customs duty in and you only pay 12.5 per cent tax, which could also go down to 7.75 per cent,” Hill added.
• The SEZ framework is expanding to include a range of high-growth sectors such as film production, green energy, artificial intelligence (AI), and pharmaceuticals. Among the notable upcoming projects are the Caymanas Special Economic Zone, the Olympus Project focused on sports development, Xanadu 77 Technopolis, and Pandora Pharmaceutical SEZ.

(Source: Caribbean National Weekly)