In an era where economic stability, sustainability, and growth are increasingly linked to strategic investment, Sovereign Wealth Funds (SWFs) have become pivotal tools for countries seeking to secure long-term wealth and ensure fiscal resilience. From Norway’s Government Pension Fund Global to Singapore’s Temasek, SWFs have enabled nations to tap into their natural resources, surplus revenues, and financial assets to drive economic prosperity. For Jamaica, establishing an SWF could be a game-changer—particularly in strategically important sectors such as technology and logistics—boosting growth, infrastructure, and innovation. But what lessons can be drawn from other nations, and how can Jamaica begin the process?

Global Lessons: Why Sovereign Wealth Funds Were Set Up

Sovereign Wealth Funds are state-owned investment vehicles that manage a country’s wealth generated from surplus revenues. Typically, these funds are built from natural resource wealth, sovereign surpluses, or foreign currency reserves. Countries around the world have set up SWFs to achieve multiple objectives, including:

• Revenue Diversification: For countries heavily reliant on natural resources (e.g., oil, gas, minerals), SWFs help to diversify income streams by investing in international assets. Norway’s Government Pension Fund Global, for example, was established in 1990 to ensure that the country’s vast oil wealth would benefit future generations. The fund is now valued at over $1.4 trillion, providing a stable source of income and contributing to Norway’s high standard of living.
• Stabilizing the Economy: SWFs serve as stabilizing mechanisms during economic volatility. For example, the Abu Dhabi Investment Authority (ADIA) was created to manage oil revenue surpluses, helping the United Arab Emirates (UAE) balance its economy during periods of fluctuating oil prices. These funds can also help buffer countries against market downturns and reduce dependence on foreign debt.
• Social and Economic Development: Some SWFs are designed to invest domestically, driving infrastructure projects, technology innovation, and long-term economic development. Singapore’s Temasek has invested heavily in sectors like technology, finance, and biotechnology, turning Singapore into a global business hub and innovation leader.

Why Jamaica Needs a Sovereign Wealth Fund

Jamaica stands at a critical juncture in its development. While the country has made strides in stabilizing its economy and reducing debt, it continues to face significant challenges in terms of growth, unemployment, infrastructure, and innovation. The establishment of an SWF could address several issues:

1. Diversifying Revenue Sources: Jamaica has limited natural resource wealth compared to countries like Norway or the UAE, but its burgeoning tourism sector, agricultural exports, and potential in renewable energy could serve as sources for building an SWF. By harnessing surplus revenue from these sectors, Jamaica could reduce its reliance on volatile industries and international borrowing.
2. Investing in Critical Sectors: With a focus on technology and logistics—two key sectors for Jamaica’s economic transformation—an SWF could directly fund strategic infrastructure projects and innovation initiatives. Jamaica’s logistics sector, in particular, is primed for growth, thanks to its strategic location between the Americas and its modernizing port facilities. Technology, particularly in areas such as fintech, e-commerce, and digital platforms, offers significant opportunities to drive productivity and global competitiveness.
3. Long-Term Economic Stability: Jamaica’s SWF could serve as a buffer in times of economic crises, reducing the country’s reliance on external loans or foreign aid. By investing in international assets and diversifying revenue, Jamaica could stabilize its economy during periods of local or global market downturns.
4. Intergenerational Wealth: Just as other nations use their SWFs to secure the prosperity of future generations, Jamaica could use its SWF to ensure sustainable wealth. By building a fund with a long-term investment horizon, Jamaica could improve its fiscal health and create financial security for generations to come.

Case Studies of SWFs in Technology and Logistics Investment

Countries have used their SWFs to strategically boost sectors critical to their economic future. A few notable examples:

• Singapore’s Temasek: This fund has made substantial investments in high-tech companies, including stakes in global tech giants such as Alibaba and Facebook. By focusing on sectors like technology, innovation, and sustainable energy, Temasek has played a key role in transforming Singapore into a global business and technology hub. Jamaica, with its focus on a digital economy, can benefit similarly by using an SWF to foster its tech industry, from supporting local tech startups to attracting international investment.
• Norway’s Government Pension Fund Global: While Norway’s SWF primarily invests internationally, it has also funded domestic initiatives related to renewable energy and sustainability, sectors that could align with Jamaica’s Green Economy ambitions. As the world shifts towards renewable energy, an SWF could help Jamaica pivot to clean energy investments, such as solar and wind, helping to both diversify the economy and create jobs.
• United Arab Emirates’ ADIA: The UAE’s SWF has invested heavily in logistics infrastructure, capitalizing on the country’s strategic position as a global trade hub. The UAE’s investment in ports, free zones, and air freight facilities has turned it into a global logistics leader. Jamaica, with its proximity to key shipping routes, could use an SWF to fund logistics infrastructure such as ports, highways, and transportation systems, strengthening its competitive advantage in the global supply chain.

How Jamaica Can Start the Process

The establishment of an SWF requires careful planning and coordination among key stakeholders, including the Jamaican government, financial institutions, and the private sector. Here are a few steps Jamaica can take to begin the process:

1. Set Clear Objectives: Jamaica should define the strategic goals of its SWF—whether for stabilizing the economy, diversifying revenue, or funding specific sectors like technology and logistics.
2. Identify Funding Sources: Jamaica can consider using surplus revenues from key sectors (tourism, agriculture, remittances, renewable energy) as well as potential future revenues from investments in the logistics and technology sectors.
3. Create a Governance Structure: Establishing strong governance is crucial for ensuring transparency and accountability. The SWF should be managed by an independent body, free from political influence, with a mandate to focus on long-term returns.
4. Develop Investment Strategies: The fund should target both domestic and international investments, with a focus on sectors that will drive Jamaica’s economic growth, such as technology, infrastructure, and logistics. Investments should be made with an eye toward sustainability, creating jobs, and fostering innovation.
5. Engage with International Experts: Jamaica should collaborate with international financial experts and countries with established SWFs to gain insights into best practices and avoid common pitfalls.

How It Can Benefit the Jamaican People

An SWF, when managed effectively, could provide significant benefits to the Jamaican people:

• Job Creation: Investments in technology and logistics infrastructure could lead to the creation of thousands of high-skilled jobs in emerging industries.
• Economic Growth: By funding key infrastructure projects and fostering innovation, Jamaica could become more competitive on the global stage, attracting investment and boosting exports.
• Social Benefits: The SWF could fund social projects in education, healthcare, and environmental sustainability, improving the quality of life for Jamaican citizens.
• Fiscal Stability: Over time, an SWF can provide a steady stream of revenue, reducing Jamaica’s reliance on international loans and enhancing fiscal sovereignty.

Conclusion

Establishing a Sovereign Wealth Fund offers Jamaica a unique opportunity to build a more resilient and prosperous future. By learning from global examples and focusing on strategic sectors like technology and logistics, Jamaica can leverage its natural and human resources to create a fund that ensures long-term economic stability, growth, and social progress. The time is now for Jamaica to explore the potential of a Sovereign Wealth Fund, laying the groundwork for a sustainable and diversified economy for generations to come.

As a supply chain professional and strategic leader, I’ve spent years navigating the complex interplay between customer satisfaction, operational efficiency, and business profitability. One of the most important lessons I’ve learned is that the mantra “The customer is always right” can be a double-edged sword. While it emphasizes the value of customer-centricity, if applied indiscriminately, it can lead businesses into a cycle of inefficiency, overextension, and unsustainable practices.

In the supply chain industry, where precision, cost control, and resource optimization are paramount, saying “yes” to every request is not always feasible—or wise. Strategic leadership requires the courage to say “no” when necessary, not as a rejection but as a commitment to long-term growth, team empowerment, and operational excellence. Here’s why saying “no” is essential in supply chain management and how to recognize the right moments to do so.

The Hidden Costs of Saying “Yes”

In supply chain operations, every decision has a ripple effect. Saying “yes” to misaligned requests or the wrong customers can significantly impact your team, your margins, and your ability to deliver. I’ve seen firsthand how overcommitting to unrealistic timelines, excessive customization, or low-margin projects leads to inefficiencies and burnout.

One of the clearest examples comes from taking on customers whose demands exceed their value. These high-maintenance clients often require disproportionate attention, frequent changes, or premium service without paying for it. The result? Increased cost-to-serve, strained resources, and lower profitability. Worse, these customers are typically less loyal, leaving when a competitor offers a slightly better deal.

Overpromising is another common trap. I’ve worked in scenarios where teams committed to deadlines or capabilities that were not operationally feasible in an effort to secure a deal. The result wasn’t just missed targets—it was damaged trust and strained relationships with both customers and internal stakeholders. I quickly realized that when you say “yes” to everything, you inevitably say “no” to quality, focus, and sustainability.

The Strategic Value of Saying “No”

Saying “no” strategically has transformed how I lead and operate in the supply chain industry. By focusing on aligned opportunities, I’ve seen how businesses can reduce customer acquisition costs, improve retention, and enhance team morale. Instead of chasing every opportunity, we should double down on building relationships with customers who value our expertise and share our vision.

This focus will also strengthen your brand. Customers respect partners who prioritize quality, transparency, and integrity over short-term gains. Saying “no” sends a powerful message: that you’re committed to delivering value and maintaining high standards.

When to Say “No”

As a strategic leader, the ability to say “no” starts with recognizing when a request, customer, or opportunity isn’t aligned with your organization’s goals or strengths. Here are the key signs I’ve used to guide these decisions:

1. Misalignment With Core Competencies

Every organization has areas where it excels and areas where it doesn’t. In supply chain, this could mean expertise in temperature-controlled logistics, last-mile delivery, or reverse logistics. If a customer’s request falls outside these capabilities, the risk of failure increases significantly. Saying “no” in these cases ensures your team remains focused on what they do best.

2. Unsustainable Cost-to-Serve

I’ve seen how taking on low-margin customers or high-maintenance accounts can drain resources. When the cost-to-serve exceeds the revenue or strategic value a customer brings, it’s time to reconsider. Saying “yes” to these customers only creates inefficiencies that ripple across the supply chain.

3. Overburdening the Team

In supply chain operations, morale and capacity are critical. If a request would stretch your team beyond their limits, it’s not worth pursuing. Protecting your team from burnout is as important as protecting your bottom line.

4. Jeopardizing Service to Loyal Customers

One hard lesson I learned was that prioritizing demanding or misaligned customers often comes at the expense of loyal, high-value clients. Saying “no” in these instances is about protecting the relationships that matter most.

5. Conflicts With Company Values

In supply chain management, integrity and compliance are non-negotiable. Whether it’s maintaining ethical sourcing, adhering to safety standards, or delivering on promises, I’ve found that saying “no” to anything that compromises these principles is essential for long-term success.

How to Say “No” Strategically

Saying “no” isn’t just about drawing a line; it’s about doing so in a way that maintains trust and professionalism. As a supply chain leader, I’ve developed approaches to declining requests while preserving relationships:

1. Start With Empathy

Acknowledging the customer’s perspective is crucial. For example, I might say, “I understand how important this is to your operations, and I appreciate that you’ve brought this to us.” This approach shows that you’re listening and care about their needs.

2. Be Honest and Transparent

Customers value integrity. If I know we can’t deliver to the standard they expect, I explain why. For instance: “This timeline doesn’t align with our current capacity, and we want to ensure we deliver the quality you deserve.”

3. Offer Alternatives

Declining a request doesn’t mean leaving the customer without options. I’ve found success in providing recommendations, whether it’s extending a timeline, suggesting a partner, or offering a modified solution.

4. Use Positive Language

Framing a “no” positively is a subtle but effective way to maintain goodwill. Instead of saying, “We can’t do this,” I might say, “We can support you in a way that aligns with our strengths, ensuring the best outcome.”

5. Reinforce Commitment

Even after declining a request, I make it clear that the relationship is valued. “We look forward to continuing to work with you on initiatives where we can truly add value.”

In the end, saying “no” is not about shutting doors—it’s about opening the right ones. As a supply chain leader, I’ve learned that the courage to set boundaries is what paves the way for sustainable success. By focusing on the customers, requests, and opportunities that align with your strengths and values, you create a foundation for operational excellence, team empowerment, and lasting profitability. Saying “no” isn’t a weakness—it’s a strategic decision that demonstrates integrity, foresight, and a commitment to delivering actual value. So, the next time you’re faced with a tough call, remember: the power of a well-placed “no” can be the strongest “yes” to growth, focus, and resilience.

The views and opinions expressed are those of the author/s and do not necessarily reflect the official policy or position of companies or clients for whom the author/s are currently working or have worked. Any content provided by the author/s is of their opinion and is not intended to malign any religion, ethnic group, club, organization, company, individual, or anyone or anything.

Jermaine Robinson, MBA, CSCP
Supply Chain Management Leader | Supply Chain Services | Supply Chain Transformation | SCM Growth Accelerator

Mark Myers is a highly influential figure in Jamaica’s business landscape, recognized for his leadership in the food and financial sectors. As the Managing Director of Restaurants of Jamaica Ltd. (ROJ), Myers oversees the operations of the island’s KFC and Pizza Hut franchises. Under his stewardship, these brands have achieved significant market penetration and operational success, making KFC a household name in Jamaica.

In addition to his role at ROJ, Myers is the Chairman of Barita Investments Limited, a leading investment firm in Jamaica. Since his appointment, he has been instrumental in guiding Barita’s strategic direction, fostering innovation in financial products, and promoting a culture of corporate growth and resilience. His leadership has been associated with Barita’s impressive financial results and expanding influence within the regional investment space​

Career Path and Achievements
Mark Myers’ career showcases a trajectory of calculated growth, marked by his ability to innovate and lead in competitive industries. While his business ventures are diverse, his strategic acumen has consistently driven success. At ROJ, Myers has focused on customer satisfaction, operational excellence, and employee development, ensuring the sustained popularity of its quick-service restaurants.

At Barita, Myers’ tenure as Chairman coincided with the firm’s transformational initiatives, including capital raises and strategic investments aimed at solidifying its position in the financial market. His ability to balance risk with opportunity underscores his effectiveness as a business leader​

Management Style and Vision
Myers is known for his collaborative and forward-thinking management style. He prioritizes team development and innovation, aligning his teams with the long-term vision of the organizations he leads. His leadership ethos is characterized by adaptability, customer focus, and a commitment to excellence.

Contributions to Business and Society
Beyond his corporate roles, Myers is committed to community development and fostering opportunities for growth within Jamaica. His leadership in both the food service and financial sectors has significantly contributed to the country’s economic development and consumer confidence.

Mark Myers continues to be a vital figure in Jamaica’s business ecosystem, blending expertise in operations, strategic planning, and leadership to drive sustained success across multiple industries.

Christopher Zacca is a celebrated Jamaican business leader whose career spans multiple industries, including financial services, energy, telecommunications, and manufacturing. As President and CEO of Sagicor Group Jamaica Limited, Zacca has played a pivotal role in steering the organization through significant challenges and innovations, solidifying its position as a leader in the region’s financial services industry.

Career Path and Achievements
Zacca’s professional journey is a testament to versatility and strategic vision. Before joining Sagicor, he held executive and advisory roles across diverse sectors, gaining a reputation for transformative leadership. At Sagicor, he has overseen initiatives that have bolstered the company’s financial stability and growth. His tenure has been marked by a decisive response to the COVID-19 pandemic, where he spearheaded the creation of a COVID-19 committee to ensure business continuity while safeguarding stakeholders. This initiative showcased his proactive leadership and ability to navigate complex crises​

Management Style and Vision
Christopher Zacca is recognized for his transparent and ethical approach to leadership, which he attributes to the strong moral grounding instilled by his family. He believes in building cohesive teams and fostering an environment of collaboration and mutual respect. Zacca’s strategic focus combines disciplined risk management with innovation, driving both organizational resilience and growth​

Contributions to Business and Society
Beyond his corporate successes, Zacca is deeply committed to national development. He serves as chairman of the National Private Sector Vaccine Initiative, reflecting his dedication to public health and social responsibility. His leadership philosophy emphasizes mentorship and learning, inspired by his own experiences with influential mentors such as Gordon “Butch” Stewart​

Future Goals
As Zacca looks to the future, he envisions expanding Sagicor’s revenue and geographic footprint by at least 50%. He also plans to transition from day-to-day management to board-level contributions and other roles that enable him to give back to the community while leveraging his extensive leadership experience​

Christopher Zacca exemplifies the qualities of a transformative leader, balancing business acumen with a commitment to ethical leadership and community impact. His journey provides inspiration for emerging leaders across Jamaica and beyond.

A Legacy of Leadership at GraceKennedy
Don Wehby has been a transformative leader at GraceKennedy, one of Jamaica’s largest and most diversified conglomerates. Since becoming Group CEO in 2011, he has driven the company’s growth through a clear strategic focus on international expansion and innovation. Under his stewardship, GraceKennedy has expanded significantly in the global food and financial services sectors, achieving a balance of organic growth and strategic acquisitions.

Wehby first joined GraceKennedy in 1995 as Group Finance Manager. His leadership has been pivotal in major milestones, including the acquisition of Catherine’s Peak, La Fe Foods in the U.S., and Consumer Brands Limited. Notably, his efforts helped grow revenues and solidify GraceKennedy’s footprint in key international markets such as North America and the United Kingdom​

Visionary Management and Style
Wehby is recognized for his focus on creating a dynamic management team and cultivating Caribbean talent. Drawing inspiration from leaders like Jack Welch, Wehby emphasizes mentorship and succession planning. He actively recruits and develops high-potential executives, fostering a leadership pipeline that positions the company for sustained success. He is also known for his decisive yet collaborative approach, empowering his team to take ownership of key initiatives​

Challenges and Triumphs
Navigating Jamaica’s challenging economic landscape, Wehby has championed GraceKennedy’s resilience. From navigating geopolitical complexities to modernizing operations, he has consistently delivered strong results. His strategic decisions to relocate GraceKennedy’s headquarters to downtown Kingston and focus on foreign markets reflect his bold vision for the company’s future​

Beyond Business
Wehby has made significant contributions outside the corporate world. As a senator and honorary consul for New Zealand, he has advocated for economic reform and strengthened Jamaica’s global ties. His passion for sports is evident in GraceKennedy’s sponsorship of events like the Boys’ and Girls’ Championships, reinforcing the company’s commitment to community development​

Looking Ahead
As GraceKennedy continues its ambitious growth trajectory, Don Wehby remains a cornerstone of its strategy to become a global powerhouse. His focus on leveraging international markets while fostering local talent ensures the company is well-positioned for future success. With his leadership legacy firmly established, the company looks forward to realizing its global ambitions while staying true to its Jamaican roots.