Prime Minister Andrew Holness has reaffirmed his government’s commitment to transforming Jamaica into a global financial services hub, a vision initially outlined in 2009. Speaking at the Jamaica Stock Exchange (JSE) Regional Conference on Investments and Capital Markets, Holness acknowledged the delays in achieving this goal but emphasized the government’s resolve to finalize the required legislative framework to move forward.
“From my first time in Cabinet in 2007, by 2009, we said we were going to establish Jamaica as an international financial services centre. To this day, it has not happened,” Holness admitted. “But as I stand here today, it is our intention to ensure that we complete the legislative framework to make this a reality.”
Despite these setbacks, Holness emphasized the vast potential benefits of positioning Jamaica as an IFSC. These include job creation, increased government revenue, real estate development, and greater diversification of the economy. He also highlighted Jamaica’s well-educated workforce, strong education system, and established financial institutions as key assets that position the country well to offer sophisticated financial services.
Holness outlined significant strides in advancing Jamaica’s transformation into an international financial services center. He pointed to the enactment of crucial legislation, including the Partnership (General) Act, Partnership (Limited) Act, Trust Act, Trust and Corporate Services Providers Act, and the Segregated Accounts Companies Act. Holness noted that the final piece of the legislative puzzle, the Limited Liability Companies (LLC) Act, is currently being refined to align with global standards.
“This act aims to provide a more business-friendly framework than the Companies Act,” Holness explained. “We are making this new act familiar to the global community, reflecting the government’s commitment to creating a modern business environment that supports both local and foreign enterprises while ensuring compliance with international standards.”
Holness acknowledged the crucial role of the Jamaica International Financial Services Authority (JIFSA) in driving efforts to establish Jamaica as an international financial services centre (IFSC). Established in 2011, JIFSA has worked diligently to develop a strong legislative framework, implement a competitive tax regime, and ensure local institutions are well-equipped to operate in the global financial market.
While recognizing the progress made, Holness was candid about the challenges that have hindered the initiative’s full realization. “I can’t blame it totally on bureaucracy. Much of it is policy-driven. Sometimes governments say they’re going to do it, but lack of commitment and intervening circumstances get in the way,” he said.
