2010-01-28

PLANS ADVANCED TO DETERMINE IFSC MODEL

Government has identified consultants to design the legal framework for Jamaica’s proposed offshore banking centre, the International Financial Services Centre (IFSC), and plans are well advanced in the process of determining the model the country will adopt.

Addressing Parliament yesterday, Minister of Industry, Investment & Commerce Karl Samuda said the proposed IFSC “offers the greatest opportunity for Jamaica right now” because of its “potential of putting over US$500-million per annum into our economy.”

The Minister provided this update to Parliament as he outlined some of Government’s initiatives to stimulate business and achieve economic recovery. He said the proposed IFSC “offers a great opportunity to Jamaica”, noting that  his Ministry will be working with the Ministry of Finance to achieve its successful establishment.

The Industry Minister cautioned however, that implicit in this opportunity must be the determination to be transparent and reassure the international investing community that Jamaica “will establish a facility that will carry the level of integrity that will make us a demand destination.”

He expressed confidence that the IFSC can be established within six-months, and noting that it has the potential of creating some 1,500 jobs.

Turning to investment prospects being channeled through JAMPRO, Minister Samuda said the agency is working to bring on stream some US$8-million in investments. He said there were other good prospects that has the potential of offering employment to some 30-thousand people in a number of sectors including bauxite, mining, tourism, health, and culture.