Economic Overview & Business Opportunities
Why Investors Consider Doing Business in Jamaica
Tourism and finance have always been the strongest performers, contributing to its positive economic overview and business opportunities in Jamaica.
Ever since the country gained its independence in 1962, the economy has been developing markedly, albeit a bit uneven at times. In the later part of the 20th century, manufacturing and mining became important contributors to its strong performance.
A beautiful island nation, tourism and finance have been the biggest reasons behind the optimistic economic overview and business opportunities in Jamaica. Together with other services, they are a huge component of the island’s economy, powering both the GDP and local workforce.
Why Invest in Jamaica
It’s hard for an investor to ignore the business opportunities in Jamaica that await. Besides the robust economic overview, other reasons to invest in the largest English-speaking island in the Caribbean include:
- Home to rich natural resources and mineral deposits like bauxite, marble and limestone.
- Proximity to other major markets like Miami, New York, London and Toronto.
- Public debt which is anticipated to decline by 2025/26 to below 60%.
- Historically low unemployment rate of 7.8% as of April 2019.
- Year-on-year growth of 1.5% in 2018 (the growth was bolstered by external demand and private consumption).
- Expected growth acceleration of 2% on average over the medium-term.
- Better access to micro and small-scale farmers thanks to the Rural Economic Development Initiative (REDI).
- Jamaica Energy Security and Efficiency Enhancement Project is expected to increase generation capacity by more than 20% come 2030.
- Tourism, mining and agriculture continue to be vita business sectors.
- An attractive existing expat community who are heavily invested in the real estate market. The country has minimal restrictions on foreign investors owning a home on the island.
- Montego Bay is a tourist Mecca and a hub for business and technology.
Ready to Invest in Jamaica? We Can Help
It is clear Jamaica is increasingly becoming more attractive as an investment destination. The Jamaican government themselves are taking serious measures to enhance investments in the country. To find out more about investing in Jamaica, contact the 3E Accounting team today.
- Jamaica Company Setup
- Annual & Management Accounts
- Audit Services
- Payroll Services
- Business Plans
- Wealth Protection
- Business Start-up
- Employee Management Incentive Schemes
- Consultancy for business exit strategy
- Business turnaround and finance restructuring
- Negotiations with Tax Department
- Training Services
- Human Resource On Demand
- Non – Financial Support Services
- Employer of Records (EOR)
- Accounting Dept Outsourcing
- Payroll Outsourcing Services