Business
Jamaica looking at diaspora to kick start economy, investments and growth
“Achieving sustained economic growth, with jobs, remains the biggest challenge and the most intractable problem facing Jamaica. This focus on growth and development is therefore very critical if we are to break the vicious cycle of stagnated growth and poverty,” Hylton said.
Over 55 companies and organizations are participating in the conference in Montego Bay, which is home to a flourishing call center industry.
Leaders of other Caribbean island-nations like Grenada and St. Lucia have also been wooing nationals abroad and encouraging them to assist with developing their homelands, but more populous Jamaica has long had the most focused effort to forge relationships with its overseas citizens.
The push to entice more expatriates in investing in their homeland comes as Jamaica’s debt is roughly 150 percent of gross domestic product. In February, Jamaica launched a debt-swap program to satisfy conditions to forge a new pact with the International Monetary Fund (IMF) and halt what the prime minister described as an economic crisis.
In April, the IMF approved a four-year, US$958 million loan package to stabilize the economy.
Copyright 2013 The Associated Press
