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Investment Minister Encourages Local & Diaspora Participation in World Free Zones Organisation Annual International Exhibition & Conference

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Senator Aubyn Hill, Minister of Industry, Investment and Commerce, is encouraging Jamaican entrepreneurs, based locally and in the Diaspora, to have their businesses showcased on the world stage by using the opportunity offered at the World Free Zones Organization (World FZO) Annual Conference and Exhibition 2022 (AICE 2022) to be held in Montego Bay, June 13 -17 this year. An increasing number of companies around the world are signaling their interest in participating in this premier event.

More than 1,000 delegates from many of the 140 World FZO member countries are expected to be at the Montego Bay Conference Centre for the 8th staging of the annual conference and exhibition, which the Jamaica Special Economic Zones Authority, JSEZA, made a successful bid to host. JSEZA is an agency in Minister Hill’s portfolio.

“The AICE event usually features global free zone practitioners, policy-makers and representatives from multi-lateral organizations who use this event to share experiences and projections for global commercial activity,” the Minister explained. “We expect stakeholders across multiple industries to be in Jamaica to make decisions about investments and partnerships. It will provide an ideal platform to showcase Jamaican businesses who want to expand, and underscore the excellence of our tourism product and the rich cultural heritage for which we are world renowned.”

The last in-person World Free Zones conference and exhibition saw approximately 700 delegates in Barcelona, Spain in 2019. Minister Hill expects the take up for this staging to be higher. The international business community is anxious to ramp up commercial activity as the pandemic subsides and the more than two-year lapse since the last World FZO conference.

“Jamaica is especially well-suited to host this anxiously awaited World FZO conference. We are always a highly desirable destination for both business and pleasure and this will be the first major business event in Jamaica since 2020,” he elaborated.

He noted that in addition to exhibition spaces, entities will be able to sponsor events and conference areas, affording businesses high visibility and the opportunity to network with potential local and international partners and clients.

AICE 2022 is being held under the theme Zones:“Your Partner for Resilience, Prosperity and Sustainability” and the programme will include a Free Zone Outlook international conference where panelists will explore themes including supply chain resilience, global taxation reforms, the future of inclusive e-commerce, and building a new generation of entities committed to the Sustainable Development Goals (SDGs) and Environmental, Social and Government (ESG) investment. There will also be an exhibition, workshops, and a Jamaica cultural night.

The website, aice2022.com is now open for registration.

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Businessuite News24

GOV’T Remains Committed to Facilitating an Enabling Investment Environment

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GOV’T Remains Committed to Facilitating an Enabling Investment Environment
Photo: Prime Minister, Dr. the Most Hon. Andrew Holness right) speaks with designer, Vintage Chic, Shanna Campbell about her handmade pieces, during the opening ceremony for Expo Jamaica 2025 at the National Indoor Sports Centre in St. Andrew on April 3.

 

GOV’T Remains Committed to Facilitating an Enabling Investment Environment
Photo: Prime Minister, Dr. the Most Hon. Andrew Holness left), samples a coffee carrot ginger brew from Beyond 5 Beverages given to him Managing Director of the company, Damain Drummond right) during the opening ceremony for Expo Jamaica 2025, at the National Indoor Sports Centre in St. Andrew on April 3.

 

Prime Minister, Dr. the Most Hon. Andrew Holness has committed to ensuring that the policies and initiatives of the Government remain aligned with entrepreneurs, thereby creating an enabling environment that fosters investment. “To our manufacturers and exporters… your effort represents the heart of our economic progress, your resilience, innovation, and entrepreneurial courage has carried Brand Jamaica to every corner of the globe.

“As Prime Minister, I commit to ensuring our policies and initiatives remain aligned with your ambitions, creating an enabling environment that fosters investment, innovation and global competitiveness. Together we will strengthen our local economy and solidify Jamaica’s position on the international stage,” Dr. Holness said.

The Prime Minister was speaking during the opening ceremony for Expo Jamaica 2025 at the National Indoor Sports Centre in St. Andrew on April 3.

Dr. Holness said Expo Jamaica is a vivid showcase of Jamaica’s boundless potential, “so as we advance global partnerships and create impactful local results, let us reaffirm our collective determination to build a prosperous, productive Jamaica that leaves no one behind”.

“Expo Jamaica exemplifies how far Jamaica has come. Over 250 exhibitors showcasing more than 5000 products and services alongside 884 registered local and international buyers from 25 countries. This clearly reflects Jamaica’s growing global influence and appeal,” he said.

He added that the event has grown tremendously, now standing as the largest trade exhibition in the English-speaking Caribbean.

Meanwhile, Dr. Holness said Jamaica today boasts its strongest economy since independence.

“Whether you measure Jamaica’s economic performance and stability by the unemployment rate, the inflation rate, the debt-to-GDP (gross domestic product) ratio or Net International Reserves (NIR), by every critical metric, our economy undeniable demonstrates economic stability and resilience,” he said.

He added that growth is another central pillar to economic stability and resilience.

“For Jamaica to realise its fullest potential, our growth rate must accelerate from one to two percent towards a more ambitious target of four to five per cent. Central to achieving this are initiatives which this Government has launched, and we call them ASPIRE, that is our comprehensive growth strategy,” he said.

ASPIRE stands for: Access to Economic Opportunity for All (Inclusive Growth); Safety and Security; People (Human Capital Development); Infrastructure Development; Reform of the Bureaucracy (Ease, Speed, and Cost of Doing Business); Economic Diversification/New Industries.

He further added that inclusivity and equity are paramount to the Government’s growth agenda.

Meanwhile, Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill said the administration continues to position Jamaica as an investment destination for financial services, logistics, skilled labour, high value services and premium products.

“This expo is Jamaica’s open invitation to the world… The Andrew Holness administration has made it our mission to make Jamaica a very attractive place in this region in which to do business. Our macroeconomic numbers tell a clear story,” he said

Other speakers at the function included President, Jamaica Promotions Corporation (JAMPRO), Shullette Cox, and Chairman, Expo Jamaica, Aswad Morgan.

This year’s event is being held from Thursday (April 3) to Sunday (April 6) at the National Arena and the National Indoor Sports Centre in Kingston.

The four-day tradeshow, under the theme ‘Global Partnership, Local Impact: Advancing Jamaica’s Reach’, is organised by the Jamaica Manufacturers and Exporters Association Limited (JMEA) and JAMPRO.

By: CHRIS PATTERSON, JIS

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Businessuite News24

GCT Exemption Threshold for MSMEs Increased to JA$15 Million

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The Government of Jamaica has announced an increase in the General Consumption Tax (GCT) exemption threshold from $10 million to $15 million for micro, small and medium-sized enterprises (MSMEs).

Minister of Finance and the Public Service, Hon. Fayval Williams, in opening the 2025/26 Budget Debate in the House of Representatives on March 11, said the change is aimed at supporting the growth and development of small businesses.

Mrs. Williams said the latest figures from the Small Business Association of Jamaica (SBAJ) show that there are an estimated 422,000 registered small businesses in Jamaica, generating 80 per cent of the jobs in the Jamaican economy.

“This means 1,136,240 persons in our workforce are employed by MSMEs,” the Finance Minister noted.

In addition, the Minister said the Government has allocated $2 billion to support MSMEs.

“[The sum of] $2 billion is in the Budget for the Development Bank of Jamaica (DBJ) to allow them to continue to facilitate sustainable growth of start-ups and MSMEs, and to continue to support women-led initiatives, entrepreneurship training, including digital skills bootcamp,” she outlined.

The DBJ is a public body in the Ministry of Economic Growth and Job Creation that channels financing to MSMEs, as well as large projects, to facilitate economic growth and development.

“It will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” Mrs. Williams said.

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