Jamaica, renowned for its captivating tourist attractions, also ranks as an exceptional destination for conducting business. This is according to Hon. Alando Terrelonge, the Minister of State in the Ministry of Foreign Affairs and Foreign Trade who underscored the country’s potential beyond its leisure appeal.
He was speaking during a recent virtual meeting with the Global Jamaica Diaspora Youth Council members.
A resilient investment landscape
Terrelonge shared that over the past seven years, Jamaica’s investment market has experienced remarkable growth.
“Jamaica is also one of the most ideal locations for trade, investment and commerce. Our investment market has been booming over the last seven years, and we have one of the best stock exchanges in the world,” he said.
He further shared that the country’s debt to gross domestic product (GDP) is now at 78 per cent, coming from a high of 150 per cent.
This has provided “enough fiscal space” and allows Jamaica to allocate resources to vital projects encompassing healthcare, education, and infrastructure.
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Empowering youth and real estate
According to Terrelonge, a clear indication of Jamaica’s economic health is its flourishing real estate sector and the subsequent opportunities it presents for the younger generation.
“We can use our own resources to build out the space. It also means providing greater opportunities for our young persons. Our real estate market continues to grow, so we want you to see Jamaica also as a destination for trade and investment,” he further said.
In light of Jamaica’s declining unemployment rate, Terrelonge noted that numerous entrepreneurs are eyeing the country for its real estate prospects, the Airbnb market, and leveraging its stock exchange.
Tapping into creative industries
Highlighting the growth in creative sectors, the country is now seen as fertile ground for innovation, particularly in animation. Terrelonge highlighted that the diaspora youth, equipped with remarkable skills in this realm, are encouraged to harness these abilities and consider investing in their homeland.
