‘Jamaica is Open for Business’ - The DBJ to Asian investors

The Development Bank of Jamaica (DBJ) has taken its message of the availability of infrastructure projects for investment to overseas investors.

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On Wednesday, May 11, the Bank, in collaboration with JAMPRO, the Embassy of Jamaica in Beijing and the China International Contractors Association (CHINCA) organized a ‘Virtual Infrastructure Investment Opportunities Forum’ to provide information on specific public sector projects in Jamaica that are available to overseas investors.

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Potential investors, financiers, construction firms, project developers, engineers and experts with the requisite technical capabilities in various fields from China, Hong Kong, Pakistan, and Thailand were invited to hear first-hand from the DBJ and JAMPRO personnel about projects under development.?Over 185 persons attended the virtual forum.

The projects that were presented fell under the control or jurisdiction of the National Water Commission, the Port Authority of Jamaica and other Government entities, and included renewable energy, solid waste management, non-revenue water reduction, wastewater treatment plants, the Kingston Logistics Park, Caymanas Special Economic Zone, and the Greater Bernard Lodge Development Project.

Senator the Honourable Leslie Campbell, Minister of State in the Ministry of Foreign Affairs and Foreign Trade, who joined the conference from Mexico, said that the forum “represents an opportunity to create new partnerships that will add dimension to our economies and accelerate the revitalization of our production and supply chains.”

He specifically welcomed CHINCA’s participation in the conference as some of its members were already involved in important infrastructure projects in Jamaica. He pointed out that China had consistently demonstrated its commitment as a key development partner by being the largest source of Official Development Assistance to Jamaica and had made significant investments in the country, in the areas of infrastructure, mining and agriculture.

He said that it was against this background of friendship, mutual respect, and cooperation that Jamaica became the first country in the region to sign on to the ‘Belt and Road Initiative’ which focuses on building bridges among countries and was an inspirational example of the positive global influence of China in today’s world.

The?Belt and Road Initiative is a global infrastructure development?strategy adopted by the Chinese Government?in 2013 to invest in nearly 70 countries and international organizations. As of March?2022, 146 countries had signed the Initiative.

Mr. Campbell added that in the post-COVID era, Jamaica intended to build relationships and increase dialogue with partner countries, and to finalize treaties and agreements with the companies and countries at the forum to create more opportunities for businesses to thrive. ?

In his remarks, CHINCA’s Chairman Mr. Fang Qiuchen pointed out that this year marked the 50th anniversary of diplomatic ties between Jamaica and China which has become the island’s largest source of foreign investment and a major economic partner.

He said that based on the Belt and Road Initiative, which Jamaica signed in 2019, Chinese companies have invested in infrastructure projects, water resources, industrial parks and other sectors in the country. He said that he looked forward to other CHINCA members which are strong in project design, construction and mobilization of resources to facilitate public-private partnerships will have more opportunities to cooperate with Jamaican partners.

Against the backdrop of Jamaica’s tradition of stable changes in governments,?Mr. Zhang Zuxin, Chairman of the China International Risk Management Group Limited, spoke of the importance of political stability to securing Chinese investments, and made some suggestions on how?investing parties can further minimize risks during the investment process.?

In his welcome remarks, DBJ’s Managing Director Mr. Anthony Shaw said that reliable infrastructure was critical to the country’s economic development, but Jamaica’s resources were inadequate to deliver all required services in an efficient and timely manner, private finance and expertise are critical.

Ms. Diane Edwards, JAMPRO’s President, emphasized that Jamaica was open for business and reminded the group that JAMPRO was the point of contact for overseas investors who wish to collaborate with other agencies in the country.

The Jamaican Ambassador to China, His Excellency Antonia Hugh, expressed optimism that the Forum would result in a call to action to cement new infrastructure partnerships with specific focus on high standards and strategic investments. The Ambassador noted in this regard that the forum was a testament to the strength of relationship between China and Jamaica and signalled new dimensions to Jamaica’s international relations – Pakistan and Thailand.

Other speakers included Jamaica’s Honorary Consul to Pakistan, Dr. Noreen Baig, who brought greetings from Pakistan, and Mr. Don Gittens, JAMPRO Manager, who was Moderator of the event.