2009-02-13

World Recession Can Provide Opportunities for Jamaica

INVESTMENT FORUM - UK
Minister of Industry, Investment and Commerce, Karl Samuda addresses a meeting of ‘Young Minds’ at the Jamaican High commission in London on February 5. The Minister also took part in the Jamaica-UK Investment forum, organized by Jamaica Trade and Invest (JTI).

Minister of Industry, Investment and Commerce, Karl Samuda, has said that the world economic recession can provide opportunities for Jamaica, and the Government will be moving to more aggressively package and market investment areas.

"Now is the time to seize the moment," Minister Samuda said, as he addressed the first Jamaica Investment Forum in London, England on February 5. "We believe that in every crisis there is an opportunity waiting to be discovered and that is our driving force," he added.

According to the Minister, the message to the international community is that Jamaica is open for business and has the best infrastructure in the region. He cited the development of the island's ports, including ongoing expansion of the Port of Kingston to double capacity; agricultural investment with a focus on Sea Island cotton; and the planned Caymanas Economic Zone, which will transform more than 500 acres of land into a major commercial area.

He said the area will be developed in eight phases and, in addition to offering sites for manufacturing and processing, will also offer residential and recreational facilities.

Stating that investing in Jamaica is the strategic thing to do at this time. Mr. Samuda said that "when the economic slump is over, there won’t be better place to meet the new opportunities."

The first Jamaica-United Kingdom Forum was organised by Jamaica Trade and Invest in collaboration with the London-based Developing Markets Associates.