JAMAICA must improve Attractiveness to Foreign Direct Investments says Hylton

KINGSTON, Jamaica. July 14, 2023: The Opposition Spokesperson on Industry, Investment and Global Logistics, Mr Anthony Hylton, MP, says Jamaica continues to lose ground in attracting Foreign Direct Investments (FDIs), and it is now an urgent priority for the government to devise and implement new strategies to address the declining situation.

In a statement today, Mr Hylton said the 2023 World Investment Report released this week by the United Nations Conference on Trade and Development (UNCTAD) paints a dismal picture of Jamaica's performance in attracting FDIs. He said in the five years between 2017 and 2022, Jamaica’s FDI inflows fell more than 50% from USD 889 million to USD 360 million while other regional players such as Guyana, the Bahamas and the Dominican Republic had increasing inflows.

The Opposition Spokesperson noted that considering the global effects of the Covid 19 pandemic, the trend of decline was well established, with a sharp fall of twenty-five percent between 2017 and 2019. “Notwithstanding the attempt to spin headlines, the results indicate a serious loss of investment attractiveness in Jamaica, with no recovery in the post covid period as the numbers show in the 2022 outturn”, he said.

Mr Hylton pointed out that although global FDIs fell by 12% in 2022 due to lower volumes in financial flows, real investment trends were more positive, with growth in investment project announcements in most regions and sectors, including infrastructure and industries which faced supply chain pressures. These, he said, included electronics, automotive and machinery. 

The Opposition Spokesperson called on the government to immediately devise a plan of action to address the situation, as Jamaica was well placed to fill the gaps and deficits and strategically located to participate in the expanding global logistics business. He said it cannot be business as usual, and the country’s investment agency, JAMPRO, should be refocused and reimagined to begin the task.

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