Jamaica’s economic diversification plan – The Next Chapter
Jamaica’s economic diversification plan – The Next Chapter . By Andrew Laidley KINGSTON, Jamaica, (JIS) – The government has designed an economic diversification plan to harness Jamaica’s unique comparative advantages and position the nation for sustainable growth in the global economy. Prime Minister, Dr Andrew Holness, outlined the comprehensive strategy, which aims to diversify Jamaica’s economic base and foster the development of new industries, during […]
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By Andrew Laidley

KINGSTON, Jamaica, (JIS) – The government has designed an economic diversification plan to harness Jamaica’s unique comparative advantages and position the nation for sustainable growth in the global economy.

Prime Minister, Dr Andrew Holness, outlined the comprehensive strategy, which aims to diversify Jamaica’s economic base and foster the development of new industries, during the launch of ASPIRE Jamaica, at the office of the prime minister on November 19.

ASPIRE Jamaica, the government’s new policy framework for inclusive growth, outlines six critical pillars for transforming Jamaica into a modern, peaceful, productive and prosperous society.

These are access to economic opportunity for All (Inclusive Growth); Safety and Security; People (Human Capital Development); Infrastructure Development; Reform of the Bureaucracy (Ease, Speed, and Cost of Doing Business); and Economic Diversification/New Industries.

Elaborating on the economic diversification plan, the prime minister said: “We must prioritise sectors that will drive future growth. We have many opportunities that have been spoken of for a long time but just have not gotten off the ground in a big way.”

Among the key areas for development are tourism linkages, by enhancing connections between agriculture and tourism, through initiatives like the Agri-Linkages Exchange Platform (ALEX), to reduce imports and boost local production.

“By linking our agricultural sector with tourism, we can create a sustainable economic ecosystem,” the prime minister said.

Logistics hub development is another priority area, capitalising on Jamaica’s strategic location and the global shifts towards nearshoring and friendshoring.

“We will make the necessary investments and foster partnerships to attract international trade and logistics companies,” the prime minister pointed out.

Medical tourism and wellness will also be given focus, the prime minister said: “The aging population in North America presents a significant opportunity for Jamaica to provide affordable, high-quality medical services integrated with wellness tourism. Our world-class tourism and our location place us in a prime position to cater to this market.”

Another area is creative and cultural industries, to monetise creative talents in music, sports, and entertainment: “We will support our artists, musicians, athletes, and creators to monetise our unique brand on the global stage,” the prime minister affirmed.

Digital society transition. “Our vision is to make Jamaica the Silicon Valley of the region,” the prime minister said, noting that recent initiatives like the launch of a National Identification System and efforts to enhance internet connectivity across communities are part of that journey.

Prime minister Holness also revealed plans to catalyse the long-awaited Caymanas Special Economic Zone project, with infrastructure work expected to commence before March 2025.

“This is not just talk; we are committed to action,” he declared. “The next chapter will be about fulfilling our aspirations and ensuring that Jamaicans receive tangible benefits from our economic initiatives.”
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2024-11-25
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By Andrew Laidley KINGSTON, Jamaica, (JIS) – The government has designed an economic diversification plan to harness Jamaica’s unique comparative advantages and position the nation for sustainable growth in the global economy. Prime Minister, Dr Andrew Holness, outlined the comprehensive strategy, which aims to diversify Jamaica’s economic base and foster the development of new industries, during […]
The post Jamaica’s economic diversification plan – The Next Chapter appeared first on Caribbean News Global.
Jamaica’s economic diversification plan – The Next Chapter