Jamaica focused on attracting more sustainable and innovative investments in 2022
31.5.2022 21:00:00 EEST | Business Wire | Press release
As Jamaica pursues its Vision 2030 development plan which will transform the island’s economy, the country’s government continues to develop and seek innovative investments that can accelerate economic and social growth.
These investment projects will not only provide economic rewards, but will also be sustainable, create new avenues for development in communities, towns, and cities, and will lead to significant improvement in Jamaica’s overall business environment.
Jamaica’s Minister of Industry, Investment and Commerce, Senator the Honourable Aubyn Hill, noted that the government has expended significant resources to foster an enabling environment for economic growth. “Our long term goal is for investment products and partnerships that are sustainable, that will energize our economy and drive positive change at all levels of society,” the Minister underscored.
“We consider innovative investments to be all about sustainability, transformation and expansion,” explained Norman Naar, Vice President of Sales and Promotions at Jamaica’s investment and export promotions agency, JAMPRO. “These investments will help to protect our environment, meet the challenge of climate change, and create employment opportunities across the society. They will make Jamaica more competitive and strengthen connections between investors and suppliers.”
Ultimately, the goal is to encourage and facilitate the development of products and services that will enhance the lives of the island’s population. These products and services will also use technology to advance sectors like agriculture, manufacturing, tourism, and others.
Innovative investment projects already underway – with more to come
There are a number of innovative and sustainable investment projects already underway within the Jamaican economy.
In the energy sector, there are three significant solar and wind energy projects generating 115MW kWh in renewable energy; approximately 14 percent of energy generation. Renewable energy is a significant part of Jamaica’s Integrated Resource Plan, which aims to achieve 30 percent of electricity generation from renewables by 2030.
These projects include the 20-megawatt (MW) Content Solar Ltd. solar energy electricity generation plant owned by WRB Energy Company; the Wigton windfarm with a 20.7 MW plant and an 18 MW extension facility, the largest wind energy facility in the English-speaking Caribbean; and Jamaica’s largest photovoltaic power plant, the 51 MWp (megawatts-peak) Paradise Park solar farm, one of the cheapest producers of energy in the country.
In manufacturing, the government has highlighted the island’s “clean beauty” sector as an area of focus, where investors would partner with local manufacturers of beauty products that use ethically sourced ingredients like local castor oil. Helping these local companies increase production and find additional markets will increase employment in the communities from which they source their workers and boost the manufacturing industry.
Another area of focus in manufacturing is the transformation of plants like bamboo to create raw materials and value-added products. The Bamboo Bioproducts (BBP) project, for example, will be the world’s first fully integrated bamboo pulp mill, using a sustainable agro-ecological-industrial model. Locally grown bamboo acquired from company-owned lands and managed farms across the island will be used to manufacture bamboo pulp, which will be exported to global markets.
In tourism, there are opportunities to create wellness and eco-tourism projects that will protect Jamaica’s environment, while building on the country’s strong brand as a destination for visitors.
With regards to agriculture, Naar revealed, “We are seeking innovative investments in agribusiness that can improve the sector’s resilience, profitability, and output. In the leveraging of technology in agriculture, we look to reduce risk of theft, improve consistency and significantly increase yield or scale of production. Therefore, we have a major drive to increase the use of agriculture tech or Agtech as it is also known.”
This includes the creation of projects that have Agtech elements like controlled environment agriculture, automation of commercial greenhouses, and precision farming. Climate smart agriculture and climate-resilient crops are also needed.
Investment in medicinal plants and the cannabis industry will provide the opportunity to boost medical research and will lead to the development of pharmaceuticals and nutraceuticals.
Priority Investment Project initiative will facilitate more investments
To increase the level of these innovative investments that are sustainable, and to create economic benefits and local business and community involvement, the government has launched the Priority Investment Project Initiative as part of Jamaica’s National Investment Policy.
The initiative prioritizes projects that will have high performance in areas like economic impact, innovation, linkages, investment in internationally competitive industries, and developmental impact on the local economy. Once a project meets the required standards and is approved by Jamaica’s Cabinet, the investors will receive non-fiscal benefits to assist in overcoming challenges they may face with the venture.
Regarding the initiative, Minister Hill said, “We are serious about fostering investments that bring innovation to the Jamaican economy, and that includes working with investors as partners in achieving their goals. This priority investment initiative will help us to give these projects even more support; at the same time, it helps to ensure that we meet our Vision 2030 objectives through projects that will provide a major boost to our economy and society.”
ABOUT JAMPRO
The Jamaica Promotions Corporation (JAMPRO)’s mission is to drive economic development through growth in investment and export. JAMPRO is an Agency of the Ministry of Industry, Investment, and Commerce. For more information on JAMPRO, please visit https://dobusinessjamaica.com/.
Follow us on:
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220531005258/en/
Contact information
Tamica Parchment
Marketing Communications
JAMPRO
(876) -978-7755
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Perma-Pipe Accelerates Growth with New U.S. Northeast Facility Investment to serve Artificial Intelligence Data Center customers, Provides Middle East Operations’ Update and Concludes the Board’s Review of Strategic Alternatives19.3.2026 15:00:00 EET | Press release
Perma-Pipe International Holdings, Inc. (the “Company”) today announced a strategic expansion initiative focused on accelerating growth through entry into the high-demand U.S. Northeast region. The Company is positioning itself to capitalize on the rapidly expanding Artificial Intelligence (“AI”)-driven data center market in both the United States and international markets while continuing to reinforce its leadership in critical infrastructure solutions. As part of this growth strategy, Perma-Pipe will prioritize investments aimed at expanding its presence in the rapidly evolving AI data center sector. The initiative reflects the Company’s long-term commitment to supporting next-generation technology infrastructure and strengthening its position in the global energy, industrial, and infrastructure markets. Expansion in the U.S. Northeast President & Chief Executive Officer, Saleh Sagr said, “We are excited to announce the expansion of our operations with a new facility in the Northeast
Armis Launches First-of-Its-Kind Benchmark Report Warning of Critical Security Gaps in AI-Native Development19.3.2026 14:00:00 EET | Press release
Armis, the cyber exposure management & security company, is warning that the rapid enterprise adoption of AI-native development is outpacing critical security safeguards, leaving organizations exposed to systemic vulnerabilities. New research from Armis Labs’ Trusted Vibing Benchmark Report, which evaluates 18 leading generative AI models across 31 test scenarios, reveals a 100% failure rate in generating secure code. These vulnerabilities are most prevalent in high-risk areas like memory buffer overflows, design file uploads and authentication systems. Therefore, organizations should immediately implement AI-native application security controls to reduce risk. “The era of vibe coding is here, but speed should not come at the cost of security,” said Nadir Izrael, CTO and Co-Founder of Armis. “Our research finds that the worst offenders are the same ones selling security solutions for the very vulnerabilities their models create. If the industry continues to integrate autonomous code wi
Morocco’s FRMF Welcomes CAF Appeal Board as Upholding Rules, Stability of International Competitions19.3.2026 13:53:00 EET | Press release
Following the announcement by the CAF Appeal Board, the Royal Moroccan Football Federation (FRMF) welcomes the decision, which reaffirms the primacy of competition regulations and reinforces the conditions necessary for the proper conduct of international tournaments. From the outset, following the incidents that led to the interruption of the match, the FRMF maintained a clear and consistent position: the strict application of the governing regulations. The Federation’s approach was solely guided by this principle. Following its appeal, CAF has now confirmed that the applicable regulations were not properly enforced. Throughout the process, the FRMF acted in full compliance with all relevant legal and procedural frameworks, with a constant focus on upholding its rights and preserving the integrity of the competition. This decision provides clarity on the applicable framework and strengthens the consistency and credibility of international competitions, particularly within African foot
Keenfolks Launches KEENFOLKS X_19.3.2026 13:00:00 EET | Press release
The traditional holding company model that has shaped global marketing for decades is facing increasing pressure as capital markets, consolidation activity, and client demands point to a need for structural change. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260319751842/en/ Miguel Machado, CEO and Co-Founder, Keenfolks The marketing industry is searching for a new model. The question is no longer whether agencies need to change, but which ones were built for this shift from the start. Keenfolks, the Integrative AI® partner built natively for the Age of Intelligence, today announces the launch of KEENFOLKS X_ — a new global AI-native marketing network designed to help organizations move beyond fragmented services and toward intelligent systems, scalable solutions, and measurable transformation. The network is built on K OS_, Keenfolks’ proprietary marketing operating system, which connects intelligence, data, automation,
Hilton Announces Exclusive Agreement with YOTEL to Expand Global Footprint in Lifestyle Segment19.3.2026 13:00:00 EET | Press release
Hilton (NYSE: HLT) today announced an exclusive agreement with YOTEL that will provide guests yet another way to stay within the hospitality leader’s growing global portfolio. With highly efficient hotels in urban markets, YOTEL has pioneered ways to meet changing guest needs through stays that feature smart room design, and clever tech-enabled features. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260318705963/en/ YOTEL Boston The franchise agreement with YOTEL expands Hilton’s network, filling a distinct customer need in the growing lifestyle segment in a manner consistent with its proven asset-light model. YOTEL will continue to independently manage and license its brand at 23 hotels across 10 countries, with a goal of more than tripling its portfolio in the coming years. YOTEL will be the first brand in the newly established Select by Hilton. Select by Hilton is designed to grow into a brand that creates new ways to st
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom