Jamaica aiming to attract Indian investment
Jamaica banking on its proximity to the United States as an attraction for Indian firms.
KINGSTON, Jamaica, Thursday March 8, 2012 - The Jamaica Promotions Corporation (JAMPRO) has predicted that there is “significant” potential for the Caribbean in the Indian market in the medium term.
And the Jamaican investment promotions agency recently invited tenders for representatives in China and India, as the country hopes to capitalize on its proximity to the United States to promote investment.
“We feel that Jamaica’s near-shore advantage to the US is going to be of interest to Indian firms,” said Sancia Bennett Templer, president of JAMPRO, as she recently addressed a Jamaica Information Service Think Tank session.
The country has already seen growth investment from abroad, particularly Spain and China, the latter of which made a significant investment in Jamaica’s sugar sector.
The Asia-Pacific market is actually the largest destination for Latin American and Caribbean products, according to data from the United Nations Economic Commission for Latin America and the Caribbean.
Part of Jamaica’s strategy will be placing representatives in particular countries of interest, Bennett Templer said, in order to create a more targeted approach.
“We are saying, ‘who are the countries that are investing elsewhere in the region that are not currently in Jamaica and how do we identify and target those countries, get in those boardrooms, and seek to position Jamaica with those firms and attract them to come here to Jamaica,” she said.
And with the recent signing of a series of cooperation agreements between Trinidad and India, including an air transport agreement that paves the way for Caribbean Airlines to fly between the two countries, it is anticipated that regular airlift will bring with it a steady stream of Indian capital investors.