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JSEZA Sets Sights On Multi-Trillion-Dollar ESG Market

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The Jamaica Special Economic Zone Authority (JSEZA) is positioning Jamaica to tap into the multi-trillion-dollar Environmental, Social and Governance (ESG) investment market.

ESG investing refers to putting money in companies, which, through their environmental performance, social impact and governance issues, are focused on balancing people, planet and profits.

It is becoming increasingly popular as investors seek long-term value and alignment with sustainability and climate-related objectives.

According to the United States (US) Sustainable and Impact Investing Trends biennial report, the ESG market was valued at $17.1 trillion in 2020, growing exponentially throughout the pandemic to about $30 trillion.

Jamaica is signalling its readiness to enter the market through development of the ‘Sustain-a-Livity’ concept, which was presented to global investors at the recently concluded World Expo 2020 Dubai.

During the event, JSEZA hosted a Jamaica Connects Business Forum on ‘ESG Investing in Jamaica: The Sustain-a-Livity Way’.

“If you look at it from a stock exchange perspective, the companies that integrate ESG into their systems were performing better than the regular companies that didn’t. So, we were basically saying, we want in on the market,” JSEZA Senior Director for Regulations, Policy, Monitoring and Enforcement, Ainsley Brown, told JIS News.

“What we did was reframe it [ESG] into our own sustainability concept because we are not just talking it, we are living it,” he added.

Mr. Brown told JIS News that companies that implement ESG in their operations are known for value creation and risk mitigation.

On the value creation side, they experience stronger growth, greater productivity, higher return on equity and a higher credit rating. As it relates to risk mitigation, they have lower loan and credit default rates, and reduced legal and regulatory interventions.

Sustain-a-Livity is a Jamaican concept focused on harmonious living developed through awareness and expansion of workstyle, lifestyle, life-based and spiritual interests.

The concept is a critical part of the JSEZA sustainable economic development framework, which emphasises development for social progress, environmental stewardship and economic growth for all Jamaicans and generations to come.

Sustain-a-Livity is incorporated in the Authority’s operations from the review of applications to the facilitation of business, and is promoted throughout the local special economic zones that JSEZA regulates.

Mr. Brown shared that implementation of the concept is manifested in ways such as the adoption of International Organization Standardization (ISO) and other types of standards, and the creation of growth-fostering work environments.

He noted that the Sustain-a-Livity concept was well received by potential investors at World Expo 2020 Dubai.

“They are really drawn to it, and in speaking to people from other special economic zone authorities that are seeking to integrate certain sustainability concepts, they’re looking at us and saying, ‘wow, you guys are ahead of the game’ but we are just scratching the surface,” he told JIS News.

“We have not gone really deep into certain things as yet, but the fact that we even have a monitoring mechanism in place in the Sustain-a-Livity framework, which most zones do not have, is significant,” Mr. Brown added.

During the six-month World Expo 2020 Dubai from October 2021 to March 2022, which attracted over 24 million visitors from around the world, the Jamaican delegation promoted the island as a prime destination for investment in several areas including ESG.

Source JIS

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JSE launches Green Bond Plus Platform

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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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