Jamaica Promotions Corporation (JAMPRO) says it has positioned the island as a major business process outsourcing (BPO) destination, attracting several of the major players in the global industry.
Nine BPO companies operating in Jamaica
JAMPRO’s Vice-President for Investment Promotion, Claude Duncan, said of the top-20 BPO companies in the world, approximately nine of them have set up locations in Jamaica. He also said the sector has been growing over the years and poised for further expansion.
Contribution to job growth
“In the last four years, we have grown from 17,000 jobs to 25,000 jobs in the BPO sector and… we are going to grow another 5,000 this year,” he said. The range of services being provided in Jamaica include finance and accounting, debt collection, tech support, graphic design, claims and payroll processing, and human resource recruitment.
Duncan’s statement came as JAMPRO is involved in an investment mission that ended on Saturday, intended to introduce potential overseas investors to the opportunities available in the island for BPO investment.
The mission is being hosted in partnership with United States-based outsourcing authority Nearshore Americas, IBEX Global, VXI Jamaica and IntelBPO Solutions.
Jamaica has several advantages
Duncan spoke of the many advantages that make Jamaica attractive for BPO investment, noting for example, that the country is a stable, democratic environment with a sound macro-economy, and a liberal, welcoming business climate. “There are actually no restrictions around foreign ownership of assets. (We) have an investment-friendly Government… there are no foreign exchange controls and there is no restriction about repatriation of profits.”
Duncan said Jamaica’s geographical proximity to the major markets in the western hemisphere makes it ideal for offshore business.
With the third-largest English-speaking population in the Americas, following the United States and Canada, Jamaica boasts a talented, dedicated and cost-effective workforce.
The BPO represents a viable source of employment for young Jamaicans, particularly those at the tertiary level and recent graduates.
For recent news on JAMPRO, click the following link: Bahamian Minister calls for more regional cooperation