Foreign Direct Investment to Jamaica grew by 16% in 2013

Jamaica’s foreign direct investment (FDI) continues to improve, showing it to have one of the fastest growth rates, though well behind the region’s two major leaders, according to figures from the latest World Investment Report, published by the United Nations Conference on Trade and Development (UNCTAD).

Jamaica attracted US$567 million in FDI for 2013, an increase of more than US$75 million over 2012’s figure of US$490 million, according to the report – an overall increase of approximately 16 percent.

FDI flows to the Caribbean and Central America, excluding offshore financial centers, increased by 64 percent in 2012 to US$49 billion.

Jamaica’s FDI numbers show a continued upward trend, and compares to the much lower flows of US$228 million in 2010 and US$218 million in 2011. But the amounts are still well below the average flows prior to the global economic crisis. During the 2005 to 2007 period, Jamaica attracted an annual average of US$810 million in FDI.

The group of Small Island Developing States (SIDS) in which Jamaica belongs saw a steep decline in FDI for 2013, following two years of recovery. FDI inflows for the group fell by 16 percent to US$5.7 billion. Tourism continued to attract funds, but important manufacturing areas such as apparel and fish preparation have declined largely because of the widespread elimination of trade preference agreements.

Source: Jamaica Gleaner