Jamaica did not register any growth in GDP from 2006 to 2010 largely due to damage caused by Hurricane Ivan in 2004 and Hurricane Dean in 2007 which was followed up by the global recession.
The World Investment Report (2010) recorded that Jamaica received USD201 million in foreign direct investment (FDI) which, compared to 2008 and 2009 which recorded inflows of USD541 million and USD1.4 billion respectively, is the lowest figure for many years. There are a number of economic development initiatives in Jamaica, many of which are strongly supported by online platforms. For example, the Rural Economic Development Initiative aims to improve market access for micro agricultural producers and small-scale rural tourism service providers. The main objective is to strengthen the capacity of relevant national organisations to ensure the sustainability of rural enterprises in Jamaica.
According to the World Economic Forum’s ‘Global Competitiveness Report’ 2011-2012, Jamaica was ranked 70th out of 142 countries when assessing the extent to which FDI brings new technology into the country. It scored above average with 4.7 out of 7. Similarly, Jamaica scored highly in the assessment of the extent to which rule governing FDI encourage or discourage it, recording a score of 4.8 (0.3 higher than the world mean). It was ranked 57th out of the 142 countries.
Jamaica Promotions Corporation (JAMPRO) was established in 1988 and acts as a promotional portal for trade and investment opportunities in Jamaica and promotes the development of trade and industry in all sectors of the island’s economy. It operates under the direction of the Ministry of Industry, Investment and Commerce with the main objective of ensuring sustainable development through foreign direct investment (FDI). It does so by aiming to deepen the absorptive capacity of the economy by encouraging growth in local direct investments. In 2008 JAMPRO received the international accolade ‘Best Trade Promotion Organization from a Small Country’ which is awarded at the World Conference of Trade Promotion Organizations, held in the Netherlands that year. Jamaica’s Trade and Investment Agency (JTI) is a subsidiary of JAMPRO and in 2012, had recently focussed on attracting Jamaican investment in their country.
The Jamaica Export Association (JEA) was established in 1966 to promote and sustain the growth of the export sector. It has established a network of export centres and business information points to encourage collaboration and standardisation at the national level. This project has been co- funded by the Government of Jamaica and the European Union and has now become the central point for developing the export market and other business opportunities. JEA and JAMPRO have partnered to develop a national export strategy for Jamaica which seeks to maximise the export sector’s direct contribution to economic and social development.
Other important economic development agencies include the Agro-Investment Corporation and the Jamaica Business Development Corporation (JBDC). The Agro-Investment Corporation is part of the Ministry of Agriculture and Fisheries and has facilitating and advisory role with the aim of promoting investment in agriculture through project and market development. The JBDC is a cooperative agreement between government agencies, private sector associations, academic and research communities. It largely acts as a consultancy service for start-up businesses.
