Jamaica: New govt aggressively seeks to increase growth

The Portia Simpson-Miller administration is looking to implement a number of projects that have the potential to sustain economic growth and development.

To accomplish this, the administration is intensifying its efforts to secure billions of US dollars in Foreign Direct Investment (FDI).

Minister of Industry, Investment and Commerce, Anthony Hylton said the efforts would also include partnerships involving local and foreign private sector investment communities and the public sector. These, he noted, will be based on a structure with well-defined roles and responsibilities for each partner.

In 2008, Jamaica attracted US$1.4 billion in FDI flows, which Hylton attributed to inflows in the agricultural, manufacturing distribution; and the information communications technology sectors, which increased by 61 percent and 56.2 percent, respectively, relative to 2007.

The minister said he was remaining optimistic that Jamaica will be able to attract the level of foreign direct investment needed as the global recession recedes.

Source: Caribbean360