Advertisement

Members of Jamaican Diaspora encouraged by PM Holness to invest in Jamaica

PM Holness said that with their foreign exchange inflows from tourism had been decimated, remittances from their diaspora had been invaluable

The members of the Jamaican Diaspora could take advantage of the investment opportunity in Jamaica. They have been encouraged by Jamaican Prime Minister Andrew Holness.

PM Andrew Holness, while addressing the Diaspora conference, virtually said that the tourism sector had suffered a loss of billion dollars due to the impact of the COVID-19 epidemic. PM Holness also noted that during this time of the pandemic, the country had maintained its foreign currency cash-flow due to the transaction of the diaspora to their people in Jamaica.

PM Holness said that with their foreign exchange inflows from tourism had been decimated, remittances from their diaspora had been invaluable in maintaining their balance of payments as well as their net international reserves, which remained unsinkable at over US$3 billion.

Prime Minister said that there might be no more evident testimony of the depth of the assistance of the diaspora for their families in Jamaica, even though the most challenging conditions of the pandemic.

PM Holness said that beyond sending remittances, the diaspora continues to promote trade, establish businesses and spur entrepreneurship on the island. But he says there is still more to be done. The Prime Minister says that the diaspora has not yielded its full potential in avenues of investments on the island.

Advertisement

PM Holness stated that there had been so many areas in which they would have welcomed the investment of the diaspora. It has not just about sending your payments. There have been real business opportunities in Jamaica that they encourage them to take advantage of.

PM Holness also encouraged them by saying that they have seen massive interest, including from Jamaicans who were serious about making investments in the area, and they would have invite members of their diaspora to set up a small hotel or set up a large resort development to consider returning home and making those investments.

The Prime Minister noted, for example, that another way the Jamaican Diaspora can spend in the country is to “own a piece of Jamaica” with the purchase of homes. PM Holness said that the diaspora should also consider investing in companies and other sectors similar to cyberspace and infrastructure.

Recent Posts

Saint Lucia to host 68th CARPHA Conference on April 24

The 68th CARPHA is scheduled to be held in Saint Lucia on April 24 under… Read More

2 hours ago

Falmouth police discovers Haskell pistol, ammunition in Litchfield

The police officers from Falmouth recovered a Haskell pistol and ammunition in Litchfield on Wednesday.… Read More

3 hours ago

Saint Lucia marks 288% increase in visitors with services of British Airways

Saint Lucia has marked the 288% increase in travellers from the Guyana market with the… Read More

3 hours ago

20-25 named storms expected in 2024 Hurricane Season

The Atlantic Season which begins on the 1st of June and comes to a close… Read More

3 hours ago

Belize declares State of Emergency in Cayo and southside Belize City

Governor General Dame Froyla Tzalam of Belize, has declared a state of emergency in southside… Read More

3 hours ago

Antigua and Barbuda makes written submissions to ICJ for climate justice

Antigua and Barbuda is making a significant push for climate justice and has submitting a… Read More

3 hours ago