Overseas-based Jamaicans urged to invest at home

KINGSTON, Jamaica, September 25, 2008 – General Manager of Jamaica National Building Society (JNBS), Earl Jarrett, is urging members of the Jamaican Diaspora to look for opportunities to invest in their homeland, in order to facilitate personal wealth creation, and development of the country’s economy.

Mr Jarrett, who is also Deputy Chairman of the Jamaica Tourist Board (JTB), says the long-term development plan for Jamaica is to position the country as a developed nation by 2030 where individuals can live, work, raise families, and do business.

He says nationals residing in overseas communities have a role to play in achieving this.

According to him, they represent a valuable resource base that could contribute to the well-being and prosperity of the country’s economy.

To this end, he encouraged persons to seize the opportunity to build Jamaica through sound, economic investment, with real estate, stocks and securities among the options. Mr Jarrett also noted that with developments taking place in Jamaica’s infrastructure in the areas of tourism, transportation, entertainment, and agriculture, persons should keep an eye out for other investment opportunities that could open up to them.

Meantime, the JNBS executive said that despite the world economic downturn, the economy of this Caribbean island was well poised to grow.

“Regardless of whatever happens globally Jamaica is positioned to take off,” he said.

Mr Jarrett said the economy had experienced steady growth this year, recording a three per cent increase over 2007. Tourism contributed 10 per cent to the country’s Gross Domestic Product (GDP) and accounted for 47 per cent of overall foreign exchange earnings.