Updates on The Recent Visit to Jamaica by a Middle Eastern Investors Delegation
This week, according to the tourism ministry, Jamaica will host its largest delegation of possible investors from the Middle East. The luncheon will be hosted in Kingston at the Port Royal Cruise Pier.
It comes after months of talks facilitated by Senator Aubyn Hill, minister of industry, investment, and commerce, and tourism minister, Edmund Bartlett. According to Bartlett, the group of more than 70 Saudi government representatives and members of the commercial sector will land in Jamaica on Friday. Investors in infrastructure, real estate, tourism, agriculture, and logistics will be part of the group.
Their attendance at the inaugural Saudi-Caribbean Investment Forum
Following their attendance at the inaugural Saudi-Caribbean Investment Forum in Punta Cana, Dominican Republic, from July 6 to 8, they took a flight to Jamaica for an overview of and tour of investment potential around Kingston and Montego Bay.
The Most Honourable Andrew Holness, the Prime Minister, stated that he thought it was a “serious sign” that “you would have travelled halfway around the world to come to this region to visit Jamaica.”
Mr. Holness expressed his admiration for the Saudi Arabian group, which included executives from some of the biggest businesses in the nation involved in logistics, petrochemicals, agriculture, and health care, among other industries. The government representatives in the group, “especially your investment agencies and your Ministries that deal with investments,” he added, made him feel similarly impressed.
He said that the government has established a strong economic foundation and that Jamaica has significantly improved its budgetary management over the past ten years. Therefore, they provide a very strong and reliable economic framework. They have a tiny, open economy. However, the Prime Minister said, “We have been able to absorb global shocks because of our robust budgetary balances.
The stability, according to Mr. Holness, “provides confidence; and investors all over the world, whether they are from Jamaica or… are from the Middle East… certainty is crucial.” Therefore, he said, “You have here a financial platform that can receive investments and provide economic certainty to your investments.”
Claims on asset development were made
The Deputy Minister emphasized that asset development, which “leads to greater production, employment, and general economic advancement,” is one of the engines of growth in any country.
Investments serve as a bridge between the present and the future. They are interested in learning more about the investment potential in Jamaica as a result. From immediately available business chances and low-hanging fruit initiatives to long-term infrastructural developments. I… share the enthusiasm, passion, and determination to strengthen and deepen economic, trade, and investment ties between Saudi Arabia and Jamaica,” he continued.
Mr. Badr said he was “particularly thrilled” to have led the trip, the largest investor group to visit the Caribbean. He noted that such actions “will allow… us to further diversify and strengthen our economies, private sectors, and firms.”
According to Bartlett, this will be the “biggest and strongest group of investors from the Middle East to ever come to Jamaica.” They will be shown a variety of investment opportunities in Montego Bay, the business district, and other areas of the island. As per Bartlett, Jamaica is collaborating with the delegation to set up a logistics hub there, allowing Jamaica to produce and export the goods and services necessary to boost tourism throughout the area.
The visit is anticipated to bring in much-needed foreign direct investment (FDI)
In addition to other things, the visit is anticipated to bring in much-needed foreign direct investment (FDI) to support the growth of the Jamaican economy. He emphasized that the investment will play a crucial role in the industry’s recovery by giving the money required to build and improve projects crucial to the development and growth of tourism capacity.
According to Minister Bartlett, the investors’ visit “follows a series of conversations I had with the Saudi Arabian Minister of Tourism, His Excellency Ahmed Al-Khateeb, during his visit to Jamaica last June. My colleague Minister Aubyn Hill took part in those discussions as well.
“We have been able to examine the potential for FDI in our tourism sector and build on discussions we started last June with Minister Al Khateeb thanks to our visits to the Middle East in 2021 and earlier this year,” he continued.
The Dominican Republic will be his next stop after leaving the country today, July 5, to attend the “first-ever Caribbean Saudi Arabia Summit,” according to the tourism minister. The largest delegation of Saudi Arabian investors to ever visit the Caribbean will be among those Mr. Bartlett will meet with.
The summit will promote discussion of joint venture options and investment prospects in the Caribbean. The meeting takes place as work continues to complete the deployment of a multi-destination tourist framework to promote sector growth. Cuba, Mexico, Jamaica, Panama, the Dominican Republic, and Jamaica have all played major roles in the negotiations.
Once finalized, this agreement will make it possible for these nations to engage in collaborative marketing initiatives while also giving travellers a choice to explore multiple destinations throughout their trips at competitive package rates. It will revolutionize tourism diplomacy and economic convergence in the Caribbean, according to Mr. Bartlett.
“We believe in the prospects and are eager to continue the investment discourse we’ve just started with you.” The Deputy Minister stated, “We believe this visit is the beginning of historical and is a fantastic opportunity for you to witness what we have to offer.”
Happy to be able to start looking at methods and opportunities to establish deeper investments
Therefore, he continued, “we are happy to be able to start looking at methods and opportunities to establish deeper investments, trade, and economic relations between Saudi Arabia and Jamaica through events and discussions around it.
According to Mr. Bartlett, the delegation’s trip to the area was made possible, among other things, by their meetings and interactions with the “finest minds” and “largest and most outstanding firms” there with Senator the Hon. Aubyn Hill, Minister of Industry, Investment, and Commerce. He continued, the largest investment delegation to ever visit the Caribbean, Jamaica is proud to have been.
Senator Hill, for his part, thanked the group for coming and hoped they would make a sizable investment in Jamaica. Before travelling to Jamaica, the delegation attended the inaugural Saudi-Caribbean Investment Forum from July 6 to 8 in Punta Cana, Dominican Republic.
Sources
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