Jamaica has emerged as a prime destination for investment under the leadership of Prime Minister Andrew Holness. The country has fostered a business-friendly environment, and recent legislative reforms suggest that conditions for investors will continue to improve. One of the key developments is the passage of the new Public Procurement Act by the Senate, which aims to enhance the efficiency of the bidding process. By expediting infrastructure projects, this law is set to stimulate commercial activity and accelerate national development.
Additionally, Jamaica is reviewing the Security Interest in Personal Property Act (SIPPA) to introduce several crucial amendments. These proposals include simplifying transactions involving assets used as loan security, enabling both online and in-person auctions to increase transparency, and introducing stricter penalties for debtors who unlawfully dispose of secured property. These adjustments are expected to create a more structured and trustworthy financial landscape, further boosting investor confidence.
In an effort to support small- and medium-sized enterprises (SMEs), the government has also raised the General Consumption Tax (GCT) registration threshold from JMD 10 million to JMD 15 million. This move is designed to ease the tax burden on smaller businesses, encouraging entrepreneurship and economic expansion.
Despite its relatively small size, Jamaica is punching above its weight. In contrast, South Africa, once heralded for its potential, has been moving away from policies that encourage investment. The introduction of land expropriation without compensation has raised concerns among international investors, who fear a scenario similar to Zimbabwe’s economic decline. Additionally, regulations requiring businesses to sell 30 percent of local subsidiary equity have deterred foreign investments, delaying ventures such as Starlink’s entry into the market.
Multinational corporations play a crucial role in transferring technology and expertise to developing nations, and it is not necessary for citizens to hold direct ownership stakes to benefit. In many economies, privately-owned firms—often controlled by specific ethnic groups—contribute significantly to national development, despite their concentrated ownership structures.
On the diplomatic front, Jamaica has adopted a pragmatic approach to foreign relations, favoring constructive engagement over confrontational rhetoric. When the US announced visa restrictions for officials involved in the Cuban Medical Program in the Caribbean, some regional leaders reacted strongly. Barbados’s Prime Minister Mia Mottley, for instance, publicly declared her willingness to have her visa revoked. In contrast, Jamaica’s Foreign Affairs Minister Kamina Johnson Smith took a measured stance, affirming that the country would continue reviewing the program, while Prime Minister Holness defended it against claims of exploitation. This diplomatic tact paid off when US Senator Marco Rubio indicated that Jamaica might not be affected by the visa restrictions.
Jamaica’s efforts to improve security have also yielded remarkable results. The country has seen a more than 70 percent reduction in gangs, thanks to intelligence-driven policing that has effectively dismantled criminal networks without resorting to human rights violations. Recognizing these advancements, Rubio also suggested that the US may reconsider its travel advisory for Jamaica, which would further enhance the country’s appeal as an investment destination.
While some argue that Mia Mottley is the Caribbean’s primary leader due to her assertive style, Andrew Holness has demonstrated the advantages of strategic diplomacy and sound economic policies. Instead of engaging in confrontations with major powers, he has pursued a more calculated approach, securing tangible benefits for Jamaica. His commitment to market-driven reforms and prudent governance is steering Jamaica towards a future of sustained economic growth and global competitiveness.
