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JTI Looking
to Tap Into Emerging Markets |
Posted January
07, 2007:
KINGSTON, (JIS):Jamaica Trade & Invest (JTI) is moving
to more effectively position the country to tap into
emerging markets overseas.
JTI President, Robert Gregory, told JIS News that there are
a "number of emerging markets that present opportunities to
us that we never had before." "I
can refer you to China as an example, I can refer you to
Brazil, (and) I can refer you to India. Also, I can refer to
Europe, now a conglomerate (of upwards) of 27 nations, many
of them, in previous years, a part of the Soviet Union, but
now presenting another face and another set of
opportunities," he said.
He noted that currently, Jamaica is in a good position to
take advantage of new developments in the global
marketplace, particularly in the emerging economies.
He pointed out that investments, primarily in
infrastructure, have contributed significantly to the
creation of an enabling business environment, which present
Jamaica as an attractive destination for investments and
other viable income-generating options. |
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Mr. Gregory's
argument is supported by the fact that Jamaica earned a
record US$850 million in foreign direct investments in 2006,
predominantly from tourism-related activities, with
information communication technology (ICT) and agribusiness,
also making fairly significant contributions. The figure for
2007, just after Christmas, was more than US$350 million.
"Our country is rated number one in the Caribbean for
telecommunications infrastructure. Our investment in road
infrastructure is also a very important aspect of our
attractiveness for investments. Many of those hotel
investments, what has really made them take off, is the fact
that we are building the North Coast Highway (and) it is
(now) easier to move from (the) Sangster International
Airport (in Montego Bay) to whichever hotel on the north
coast," Mr. Gregory pointed out.
Additionally, he said, the creation of Highway 2000 has
opened numerous possibilities, which did not previously
exist, for both foreign and local investors. "It is now
possible to drive from May Pen to Kingston reliably in 20
minutes or so. That makes a difference for developers, who
can now contemplate a housing development in May Pen instead
of being crowded up in Kingston. We could now have a whole
set of satellite communities around the Corporate Area," he
noted.
In addition, he said: "You could have your factory or
business located anywhere in Clarendon or Manchester, and
reliably reach the Port of Kingston or any other destination
in a half an hour or one hour."
Expansion of the country's two international airports as
well as developments at the seaports, Mr. Gregory noted
further, are key factors in enhancing Jamaica's status as an
ideal location for investments.
"These enhance our attractiveness for investments, both
local and foreign, and are part of building this Jamaican
economy that we are working towards creating, and ensuring
sustained economic development through trade and investment,
enabling an improved quality of life for our people," he
pointed out.
In the meantime, Mr. Gregory indicted that the agency will
be increasing its presence in key and strategic locations
abroad, and some overseas offices that are now closed, will
be reopened.
"It is the intention of the current administration to expand
our physical presence overseas. We have offices in Toronto,
New York, Miami, Hong Kong, London, (and) Brussels. In
previous years, we had a much wider network of offices than
we do today, but some were closed for financial reasons. The
current administration has indicated its intention to
re-open some of our offices, strategically of course," Mr.
Gregory disclosed.
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