Hill encourages tech groups to invest in Jamaica

Participants at one session of last week's sixth Tech Beach Retreat in St James.

LILLIPUT, St James — Basking in recent improvements Jamaica has made which make the country attractive to investors, Minister of Industry, Investment and Commerce Senator Aubyn Hill has called on the co-founders of TechBeach Retreat (TBR) Jamaica to invest in the country.

"So Kyle [Maloney, co-founder from Trinidad], I invite each of you visionary entrepreneurs and innovators to join us in Jamaica on this exciting journey to use Karl's word. Achieve exponential outcomes," Hill encouraged.

The minister made the invitation during his address to the sixth staging of Tech Beach Retreat in Jamaica.

The three-day annual event, which is said to be the premier gathering for tech enthusiasts, innovators, and industry leaders, was held at berostar Rose Hall Beach in St James.

In response to the minister's invitation, co-founder and creator of TBR, Jamaican Kirk Hamilton, told the Jamaica Observer this is being done.

"We invest in Jamaica every day. That's all we're about. I'm a Jamaican investor from Jamaica. I'm involved in a few different enterprises here, and I'm bullish on Jamaica. I believe in Jamaica," stated Hamilton.

"Every part of our plans includes deeper investments, whether from ourselves or from a standpoint of being able to attract investment into the island," he added.

Hamilton said more focus will be placed on getting more investment into Jamaica.

"We try to encourage Jamaicans to invest in Jamaica as well. But yes, our big focus is attracting as many international folks into just getting an understanding of Jamaica, meeting Jamaican companies, and looking to invest in them," he assured.

"We do a lot of work alongside the Development Bank of Jamaica in this regard to really grow the ecosystem from an investment perspective. They have an angel investment fund that we're helping to promote, which basically matches any investment by a venture capitalist or angel investor into a start-up in Jamaica," added Hamilton.

"Based on a certain set of criteria, the Development Bank of Jamaica will actually match that investment up to $100,000. That is a big, big move that they've made, and we are massive supporters of theirs. And, as partners, we push to get more and more players into that space with them," explained the event co-founder.

Generative artificial intelligence (AI) is a form of technology which Hill welcomes. This is a type of technology that can produce various types of content such as text, imagery, audio, and synthetic data.

"Generative AI can come. We are going to make sure that we are training the right people and that we're not just training people with PhD and law degrees. Germany and many European countries were built by the training that they gave to their people. That's where the Government is going with HEART [Human Employment and Resource Training], making sure that people get skills and are certified and can work in Jamaica, in Trinidad, in Saudi Arabia, or anywhere else they choose to work. We want them to choose to work in Jamaica, so we are fixing Jamaica," stated Hill during his presentation.

The minister also pointed to the availability of building space through the special economic zones for investors.

"You guys have all the money out there. We have 650 acres of land looking straight at the port. The port is one of the seven best in the world. And what we're trying to do: we're saying take this 650 acres of land, lease [it] for 50 years. We're going to give you all the revenues you make from renting out of that place because you're going to rent to logistic operators. All that rental revenue will be tax-free. And it could be up for 50 years, depending on how you negotiate and what you're going to put in. But the other income you make will be half of what we charge Jamaicans, which is 25 per cent, so you pay 12.5 per cent. You could drop that low to 7.75 per cent depending on how many Jamaicans [you] are training," explained Hill.

"Jamaica welcomes you. We want to make sure that you understand as we define the future. Let's remember that innovation isn't just about technology, it's also about people. It's about young Jamaicans armed with coding scales from our schools and finding their place in the global digital economies. It is about small businesses leveraging digital tools to compete globally. It's about creating a Jamaica where technology is not just an industry but part of our national identity," the minister added.

About 300 participants from numerous countries within the Caribbean, Europe, North and South America attended the retreat, which has cost more than US$1 million to stage. Hamilton declined to provide the precise price tag.

"At this stage I won't disclose an exact number. We're well over a US million dollars in terms of the production capacity and earnings when it comes to hotel rooms, sales, and all that kind of stuff," he stated.

"We sell over 250 rooms at our hotels each year, and those rooms are typically sold over a three-day period, in addition to all the production that you're seeing around. And when you look at the amount of food and beverage that goes into these things, amongst other inputs, it is quite sizeable. And I think we've become our own force in Jamaica. Companies better understand us now. They are more willing to spend with us because they see that we take their investment and we deliver," added Hamilton.

https://www.jamaicaobserver.com/news/hill-encourages-tech-groups-to-inve...

Source: Jamaica Observer 

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