Friday 22 November, 2019

Local and foreign investments top US$500 million

At the same time, the number of jobs created by JAMPRO clients was 14,401, exceeding the target of 14,156.

At the same time, the number of jobs created by JAMPRO clients was 14,401, exceeding the target of 14,156.

Preliminary data provided by the country’s leading investment and promotion’s agency JAMPRO, show that the value of Local and Foreign Direct Investments (LDI & FDI) by its clients was US$545.5 million or 87 per cent of a targeted US$625.5 million in fiscal year 2018/2019.

At the same time, the number of jobs created by JAMPRO clients was 14,401, exceeding the target of 14,156.

This was noted by the Minister of Industry, Commerce, Agriculture and Fisheries, Audley Shaw, during his contribution to the 2019/2020 Sectoral Debate in the House of Representatives on Tuesday. 

Shaw also noted that the value of export shipments (export sales) by JAMPRO clients was US$762 million, some 43 per cent above target.

“In this (2019-2020) fiscal year, JAMPRO will continue to connect both local and international private sector members to opportunities in the economy in the mining and quarrying, energy, manufacturing, Business Process Outsourcing (BPO), and the hospitality sectors…,” Shaw said.

“And I wish, Mr Speaker, to join…in offering our heartiest congratulations to the success stories in several of these industries, with tourism being the poster child,” Shaw added.

Meanwhile, the minister noted that in the 2018-2019 fiscal year, the EXIM Bank disbursed some $9.40 billion to the productive sector, 72 per cent of which went towards providing financing to the micro, small and medium-sized (MSME) sector, its highest ever contribution to the growth and development of small and medium enterprises in Jamaica.

Shaw said an additional $400 million has already been committed by the bank for investment in the MSME sector. He said the ministry will continue to work with the EXIM Bank to strengthen its ability to facilitate increased levels of financing for MSMEs, particularly for those in emerging sectors which have demonstrated competitive advantage.

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